Job Discussion Forums

Zero · Joined: 08 Sep 2004 Posts: 1402

Interested in discussing retirement. How do most TEFLers handle it? I realize it's a tough question because of the varying ages and citizenships of the posters here.

What is your situation?

-Funding retirement accounts primarily from your current earnings?

-Already have a pension from previous employment in your home country?

-Have a pension provided by your home country's government?

-Don't need to worry too much, because you have family money or have saved plenty from a previous career?

-Doing nothing, plan to think about it later?

-Other?

timothypfox · Joined: 20 Feb 2008 Posts: 492

The plan I have going right now is that I want to get out of public school teaching in about 5 years. That will give me about 10 yrs of work and a 50% pension (or 1/4 of my final salary) each year after I turn 55. I will only 45 when I retire but won't get any pension until I'm 55.

I will work overseas until I'm about 65. When I start getting a retirement pension, tax will continue to be deducted for US social security so I will have a good 25 years paid into that by the time it kicks in at the age of 65.

I am also going to get a home somewhere cheap so I no longer have to pay rent.

That is the general plan - and my wife will be working (non-educational and non-pensionable industry) but every bit helps.

That's my general plan.[/img]

TeresaLopez · Joined: 18 Apr 2010 Posts: 601 Location: Mexico City

I will have a small pension from a public school system, and if Social Security is still around, will get that as well. We own an apartment in Mexico City, that we live in, and another that we rent, and we have another small house in a small town in Zacatecas that will be paid for in about 3 years, so our income needs for retirement will be small.

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

@Teresa - nice...properties are the way to go. We've got the same plan for the long haul in Mexico.

scot47 · Joined: 10 Jan 2003 Posts: 15343

I am entitled to a small pension from the UK National insurance system which I can claim from age 65 No one can live on that and it is below the social minimum set by DWP in London. I will claim the means-tested top-up now called PENSION CREDIT. If I get that, then my rent is also paid.

Being over 60 and a resident i already have a free bus pass, and I get free medical treatment under the NHS.

On the other hand Imight just go on attempting to instil in young minds the complexities of English Grammar and Lexis.

tttompatz · Posted: Mon Jul 26, 2010 4:35 pm Post subject:

Got the house and 5 hectares under the sun bought and paid for.
Comes with private water supply, rice fields, fruit trees, a 40foot barn and room for a large garden.

It also has it's own independent electric generating system (wind and solar) as well as the grid connection.

Now I just have to continue to save enough each month so that the daily living expenses are covered later in life (in addition to a private pension plan that (still) has my contributions matched by my employer).

.

Sadebugo · Joined: 10 May 2003 Posts: 524

I currently teach ESL/EFL for the US government. I can retire when I'm 60 and have 20 years service (I will have 22). I will receive a defined pension plan, 401k, and social security (if still in existence). I will probably continue to teach EFL overseas on my own after retirement although my current job allows me to travel as well.

Sadebugo
http://travldawrld.blogspot.com/

jpvanderwerf2001 · Joined: 02 Oct 2003 Posts: 1117 Location: New York

I agree with Guy and Teresa: Property is the way to go. I have one apartment under my belt and hope to "trade up" or add another in the near future.
They aren't make more land, or so they say Laughing

(Ok, I know apartments aren't land...)

Never Ceased To Be Amazed · Posted: Tue Jul 27, 2010 3:19 am Post subject:

"They aren't make (sic.) any more land, or so they say..."

Obviously, you haven't been to/considered the U.A.E...

NCTBA

jpvanderwerf2001 · Joined: 02 Oct 2003 Posts: 1117 Location: New York

They aren't making anymore land. Sorry Rolling Eyes

Yes, I guess those man-made islands off of UAE would be an exception; unfortunately they're out of my, ahem, price range! Laughing

Montanaland · Joined: 20 Dec 2009 Posts: 60 Location: Bakken Oil Field

This is a pretty interesting article:

http://www.roadjunky.com/guide/263/how-to-retire-cheaply-50000-100000-200000

Making 2k a month while having 100k-150k locked away while earning interest wouldn't be a bad existence.

Also, this discussion thread is pretty interesting in regards to cheap locations. One guy's lives in Morocco for 500 a month while another says he's living Albania @300mo Shocked

http://opentravel.com/blogs/the-cheapest-places-to-live-in-the-world-500-a-month/3/

naturegirl321 · Joined: 04 May 2003 Posts: 9041 Location: home sweet home

My plan is to work here in Asia, save and buy more apartments in Peru. Rent them out and live off of that. I'd also like to get a hostel in Eastern Europe and live there.

Hod · Joined: 28 Apr 2003 Posts: 1613 Location: Home

Never Ceased To Be Amazed · Posted: Fri Jul 30, 2010 10:48 pm Post subject:

No help for 'mericans, tho...

NCTBA

naturegirl321 · Joined: 04 May 2003 Posts: 9041 Location: home sweet home

Honestly, as grim as it sounds, I've seen my grandparents suffer through old age, I'd rather die, young-ish, in my 70s.