Job Discussion Forums

[mozzar]

I've been thinking recently about starting a private pension so that in thirty or forty years time I can retire comfortably. However, I have absolutely no idea how to go about this in the TEFL field. I'm from the UK and if I were still residing there then I'd get tax deductions from the money I put into my pension but as I don't see myself as having a fixed country for the next twenty or so years, it's a bit difficult.

Anyone got any idea of the best companies to go to? I'd be looking at putting one or two hundred pounds a month in starting off and then increasing that as time goes by.

[sojourner]

Check out the following thread : http://forums.eslcafe.com/job/viewtopic.php?t=81503 . Some of the posters to that thread mentioned that they were contributing to private pension funds. Maybe, they could provide you with some info re the best funds.

Peter

[Hod]

I�m a little taken aback that one or two posters have no pension plan at all.

The earlier the better, but someone in their late twenties or early thirties wouldn�t have to save a huge amount monthly to get a semi-decent pension at 65.

http://www.h-l.co.uk/pensions/interactive-calculators/pension-calculator

Using this estimator above, a 28-year-old who invests 30 Pounds a week would receive 100 Pounds a week at 65. It would then take about 11 years of pension payments to break even. That would be great if you live to 90, but don�t forget a lot of pension payments can be transferred to spouses after death.

A better value offer, for Brits only, is to pay voluntary National Insurance contributions for thirty years to qualify for the full basic state pension at 67. This is currently 97 Pounds a week, no means testing required, and you don�t have to live in the UK. I pay 1.72 Pounds a day for this. It might even be possible to pay less with different classes of contributions. Is there anyone here who genuinely can�t afford that?

It�s easy to find out information here:

http://www.hmrc.gov.uk/ni/volcontr/toppingup.htm

[mozzar]

Well time is still on my side as I'm still in my early 20s. So I'd be looking for a long term plan with a cash payout as well as monthly payouts. Or would it be better to simply invest in property in some less expensive country (as I know some posters here have done)?

I know this isn't a financial forum but I'm guessing financial forums don't take into account the unstable nature of a TEFL job.