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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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 Posted: Tue Nov 16, 2010 4:43 pm Post subject: Retirement |
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I thought I would start a thread that asks for SPECIFIC information on how one who is in the EFL profession in Mexico can start to save for retirement. Just looking for real, useful information. I'll throw some ideas out and let me know if they are OK and feel free to add any information or ideas you may have.
Start a savings account in Mexico
Buy dollars once in a while and put them in an account in the United States
I mention buying dollars if possible because Prof. Gringo has mentioned that if the peso goes through another devaluation, one could have their savings wiped out if it's all in pesos. Please add your ideas. I need all the information possible.
Thank you all!!  |
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Phil_K
Joined: 25 Jan 2007
Posts: 2041
Location: A World of my Own
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| Posted: Tue Nov 16, 2010 5:16 pm Post subject: |
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| I fear investing money alone will not provide a satisfactory retirement income in Mexico. I don't know how old the OP is, but my own thoughts are to build a business to provide a sustainable and, hopefully, residual income. However, I don't really see myself wanting to stay in Mexico after my, and more importantly, my wife's working days are over. |
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MotherF
Joined: 07 Jun 2010
Posts: 1450
Location: 17�48'N 97�46'W
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| Posted: Tue Nov 16, 2010 5:48 pm Post subject: |
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I have a Mexican AFORE, which since it started when I was 25, has a very nice little sum of money in it now. But as mentioned, that is at risk should there ever be another major devaluation of the peso.
In my area of Mexico, most people who have money invest in property. It seems to work well for them. I know some 30 something slackers who are able to live without working because the inherited some property in the center of town which earn them very nice rents.
I have my house and once my husband starts working we plan to buy another.
And while I suspect many of you will laugh this off, my husband was also recently named his uncle's heir to village lands. So we will at least always be able to eat well off the fruits of our labor and the land. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 6:42 pm Post subject: |
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| Phil_K wrote: |
| I fear investing money alone will not provide a satisfactory retirement income in Mexico. I don't know how old the OP is, but my own thoughts are to build a business to provide a sustainable and, hopefully, residual income. |
What type of business phil k?? Any examples?? |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 6:45 pm Post subject: |
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| Phil_K wrote: |
| I fear investing money alone will not provide a satisfactory retirement income in Mexico. |
So EFL alone isn't good enough?? I own no property here and have very little savings after having to have used what I came here with. I'm not like a lot of people who have a SS check or a spouse with property that they can use to make cash.
My wife has some property but my name isn't on any of it so if something happened to her I would be up the creek without a paddle. By the way phil k, I'm 42 so you can see my concern.  |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 6:48 pm Post subject: |
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| Phil_K wrote: |
| I fear investing money alone will not provide a satisfactory retirement income in Mexico. |
So if one comes here teaching only, having no property nor a SS check or a spouse with property, that person needs to really be careful about their future, Phil K? 
The AFORE is a saving/retirement account, no?? |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 6:49 pm Post subject: |
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| Phil_K wrote: |
| I don't really see myself wanting to stay in Mexico after my, and more importantly, my wife's working days are over |
Why??? Curious. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 6:54 pm Post subject: |
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| MotherF wrote: |
I have a Mexican AFORE, which since it started when I was 25, has a very nice little sum of money in it now. But as mentioned, that is at risk should there ever be another major devaluation of the peso.
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So how does one go about protecting their savings here in Mexico from another possible devaluation?? It's hard to make money teaching EFL so one would want to protect their little nest egg I would think. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 6:57 pm Post subject: |
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| MotherF wrote: |
In my area of Mexico, most people who have money invest in property. |
Not an option for some of us EFL professionals like myself. Guess I could save but how much would I need and how long would it take to save? All good questions. |
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amaranto
Joined: 02 Jun 2009
Posts: 133
Location: M�xico, D.F.
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| Posted: Tue Nov 16, 2010 7:04 pm Post subject: |
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What about buying a life insurance policy that expires around your retirement age? There are policies with sobrevivencia, meaning they would expire at that age, giving you all of the money for which your policy is worth.
Also, Mexican life insurance companies can now provide savings investment funds, as well.
The funds for both of the above can be invested by dividing your investment among the Mexican stock market, US dollars, UDIs, the US stock market, etc., which gives you a chance to invest in something besides only the Mexican peso. You can periodically adjust the percentage you invest in each.
A good life insurance agent should be able to explain all of this to you and help you find what you need. I know one if anyone is interested. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 9:39 pm Post subject: |
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| amaranto wrote: |
Also, Mexican life insurance companies can now provide savings investment funds, as well.
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Excellent information Amaranto. Thanks a million!!! Do you know the names of some of the Mexican life insurance companies that provide the savings investment funds you mention above.
Thanks. I owe you a torta and a coke.  |
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MotherF
Joined: 07 Jun 2010
Posts: 1450
Location: 17�48'N 97�46'W
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| Posted: Tue Nov 16, 2010 9:47 pm Post subject: |
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| Professor wrote: |
My wife has some property but my name isn't on any of it so if something happened to her I would be up the creek without a paddle. By the way phil k, I'm 42 so you can see my concern. |
Don't be so sure. Mexico's common law's are very strong. A large portion of the population never legally marry due to the expense involved in marrying. If you are publicly cohabitating you are her legal heir unless she has a very well written will stating that you are not her heir. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 9:52 pm Post subject: |
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| MotherF wrote: |
Don't be so sure. Mexico's common law's are very strong. A large portion of the population never legally marry due to the expense involved in marrying. If you are publicly cohabitating you are her legal heir unless she has a very well written will stating that you are not her heir. |
Good to know MotherF. Still, I would like to have something for the future that I work for, you know? |
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MotherF
Joined: 07 Jun 2010
Posts: 1450
Location: 17�48'N 97�46'W
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| Posted: Tue Nov 16, 2010 9:53 pm Post subject: |
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| Yeah, I can understand that. My house is MINE, MINE MINE! And my daughters are the heirs to it. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Tue Nov 16, 2010 9:56 pm Post subject: |
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| MotherF wrote: |
| Yeah, I can understand that. My house is MINE, MINE MINE! And my daughters are the heirs to it. |
Yea. |
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