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hydrogonian
Joined: 21 Feb 2006
Posts: 18
Location: cloud 5
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 Posted: Mon Aug 31, 2009 6:51 pm Post subject: Longtimers-How much saved for retirement? - What R Ur Plans? |
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For some, international teaching is that gap filler until they get 'serious' about a career. For others, international teaching is a profession.
For the folks who are lifelong international teachers, one day you will not be able to teach anymore. Also, from the point of view of a citizen of the USA(this is what I know about, others can comment about the deal in their countries) many of you will not have the 10 years required paying into the social security system to receive benefits in retirement. This means no passive income. (Although if you were depending on just SSI anyway in the States, you would be living in abject poverty.)
How long have you been teaching?
How much do you have saved?
What are you going to do about income when you retire?
Where will you live?
From my perspective, saving enough to live on interest from investments just isn't realistic. The risk of loss is too much for most people to depend on, and the low risk options dont pay enough. And if they do currently, then you have no idea what they will pay by the time you retire.
It will be especially interesting to hear from teachers who are deep into this profession, and probably closer to retirement than not. Lets hear from the younger ones too, but this is with the caveat that the best made plans get reworked and changed, and many younger teachers have not been beat up yet by failed attempts in business, real estate, of investments. But lets hear it all. What are your plans to not starve in retirement? |
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Justin Trullinger
Joined: 28 Jan 2005
Posts: 3110
Location: Seoul, South Korea and Myanmar for a bit
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| Posted: Mon Aug 31, 2009 7:05 pm Post subject: |
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| Quote: |
| you will not have the 10 years required paying into the social security system to receive benefits in retirement. |
You can make voluntary social security contributions from your overseas income, if you have the $$ and this makes sense to you.
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| saving enough to live on interest from investments just isn't realistic. |
Particularly as the most secure investments don't pay too much. And we've seen what the stock market is good for in recent years.
I think, though, that most EFL teachers, if they're smart, are looking at retirement in ways that aren't dissimilar to most others. My ideas:
A home is a good investment. Wherever it happens to be. As long as you don't pay too much for it. Buy when it's cheap!
THough it may not be convenient, secure government options, like paying into Social Security if you're from the US, are probably worth looking into.
If you're long term in the same country, you may also be able to contribute to, and receive benefits from, the social security system there.
Another option is thinking about living where it's cheap, earning where it isn't.
Government bonds, some sorts of stocks, and other low to medium risk investments are probably a decent idea, especially when retirement is still a long way off.
None of these things is going to get you through on its own. But by getting a fairly diverse variety of property, savings, investments, and other potential income generators in place, you can plan yourself into a good situation.
Bst,
Justin
PS- I'm 35. Old enough to think about retirement, but a good long way from being able to do it. |
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hydrogonian
Joined: 21 Feb 2006
Posts: 18
Location: cloud 5
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| Posted: Mon Aug 31, 2009 7:22 pm Post subject: |
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| Justin Trullinger wrote: |
| Quote: |
| you will not have the 10 years required paying into the social security system to receive benefits in retirement. |
You can make voluntary social security contributions from your overseas income, if you have the $$ and this makes sense to you.
| Quote: |
| saving enough to live on interest from investments just isn't realistic. |
Particularly as the most secure investments don't pay too much. And we've seen what the stock market is good for in recent years.
I think, though, that most EFL teachers, if they're smart, are looking at retirement in ways that aren't dissimilar to most others. My ideas:
A home is a good investment. Wherever it happens to be. As long as you don't pay too much for it. Buy when it's cheap!
THough it may not be convenient, secure government options, like paying into Social Security if you're from the US, are probably worth looking into.
If you're long term in the same country, you may also be able to contribute to, and receive benefits from, the social security system there.
Another option is thinking about living where it's cheap, earning where it isn't.
Government bonds, some sorts of stocks, and other low to medium risk investments are probably a decent idea, especially when retirement is still a long way off.
None of these things is going to get you through on its own. But by getting a fairly diverse variety of property, savings, investments, and other potential income generators in place, you can plan yourself into a good situation.
Bst,
Justin
PS- I'm 35. Old enough to think about retirement, but a good long way from being able to do it. |
Right. I understand. A lot of that stuff has been discussed here before, and I don't want to start a new thread just to rehash old info that can be found on this forum with a search. I'm glad that you went right into that in the beginning, because I can redirect the thread away from the temptation to reiterate what is possible, and emphasize that I'm specifically interested in what lifers have specifically done/saved or what they are planning to do to enhance their ability to retire.
What I'm asking, is WHAT SPECIFICALLY have you done, saved, and what your specific plans are.
I'm glad that you posted Justin, as I know from reading your stuff before that you are a likely ESL lifer...correct me if I'm mistaken. So, at 35, you are definitely thinking about it. What are your plans? Have you managed to save? |
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johnslat
Joined: 21 Jan 2003
Posts: 13859
Location: Santa Fe, New Mexico, USA
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| Posted: Mon Aug 31, 2009 7:49 pm Post subject: |
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"You can make voluntary social security contributions from your overseas income, if you have the $$ and this makes sense to you.'
This topic came up recently when I had a friend who's working in the UAE come by for a visit.
Not being sure, I called the local SS office and was told that you can make such "voluntary SS contributions" ONLY if you're abroad working for either the US government or a US company.
Is this correct? Can't say for sure, but that's what I was told. |
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hydrogonian
Joined: 21 Feb 2006
Posts: 18
Location: cloud 5
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| Posted: Mon Aug 31, 2009 8:14 pm Post subject: |
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| johnslat wrote: |
"You can make voluntary social security contributions from your overseas income, if you have the $$ and this makes sense to you.'
This topic came up recently when I had a friend who's working in the UAE come by for a visit.
Not being sure, I called the local SS office and was told that you can make such "voluntary SS contributions" ONLY if you're abroad working for either the US government or a US company.
Is this correct? Can't say for sure, but that's what I was told. |
sigh...Is it to much to ask to keep the thread on topic? There are lots of other threads for this question. Not trying to be rude, but the thread hasnt even gotten off of the ground yet...thanks for understanding. |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Mon Aug 31, 2009 8:17 pm Post subject: |
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That's correct, John. But, there's an exception. In certain countries, such as Japan, there are treaties that allow for contributions to be voluntarily made to SSIA by non-governmentally-employed folk. The U.A.E. and saudi are not a part of this. I believe the linchpin is probably based on whether a pension scheme exists in a country that can be contribitued (extorted) to. Japan has one...many others do not. I could be incorrect on small aspects of this post, but I believe I am generally correct.
I only wish that I had known of the possibility when I lived in Japan. Possibly Glenski has something to add?
NCTBA |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Mon Aug 31, 2009 8:21 pm Post subject: |
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O.K., O.K.... I own my own house full and free and have recently invested in a Prudental fund that guarantees 7% per annum and doubles every 10 years. It doesn't sound like much, I know, but with the cash that I can bring back over the years, it really builds up. and, I'm not talking about Asian scratch! That, plus my $250,000 life insurance should hold off the vultures from my family for a while. Better?
NCTBA |
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hydrogonian
Joined: 21 Feb 2006
Posts: 18
Location: cloud 5
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| Posted: Mon Aug 31, 2009 8:26 pm Post subject: |
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| Never Ceased To Be Amazed wrote: |
That's correct, John. But, there's an exception. In certain countries, such as Japan, there are treaties that allow for contributions to be voluntarily made to SSIA by non-governmentally-employed folk. The U.A.E. and saudi are not a part of this. I believe the linchpin is probably based on whether a pension scheme exists in a country that can be contribitued (extorted) to. Japan has one...many others do not. I could be incorrect on small aspects of this post, but I believe I am generally correct.
I only wish that I had known of the possibility when I lived in Japan. Possibly Glenski has something to add?
NCTBA |
Your being a total ass..I asked politely, twice.
| Never Ceased To Be Amazed wrote: |
O.K., O.K.... I own my own house fell and free and have recently invested in a Prudental fund that guarantees 7% per annum and doubles every 10 years. That, plus my $250,000 life insurance should hold off the vultures from my family for a while. Better?
NCTBA |
No. Your attitude is palpable. Why?? I wasn't being rude. Go ahead and hijack the thread then buddy...you obviously feel like you own the place... |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Mon Aug 31, 2009 8:36 pm Post subject: |
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Are you a troll? You, obviously, are new here! I answered John's post before I saw yer response. Then, I contributed what my plans are.
You need to keep a civil tongue on yer keyboard, mister! Or you WON'T get a response. GET A HINT! We're NOT here for you...we're here for each other. If you want something as substantial as you hint...GET AN INVESTMENT ADVISOR!
NCTBA
P.s.- I AM NOT a "total ass"! I am most decidedly an "incomplete" ass... |
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hydrogonian
Joined: 21 Feb 2006
Posts: 18
Location: cloud 5
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| Posted: Mon Aug 31, 2009 8:54 pm Post subject: |
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| Never Ceased To Be Amazed wrote: |
| Are you a troll? You, obviously, are new here! I answered John's post before I saw yer response. Then, I contributed what my plans are. |
How am I a troll? That doesn't even make any sense...how is the topic of the thread, that I started, remotely troll like? Your the one hijacking the thread, and giving me attitude when I steer the thread back to the topic. Where are your manners, sir?
Also, my second request to keep the thread on topic clearly came in before your response. And that was the SECOND effort to do that. So again, your argument makes no sense. And your contribution came with no lack of attitude. like you were doing me a favor to respond to the topic of my thread, instead of following your own tangent. I don't need responses like that. Better?
Third, your comment about 'me being new here' affirms my claim that you feel like you own the place, clearly the root of your behavior. Ive been reading these forums for a long time, posting when I've had something to say. You don't own the forums, and there is no seniority, no matter how much you'd like to think different. Those are the facts.
| Never Ceased To Be Amazed wrote: |
| You need to keep a civil tongue on yer keyboard, mister! Or you WON'T get a response. GET A HINT! We're NOT here for you...we're here for each other. If you want something as substantial as you hint...GET AN INVESTMENT ADVISOR! |
Wow. I was just starting a conversation, like everyone else here. Albeit a focused conversation. Do I have the right to do that buddy?? huh? Apparently you make the rules. You can hijack threads, and no one better say anything about it. I wasn't apprised. Wheres the sticky? Your the one who brought the attitude to the thread, and you got a response in kind. Lets hear you spin your way out of that. I know that you will.
I dont need an investment advisor. I was starting a conversation. like everyone else here. I am part of "each other" on this forum. Its a thread that I started. if you dont want to participate. Then don't post. What do I care.
NCTBA
| Never Ceased To Be Amazed wrote: |
| .s.- I AM NOT a "total ass"! I am most decidedly an "incomplete" ass.. |
Sounds good... |
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