Job Discussion Forums

[roywebcafe]

Just a thought. None of us are getting any younger. EFL does not pay a great deal. Schools will almost certainly not want any of us when we get close to 60. After many years in EFL/ESOL would there be anything else for us? Are any pensions available? Perhaps we may get a state pension when we return to our home countries - not that i would want to. Where does this leave us? I don't usually worry about this sort of thing but i am over 40. Company pensions are a joke in Britain so i never worried about moving to China when i was 38 to start teaching English.

Does anyone know of any Pensions available to people working in the EFL industry abroad? I don't think they exist myself. Do you just save for your retirment using a savings account? Any ideas, thoughts. Please share.

[ecocks]

American solutions won't help you much since it is different tax laws. However you might look into annuities. You pay $1000 and get a contract that the institution will pay a set monthly amount 10 years, 20 years, etc. in the future.

Really though, I suggest that you look for investments. All around most TEFL sites there are emerging economies, businesses and opportunities. Consider how much risk you can tolerate and then try to choose wisely. I have purchases in process on two apartments plus an interest in two other businesses.

Open your eyes. Not a criticism, just advice.

[SueH]

UK pensions can be fine, but you do have to give them a bit of thought and planning. What did you do about your pension provision before you left for China? If you had one what did you do with any contributions.What are your plans, will you have enough National Insurance contributions for a full state pension, have you thought about making back payments of NI contributions (I think you can go back 5 years)?

It's right to ask your question but half way through your working career is a bit late. Mind you, I have heard of some pretty old teachers working in China, so you've probably got a few years yet!