Job Discussion Forums

[MrCAPiTUL]

Hey gang, here's a question:

What do you all do for retirement planning?

As I teach here in the States, I am required to enroll in a 401k, and I have free life insurance, and I must enroll in the State Pension plan. If you teach overseas, how do you go about planning for a secure future (especially if you are bouncing from country to country)? If you planned on staying in JP forever, then fine, I could see that, but what if you move around? Is there an Intl Pension Plan or something? OR, what do you do? Thanks.

All kidding aside, I'd like to know. Thanks.

[shuize]

I think the short answer is that many people in this business don't bother with such things and are going to end up spending their "golden years" eating catfood.

Not me of course. Those other guys. I'll eat a bullet before I resort to eating catfood.

[MrCAPiTUL]

Wow. By the limited number of replies this thread has seen, I believe you may be right!

That is kind of scary, actually.

Out of curiousity, Shuize, how then are you planning for the years of tomorrow?

[macondo]

You know, this is actually a good topic for people to be thinking about. I know many people do the EFL thing for just a couple years, and don't really consider it their career, but as we have seen, one or two can easily become "several".

I'm already in pension limbo, having taught in two states here and now leaving for Japan, and I'm afraid I'll lose those 6 years that I was contributing. On top of that, I'm not sure what will happen while I'm in Japan, considering I may or may not make it my home for the next 30 years.

Things to think about, young people! "Old" comes sooner than you think!

[shuize]

[GambateBingBangBOOM]

Well, you simply put away as much as you can.

Then if and when jobs dry up overseas, you can go back to your home country to work as an ESL teacher (probably only as a volunteer, if it's anything like in Canada), and so you can live in a tiny room in a house filled with strangers and eat Kraft Dinner while working part-time at some big box store until you simply die.

Retirement is easy when you're dead.

[maryknight]

i'm planning to rent out my condo furnished. i'll get about $300 more a month than the expenses. i figure that's a break even since there will be repairs, ect. i bought a condo a year ago for $140,000 that is now worth $200,000 and it's a place i would be very comfortable retiring in.
i checked and even if i don't work at all in the states anymore i'll get $800 a month social security based on my previous income and on my ex-husband's income. i can get half of what he gets, and he's high income so he's at the top.
i have some money in retirement funds now and i'm hoping to save a thousand a month while i'm in japan. maybe that's not realistic, but i'm hoping eventually it will be.
and, if all else fails, i plan to semi retire in mexico or guatemala. guatemala you can buy a house with an awesome view of one of the most beautiful lakes in the world for $30,000. so that might be a real estate investment for me.
but, yes, i'm very concerned about retirement. i'm 50. i really like teaching english and i think i'll do it for the next 20 years.
worrying about money is one of my problems. maybe i'll sell my screenplay someday or hit it big with some other writing i do. but really liking my job is going to help because i'll want to work longer. i was a social worker for 20 years which became bad for my health and much too high stress. so i'm fairly optimistic now.
i think the world of elderly americans will be divided into those who planned for retirement and those who didn't. but i tend to overplan. i will downsize as far as living in a small apartment wherever i am and i am really looking forward to public transportation instead of a car.