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Old Age, Retirement, and ESL

 
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MoggIntellect



Joined: 04 Apr 2003
Posts: 173
Location: Chengdu, P.R.China

PostPosted: Tue Apr 22, 2003 3:24 pm    Post subject: Old Age, Retirement, and ESL Reply with quote

The other day someone mentioned something to me that got me thinking. What do ESL teachers do for retirement? Is this yet another downside to choosing a life that takes you all over the world, as opposed to settling down? Currently, my wife receives $5 towards her retirement (from her employer) for every $1 she contributes. I have a feeling such a package would be very difficult to find in the ESL world, considering the amount of travel. I'd like to hear from not only the veterans, but also the people who are planning for that eventuality.
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gerard



Joined: 16 Jan 2003
Posts: 581
Location: Internet Cafe

PostPosted: Tue Apr 22, 2003 5:39 pm    Post subject: Reply with quote

Hello moggintellect---I fall into the not there but thinking about it category. There was another thread on this topic I think on this board check the old pages. Anyway the pension plan is send cash home and hope you don't have to send it back to yourself. For me it's been 1 step ahead 1 step back. Yes if you can keep your nose to the grindstone in a place like Korea or Taiwan for 10 years you might sve some. But it hasn't worked for me . Bad employers, visa issues it's one thing after another. And changing jobs really gets expensive. My advice to people is don't do this for the money. Adventure OK love teaching OK but don't try to get rich. And don't forget how much flying home for a break will cost. I enjoy it but saving cash??? HAHAHA...

PS Where in the name of God did you get that avatar.
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chuckie



Joined: 31 Jan 2003
Posts: 17

PostPosted: Wed Apr 23, 2003 12:15 am    Post subject: Reply with quote

[quote] . . What do ESL teachers do for retirement? Is this yet another downside to choosing a life that takes you all over the world, as opposed to settling down? Currently, my wife receives $5 towards . . . I'd like to hear from not only the veterans, but also the people who are planning for that eventuality.[/quote]

Well, Mogg, I fit into both catagories - though there seems to be few of us.
You are right, no one is going to do a semi match on your 401k - however most good employers will give you a one month bonus for every year you work there. Is your wife's current employer saving for her 1/12th of her annual income every year - that they will give her when she quits?

There was a discussion, probably still on the board, regarding investment. Read that. Most of us old timers that are planning for the future have some sort of organized investment plan. I personally think that I have done much better overseas than I would have done at home. That in addition to having traveled to about 15 different countries and worked in five additional countries.

I thinkyou can have your cake and eat it too. But it does require a little more thinking planning and discipline than if you were still at home.

You can have whatever you want - but you do have to go get it.
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MoggIntellect



Joined: 04 Apr 2003
Posts: 173
Location: Chengdu, P.R.China

PostPosted: Wed Apr 23, 2003 12:18 am    Post subject: Reply with quote

Well, there is a distinct difference between wanting to get rich and wanting to secure a future for myself after no one wishes my services any longer. I fall into the category of just wanting a comfortable lifestyle and be able to save something for the future. I am hoping it is possible outside of living in the Kingdom. Perhaps administrative work.

As for my avatar, it comes from a web site that I found on this message board. I find it best suits my personality. Twisted Evil
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dan



Joined: 20 Mar 2003
Posts: 247
Location: shanghai

PostPosted: Fri Apr 25, 2003 7:53 pm    Post subject: Reply with quote

"just wanting to save something" is read as "merely" or "only" - as in your expectations and desires arent too ridiculously far-fetched. of course, im not saying they are, not at all. but retiring at a reasonable age and living your twilight years comfortably and worry-free is something that is less and less a given these days, as im sure you'll agree - hence your post.
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M@tt



Joined: 16 Jan 2003
Posts: 473
Location: here and there

PostPosted: Fri Apr 25, 2003 10:16 pm    Post subject: investments Reply with quote

For Americans (and others?) I think the Roth IRA is something everyone should look into, regardless of profession. You can contribute up to $3000 each year into your account and if you wait until a certain age (maybe it's 59.5, I don't remember) you can withdraw it all tax-free. What a deal! There's really nothing else like this in the States. It earns a lot of interest while you're getting old, and should net you well over 1 million if you start young, like around 20. My dad is an accountant and got me started at 18, so I'm projected to have around $1.5 million in my 60s. Of course, this won't be like having $1.5 million today, but it will certainly help when there is no social security left.

Just a thought. Anyone who knows an accountant or how to use the internet can find out lots more useful, accurate information about this subject. By the way, the only thing I think may be a hang-up is that you have to earn at least $3000 of taxable income to invest $3000 in a given year. Now, if you're teaching English abroad and aren't being taxed in the US, it's unclear to me whether you can still contribute. I think you should, but I'd be interested to hear from someone who knows.

Hope this didn't put anyone to sleep...
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reality



Joined: 13 Mar 2003
Posts: 105

PostPosted: Fri Apr 25, 2003 10:19 pm    Post subject: Thoughts Reply with quote

I think millions of people in the West, are wotrrying about retirement tonight, not only ESL Teachers.

Times are changing, State pensions are getting too expensive for Western Governments. Private or company pension schemes are linked to the
Bear Markets. Few people feel secure nowadays.
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veiledsentiments



Joined: 20 Feb 2003
Posts: 16123
Location: USA

PostPosted: Sat Apr 26, 2003 4:16 am    Post subject: American IRAs - Roth or not Reply with quote

To M@tt

To answer your question - In order to get any real tax benefits of an IRA, you need to have 'earned income' in the US. That must be income earned in a US job, not investment income or overseas income. So, it is only a good option for those currently employed in the US.

They will allow you to put money in an IRA - But - There is no benefit in putting money in an IRA if have no US income to deduct it from. You may as well just invest your money independently. Why tie up the money for many years in a plan like this and then have to pay taxes on it when you take it out?

While I was overseas, I invested my money in various stocks, funds, and real estate over the years. I retired in my early 50's. The money in my old IRAs is tied up the same as my social security - hope that I live long enough to get this money. Smile
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scot47



Joined: 10 Jan 2003
Posts: 12373
Location: Ultima Thule

PostPosted: Sat Apr 26, 2003 5:22 am    Post subject: investing Reply with quote

Those investment plans mentioned are only worthwhile if you pay income tax in the US. There are similar plans designed for taxpayers in other countries. None of them are really suitable for people who spent all or most of their working career outside their home country.

All I can sugest is a mixture of property, mutual funds (unit trusts in UK), and long-term deposits with banks.

Of course if you REALLY want to get rich quick wait until you get one of those Nigerian letters.

(GOVT. HEALTH WARNING :This message contains irony and may not be suitable for those who have problems with figurative language.)
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scot47



Joined: 10 Jan 2003
Posts: 12373
Location: Ultima Thule

PostPosted: Sat Apr 26, 2003 11:08 am    Post subject: another factor Reply with quote

In your retirement planning here is another factor. If you have a work record in the UK, you paid National Insurance. Check out with NI Overseas Section in Longbenton, Newcastle. You may want to continue paying this. You could later claim State Retirement pension. Minuscule if you are in Britain but it would go a long way in some countries.
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