This study is to figure out the practice and prospects of Korean retirement migration to Southeast Asia. The research is focused on the Philippines where the thousands of Koreans have acquired Special Resident Retiree's Visa(SRRV) within a few year. As for the fulling factors, the Philippines is located in a short distance with a tropical climate that is preferable for an aged people. The economic gap between Korea and the Philippines allows Korean retirees to feel comfortable to live with the limited budget after their retirement. However, the practice of Korean retirement migration to the Philippines is significantly different from what we imagined. The information about the retirement migration to the Philippines in our society is not based on real facts but delivered by mass media in superficial level, and somehow exaggerated by related business entities. Based on the study, the majority of SRRV holders is using their visas other than retirement purpose, for example, facilitating their children's study abroad or searching for a business opportunity after leaving their job in Korea. Based on the related literature, the root of such practice comes from the traditional Korean value system of selflessness and family centeredness. However, the character of Korean retirees is expected to change rapidly in a few years when the Korean baby boomers begin to retire. The social value system is rapidly changing according to the industrialization and westernization. The coming retirees in Korea are economically capable because of their pension, and socio-culturally fit because of their high education, not to mention their exposure to the foreign countries during their younger ages. Thus, the retirement migration to Southeast Asia has a great potential to emerge as a popular option for the new Korean retirees. In spite of the growing importance, the topic of retirement migration has been a relatively neglected area of research in Korea. So, the following up researches in this topic is urgently needed.