Job Discussion Forums

[bennyr81]

Although a lot of people choose to do a TEFL career for only a couple of years for the experience and the chance to travel and earn, but what about those who have chosen this field as there life.
Im in a little dilemma, dilemma's not the right word, but a little crossroads in my life.
Im 24 and have just really started in this game. I like many others would love to see many places in the world and this is a good game to be in, but i do also love teaching. The problem is thinking about the future. What do those of you who want to spend your career in TEFL teaching do about pension plans, especially if you are going from one country to another every couple of years. Private ones seem the way forward, but would this be too expensive for a teachers average salary? and what about state pensions...it is common when you are working for a school to contribute towards state pensions?
All help would be appreciated, and i ahve a feeling that this topic could have been discussed before.

[Jizzo T. Clown]

I had the same question awhile back. Do a search for "retirement" and you'll find a lot more.

http://www.eslcafe.com/forums/job/viewtopic.php?t=30799&highlight=

[JZer]

bennyr81, since you are working in Poland, I am not sure how you plan to save much for retirment.

Another thing to consider is that unless you are going to be a public school teacher or a government worker, you would probably have to start your own pension plan back home. The days of coporate sponsered pension plans are long gone. Factor in the fact that virtually no one these days spends 30 years working for one company and you end up with problems similar to an ESL teacher.

You shoud look into investing in a mutal fund or starting your IRA. Real estate is also good. If you are interested in a country like Korea, Hong Kong, SA, or Taiwan where you can save some money, you might want to try to buy a rental property. If you buy one rental property and pay it off, you would have enough to live in Costa Rica or Nigaragua when you retire, even if you don't save one penny more.

[tedkarma]

It is important to realize that in this business - no on is going to look out for your financial future. It is 100% up to you. You can't count on your employer to arrange 401ks, pensions or anything else (you can sometimes not even be sure if they are going to pay you or not!). So - it is good that you are beginning to think about how to solve that problem.

Yes, see the link Jizzo put up - and start thinking about how to secure your later years now. TEFL can allow you opportunities to save well - so you can invest well.

I've been out of the States for so long that my social security payments will be just enough to make sure I scrape along in a ghetto somewhere spending all my time at welfare agencies asking for food stamps and medical care . . . And avoiding being mugged . . . So, I have planned and invested carefully for my future. I am fairly confident I have done it well - but you NEVER know what life will bring to you - overseas or at home.

For a review of the issues - and some thoughts on planning - check out:
http://tefldaddy.com/Financial_Success.htm

[joe-joe]

Hi

I'm not sure where you're from, but if you're from the UK I suggest at the very least sorting out Voluntary Class 3 National Insurance contributions. They aren't so expensive, and at least by paying them you can get a basic state pension when you retire. It won't be a king's ransom, but it'll be better than nothing. Also, if you go home, and you need to get unemployment benefits, it also covers you for this. If you're not from the UK maybe there is something similar for social security payments.

One other thing to bear in mind is that you are quite young, and presumably fairly new to TEFL, and so your salary most likely isn't huge, (ok, when is it ever so big in this business ). But after some time you should be able to find better paid jobs, and improve your qualifications. This will mean you'll have more disposable income to put towards any private pension scheme you may choose to take out.

Hope the above is helpful

[bennyr81]

Hello joe-joe i am from the Uk and, ive thought about the tax credits to top up my national insurance...i think its about 8 pounds a week, or month i cant remember.,.....
I am also quite young, and i know that you have to start somewhere, usually the bottom, and with time i could be more fortunate with better paid jobs etc. I see that east asia offers probably the best money, but for some reason i just have no want to go over there.
ANyway thanks everyone for your contributions

[Stephen Jones]

If you are going to retire abroad and outside the EU, do bear in mind that your UK state pension is unlikely to be adjusted with inflation. Worth while calculating if it is worth while making the extra voluntary payments.

[JZer]