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Matt_22
Joined: 26 Feb 2006
Posts: 193
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 Posted: Tue Jan 17, 2012 11:04 am Post subject: |
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| Perilla wrote: |
| Matt_22 wrote: |
| But if you're like myself and a lot of my coworkers - ESL teachers who have gained teaching certifications and Master's degrees while abroad - you should have no problem going home and landing a teaching position. |
Matt, you obviously know little or nothing about the situation in the UK. The TEFL sector was always poor in the UK, these days it's completely screwed. The few decent TEFL-related jobs that still exist (mostly at unis, but even these positions are being consumed by language-mill cartels) are held by incumbent teachers who hold onto their positions for dear life -so there are very few re-entry routes for the TEFLer. (Btw, I have an MEd TESOL, ten years' teaching experience and uni-level experience in HK).
Someone might say OK, do a PGCE and get a regular state school teaching job. Forget that too - morale in the mainstream teaching sector is at an all-time low, but as with the uni positions, incumbent teachers are hanging onto their jobs for grim death because the alternative is no job at all. That's the state of the nation. Things will probably pick up eventually in the state school secor, but not for a few years. |
You're right. I don't claim to know anything about the situation in the UK. What I was referencing earlier was a return to public school teaching (K-12) in the United States. Despite there being major layoffs and cutbacks in many states, there are always positions to be had if one is geographically flexible.
Also, FWIW, no American international teacher (unless one works for DoDEA) is able to contribute to IRAs. I've already checked every loophole possible. If you do open an IRA and make contributions, you set yourself up for major penalties in the future.
Furthermore, investing in off-shore and foreign accounts is a really bad idea. Not only are many US brokerage firms cheaper in terms of fees (Vanguard especially), but US firms are also able to prepare documentation easily for US tax purposes. The IRS has also gone nuts lately pursuing individuals who try to "hide" their assets in overseas accounts, and is pretty much even blackmailing foreign banks for information on US tax evaders (as we are seeing in Switzerland). Even if you keep documents out in the open, there are a lot of expensive pitfalls in building a nest egg overseas, if one ever plans to move that money back to the states.
I'm just relaying what I've heard from my family's accountant, as well as what I've read on the Boglehead forums. I've tried to think up dozens of ways around the US tax code, but for an overseas teacher like us, a Vanguard taxable account is probably as good as it gets. |
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Matt_22
Joined: 26 Feb 2006
Posts: 193
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| Posted: Tue Jan 17, 2012 11:34 am Post subject: |
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| Landon wrote: |
Boy, there are a lot of hypotheticals there. I have been contributing the max amount allowed to a retirement stock account every year since the age of 17. Thats right 17. I am now 30 and have not yet seen close to the return you are hypothesizing. The market has been horrible here though. |
Not to beat a dead horse, but I found a website that addresses this topic really well.
http://www.moneychimp.com/features/market_cagr.htm
Let's you plug in different time periods and adjust for inflation (to determine real yield) for general US Market (S&P 500) returns.
If you started investing 13 years ago in an index fund that tracked the S&P 500, your real average annual rate of return would be an awful 1.19% (and perhaps even much lower depending on your choice of fund/broker).
However, if you started 20 years ago, your average real rate of return is 6.13%. If you started 30 years ago, it would be 7.08%.
I realize that the market is unpredictable but using a 3% projection isn't that wild imo. |
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tttompatz
Joined: 06 Mar 2010
Posts: 1951
Location: Talibon, Bohol, Philippines
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| Posted: Tue Jan 17, 2012 12:32 pm Post subject: |
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As an American, the first US~$80k per year in offshore wages, salary and earnings, is tax exempt by the IRS.
I don't know many American ESL/EFL teachers earning more than $80k per year.
The ability to earn $80k per year, exempt from US taxes.... why worry about an IRA.. just invest your savings and let it grow.
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Wed Jan 18, 2012 3:49 am Post subject: |
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| Matt_22 wrote: |
| Also, FWIW, no American international teacher (unless one works for DoDEA) is able to contribute to IRAs. I've already checked every loophole possible. If you do open an IRA and make contributions, you set yourself up for major penalties in the future. |
Here's a loophole for you: You CAN contribute to an IRA provided you have taxable income. Pretty easy, your salary up to 91 ish K doesn't count. BUT, get another job or tutor privates or have money from property and ta da, you have taxable income!
I'm not sure how that works if you file the 1116. But last year, or 2010, I had taxable income due to SE. I cuold have contributed to an IRA.
Yea!
Another loophole: if you have privates, you're self employed and can open a SEP IRA and contribute to
SEP IRA
Roth IRA
Trad IRA
Now you owe me a coffee!  |
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