Korean Job Discussion Forums

Scamps · Joined: 01 Feb 2008

I've been living abroad for about 6 years now and really enjoy it.
Whenever I go back to America I feel so bored.
It's been my dream to teach abroad since I was little. I don't think teaching in America would be this wonderful.
The problem is my mom thinks that if I continue on like this I won't have any money in my pension later in life and I'll never be able to retire and if I get sick she thinks I won't be able to cover my medical bills.
So....what about the people who've made this their career or have married a Korean and have no intention on living in the US or elsewhere permanently? I want to keep my nationality.
Is my mom wrong? How can I live abroad and be able to retire comfortably?
I need some advice, thanks.

sobriquet · Joined: 16 Feb 2007 Location: Nakatomi Plaza

The Gentleman Scamp

xCustomx · Joined: 06 Jan 2006

If you're living in Korea for the rest of your life, there is no reason why you shouldn't be able to retire comfortably. If you plan to stay here for the long term, there is no reason why you shouldn't be able to save 25-30 million a year after 2-3 years. Put some of those savings in an account with compound interest and you could have yourself a nice sum.

Working at a hagwon for the long term will not allow you to save decent coin. When I read about fromtheuk working at GEPIK until he's 60, and saving 12-15 million a year, it makes me cringe. I realize that 12-15 is a lowball figure, but I'd be aiming for 30-40 million a year. I'd start my own business, work my ass off for a number of years, and retire early.

And btw, there's no reason why you should have to give up your nationality just because you're married or live abroad.

Scamps · Joined: 01 Feb 2008

Thanks for your comments!
Please keep the posts coming. My mom has me on edge! And my current contract is up in March.
By the way-I work at a public school. Hogwons don't suit me well.
Also...Gentleman?? I'm a woman! ^.^

Otherside · Joined: 06 Sep 2007

Zulethe · Joined: 04 Jul 2008

Your concern is a good one on so many levels.

First, you like what you do, and that is great. You can save a lot of money here but remember at the same time you are not paying into social security (pension which I think your mom is refering to.) So you are not eligible to collect anything until you've put a substantial amount of years and money into the system. You'll know when because social security will send you a statement when you are eligible for benefits. I started working at fourteen so my benefit elegibility came soon.

Medical is another issue which is something not to be taken lightly. Let's say, God forbid, you come down with something serious while in Korea. Of course, your medical will cover you here but when your job will end, you'll have to go back to the states where you'll have no insurance coverage.

Many teachers don't think like this because they are young and think that nothing will happen to them.

In my case, I first came here in 1993 and then returned to the states to work for the military, child protective services and the Department of Veterans affairs.

I have medical for life through the VA. as well as a pension from the Army and I'm eligible for social security should I ever need it, which I won't.

Korea will always be here. It's not the dumbest idea in the world to work in America for at least as long as it takes to get your social security benefits and then come back to Korea.

This has always been my favorite job but I'm sure glad I went back to America to secure my long term benefits.

take care.

Z

DrOctagon · Joined: 11 Jun 2008 Location: Chicago

Where in America do you live that you find it so boring?

Ilsanman · Joined: 15 Aug 2003 Location: Bucheon, Korea

Trip · Joined: 28 Dec 2008

Trip · Joined: 28 Dec 2008

xCustomx · Joined: 06 Jan 2006

Mr. Pink · Joined: 21 Oct 2003 Location: China

aka Dave · Joined: 02 May 2008 Location: Down by the river

If you teach at an American High School, you probably would start in the 30k ish income. If you have a lot of grad school you can easily start at 50k ish. That's with excellent health, retirement, and dental etc. However, you don't get the free room and board, and you probably have to have a car and insurance and all of that.

Also, teaching at an American HS can be very stressful. Imo, most American HSs are just as bad as the bad hagwons here, for different reasons.

If you have a decent job and you save well, you'll be okay in your old age. Do what feels right.

jkelly80 · Joined: 13 Jun 2007 Location: you boys like mexico?

My sister has an MEd and started in the Chicago Public Schools at 43k/year, which will go up to 48k by year three. I think year 10 is 57k, but she doesn't see herself sticking it thru because of the institutionalized incompetency, which I imagine makes it much like SMOE.

Plus great benefits and a guaranteed pension, until Daley drains it to bribe Olympiads.

Wisconsinite · Joined: 05 Jan 2007

I think it is completely doable to make Korea your permanent home until you retire. Or for as long as you want for that matter. Here are some tips that I would advise:

1. Open an IRA in a bank at home. You can contribute 2500 a year. Make it a roth IRA...all the more better but go home, speak with a bank you trust, and get one started.
2. Open a money market high yield savings and put 15% of your income in it. don't touch it. If you don't have the ability to prevent yourself from touching it open it jointly with a parent or sibling who you can trust and don't allow yourself access information.
3. Pay off all debt
4. Think about buying a home. You can pay the mortgate in korea and rent it out. That way when you leave Korea at 55, you will have a home almost paid off. If you are good and comfortable with real estate, then go ahead and buy a couple of rental properties. They will pay for themselves and generate income later in life or provide an even larger next egg.
5. contact social security office. see what you are at for benefits. You can always plan to retire at 55 from Korea and go to America and work at target and by the time you are able to collect benefits you will be eligible (although the amount will probably be l0w)

Your biggest concern that there is no real answer for but perhaps Obama will take care of it is healthcare. That is a huge cost for retirees.

If you are serious about making Korea your permanent home and frankly even if you are not, start thinking about retirement. A little planning and a little investment will pay off HUGE in the futre.

also, other people are right, look into better healthcare options and disability plans in Korea. That is just smart and again, a little investment will reap big benefits if you need it in the future.