Job Discussion Forums

[lall]

Ball-park figures, maybe?

Or plain old gut feeling?

Something on the lines of 1/3rd. of USD 200,000 (upon conversion into INR) being sufficient to keep a couple financially-independent during retirement? I'm no economist, yet that figure of "1/3rd. of USD 200,000" seems to be okay with me, based on my past experiences.

Something on the above lines, if you please.

Just a request from you out there, so as to be able to compare concepts of financial independence.

[veiledsentiments]

If you were in the US - single and in your late 50's right now - getting ready to think of retirement - to afford to live a simple lifestyle (little or no travel - few luxuries) in most of the US, your absolute minimum savings would be about $500,000, and with inflation running VERY high (in spite of the lying figures of the government in that area), you should probably have double that.

Investment advisers suggest much higher numbers than I do...

So... you can extrapolate that into what you would need in 40 years as well as anyone else.

VS

[lall]

[veiledsentiments]

[Eyrick3]

[sweeney66]

Wish I'd been thinking like that when I was 25.

[veiledsentiments]

[lall]

Dear Eyrick3,

I second your approach to savings.

Here's another way of looking at how much you'd need for retirement, developed by an Indian like me (Oh well, let me get it over with! Developed by me, actually).

Here it is: At whatever stage of life you are in, if the income from all assets other than income from salary, profession or business is enough to sustain you now, then that income re-invested along with the said assets will probably be enough to sustain you in your old age.

This also assumes that you'd be debt-free before retirement.

Note that this may apply largely to economies like India where debt is a dirty word and very few people would fund anything other than a house, illness or wedding expenses with a loan. Even a basic like education is not likely to be funded with a loan (which is generally funded from parental savings). I know that this is in stark contrast with paying wedding expenses through debt. However, that's India's societal outlook, where children (and parents, even if aging) are considered assets and therefore, a wedding is considered a pivotal point in life. A couple is considered blessed if the parents of both are alive to bless their first-born. Lovely thought that, isn't it?

[veiledsentiments]

[lall]

[scot47]

I recommend reflection on what Christian Scriptures have to say about the love of money. Look especially at the verses in the Gospel according to Mathew.

[lall]

[zeke0606]

Eyrick3

I can answer your original question about teaching in Iraq.

I have an MSc in TEFOL and a BA in English, a teaching credential issued by the California State Government, quite a number of years teaching in six different countries and the USA, a tour of duty in the United States military with service in Vietnam (1969 - 1970) and a high security clearance.

I did not qualify for the teaching position that was in the advert. PERIOD!

Good luck in your savings account! I'd listen to VS as her advice is usually right on the money - so to speak!

Zeke

[lall]

Those are fairly impressive credentials, Zeke. It's surprising that you didn't land the job, especially with the 'Nam experience and the HS clearance. All the same, your reply will help address the OP's expectations.
Regards,
Lall.

[zeke0606]

lall

Thanks for the kind words!

I think it was a 'set up' advert -- an NGO chief or gov't department head wanted to give a friend a job and under the requirements of the US laws, that job had to be advertised. But, my buddy has all the 'real' qualifications, because he is my buddy!

I was told that my 'old' security clearance was of no value and 'they' (no name or signature was with the rejection email!) would not go to the trouble of renewing it.... So, if the OP is connected - he just might get in!

Zeke