Korean Job Discussion Forums

[kalbi]

This a thread for people who are planning to:

-retire early
-work in Korea long enough to qualify for a monthly Korean Pension
-save enough money from ESL or other work here to retire on.

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This thread is for both people who plan to retire here in Korea, back home, or some other more affordable and/or fun third country.

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Discussions topics include:

-Is it feasible to retire 'from Korea'? Can it be done? How??
-How far along are you to a Korean pension? Have you looked into it?
-Questions about Korean Pension benefits scheme
-How to increase income or maximize returns
-taking the Korean lump sum payment vs. a monthly payment
-Affordable retirement destination
-Estimated retirement nest egg
-Estimated annual retirement budget
-Retirement goals, plans, dreams

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Some interesting links

http://www.iplanretirement.com/retirementblog/2009/02/

http://moneycentral.msn.com/retire/planner.aspx

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I am also including a savings goal poll!!

Looking forward to hearing your thoughts!!!

[4seasons]

Interesting thread.

Are foreigners eligible to receive monthly pension payments here?

[bassexpander]

You should save about 15% of your salary toward retirement IN ADDITION to whatever pension or 401k savings you have.

That is from a financial expert I saw on Discovery Channel, anyway.

[Clockout]

Quick pension question: My pay stub says that ~90,000 won is taken for my pension. Is that amount matched by my employer making the pension contribution = ~180,000 won or is 90,000 won the total?

[No_hite_pls]

[Clockout]

[4seasons]

To CLockout..

I believe it depends on whcih pension scheme you are part of.

If you are part of the national pension scheme there is matching from day one.

However, if you are part of the private teacher's pension scheme, the level of matching correlates directly to the number of years you have been contributing.

[4seasons]

I think the green calculator link provided by the OP gives a better idea of how much one's nest egg should than 'Bassexpander's expert'.

[kalbi]

What are your time lines for saving that kinda money?

[bassexpander]

[jiberish]

My company doesn't even pay into pension. I don't mind at the moment because im trying to save hard for jonse.

But my plan is take everything we get in Korea including pensions out in one big go. The retire back in Australia. So if we do run out of money we can get it from the government for free

[T-J]

Your poll options don't go high enough...

[4seasons]

Bassexpander............no offense was intended in my last post at all, and I apologize if any was taken. Have you taken a look at the OP's link??

I was just stating a personal preference, that IMHO, the green calculator was a bit more hands on and accurate; and probably in the Korean context, more relevant. Many people here do not have 401k's and 15% of one's salary could be a very very wide range which may or may not correlate to one's individual projected pension budget estimates.

The green calculator on the other hand allows you to calculate your estimated budget and to determine how far or near from that goal you may be at.

Cheers.

[kalbi]

@ TJ... it is too late to add a $1mil+ option to the poll.

[Sadebugo1]

I hate to be a wet blanket but relying on one's investment acumen for retirement purposes is risky. I know guys who spent 20 years in the Middle East and saved every penny but didn't have enough to retire comfortably in the end. One million dollars sounds like a lot but doesn't cover the longer life spans today and unexpected costs in retirement. I say get out of there while you're young and find a job with some sort of retirement benefits.

Sadebugo
http://travldawrld.blogspot.com/