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World Traveler
Joined: 29 May 2009
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 Posted: Sun Aug 28, 2011 7:13 am Post subject: |
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| ZIFA wrote: |
| Korea will get away with paying 2.0 for a while yet. Certainly while us unemployment remains above 6%. |
Young College Grad Unemployment
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| This morning�s jobs report saw the unemployment rate for all 25-34 year olds drop to 9.3%, the lowest level since March 2009. |
http://wallstreetpit.com/60529-young-college-grad-unemployment
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| What�s striking here is that young workers with a bachelor�s degree only faced an unemployment rate of 5.2% at the end of 2009, and a statistically identical unemployment rate of 5.3% at the end of 2010. |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Sun Aug 28, 2011 10:40 am Post subject: |
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@world traveller
Those examples of teachers' pensions you gave were presumably state school teachers getting the kind of gold plated, paid for largely by tax payers, pensions that are fast becoming a thing of the past in the UK and I imagine the US too. We're all going to be paying more into pensions, working longer and getting less when we retire in the future, in the public and private sectors. Of course it's good to start thinking about pensions sooner rather than later but if you're going to end up working till you're almost seventy I don't think you have to worry too much about amassing a million dollars. You could probably afford to leave off paying any substantial sums into it too until you're in your thirties. Also not everyone wants to work like a dog for most of their lives just so they can take up golf and go on expensive cruises when they're OAPs. Personally the older I get, the less expensive my needs become. I'd be happy to retire in my own country on half the amount you mentioned, for example. |
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World Traveler
Joined: 29 May 2009
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| Posted: Sun Aug 28, 2011 12:12 pm Post subject: |
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| edwardcatflap wrote: |
| Of course it's good to start thinking about pensions sooner rather than later but if you're going to end up working till you're almost seventy I don't think you have to worry too much about amassing a million dollars. |
The choices you make now determine whether you will be working into your 50s or into your 70s. If you would rather work into your 70s in Korea than work into your 50s in the West, so be it. I personally would prefer not to work all those extra years if I didn't have to, but that's just me.
And no, tax payer funded pensions for those in public service jobs aren't going away, at least not in the United States. The Tea Party dudes tried cut them, but were met with resistance. |
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ZiggyBadger
Joined: 29 May 2011
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| Posted: Sun Aug 28, 2011 4:39 pm Post subject: |
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| World Traveler wrote: |
| nathanrutledge wrote: |
| But we DO pay into here in Korea. The thing that I'm happy about is that I can take it OUT of the system and put it into my OWN portfolio instead of one managed by the government. |
Sure, you can do that. But the 1K per year you make as a matching contribution paid by one's employer in Korea is a pittance compared to the pension you could be making in the United States. And that's not even speaking of all the matching contributions you get when paying into social security.
My father was a minister for four years. He checked to see how much he had in his retirement account from this job. It was $120,000. Just from those four years. And this was a few years ago. He probably has more money now (in today's money).
Nathanrutledge, will you be able to save the requisite one million dollars needed to retire in the United States on a Korean salary?...Or do you plan on retiring elsewhere, where the cost of living is lower? Perhaps you intend to retire in Korea, and live out the rest of your days here? |
This is a moot point for the most part where I am from. It is hard to find a job that offers decent healthcare, other than contributing half your contributions to a 401k. I have seen nothing for pensions, even in government jobs. Then again, Wisconsin is going to hell.
| World Traveler wrote: |
...
And no, tax payer funded pensions for those in public service jobs aren't going away, at least not in the United States. The Tea Party dudes tried cut them, but were met with resistance. |
Again, Wisconsin has cut pay and benefits for public service jobs. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Aug 28, 2011 6:35 pm Post subject: |
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| World Traveler wrote: |
[
And no, tax payer funded pensions for those in public service jobs aren't going away, at least not in the United States. The Tea Party dudes tried cut them, but were met with resistance. |
There are/will be only 2 workers supporting each retiree once the baby boomers retire (which will be within a few years). That is just not sustainable.
Yes the pensions as they were are going away. The money just ISN'T THERE.
That is why governments are/have shifted away from defined benefits pension plans to defined contributions plans. |
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Kennyftw
Joined: 08 Aug 2011
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| Posted: Sun Aug 28, 2011 6:58 pm Post subject: |
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World Traveler sort of woke me up with what he's been saying, that is, every year working here severely impacts your life financially in the future. I don't want to work into my 70's. Please read on. . .
I am pretty much tied down living in Korea for the next 10-15 years, with starting a family and all. I made a pact with me wife that we see out the next 10-12 years in Korea then make the move to America for the rest of our lives. She wants to be with her family, but she agreed we need to be by my family, too. So, that's the agreement.
But there's a problem. What am I going to do for work once I get back to the States--and my wife for that matter? I am a certified teacher in America, also, but who would want to hire a teacher without outdated credentials and no experience in Western classrooms? And even if I did get hired at age 42-45, how long would I have to work until I could retire?
These are all questions I have.
On the other hand, my wife has a good job here, making more than I do. We are going to use her pay check to pay for living expenses and save 100% of mine for our future.
In 10-15 years I can save upwards to 400k.
Is it impossible to live off of this money and retire? I think so. I would have to work.
I kind of need some advice from anyone who is/was or knows someone in my position.
I need a strategic retirement plan, and a source of income to sustain my family once we make the trek back to the States to live/retire. I can't live off of the interest on my money in a CD from the bank. So, I need a plan.
Of course things will change in life as they always do, but who can give me some advice about my particular situation? I am specifically asking about financial advice for retirement. What should I do with that 400k a decade or more from now, and what's the best course to take after that to fund my retirement? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Aug 28, 2011 8:36 pm Post subject: |
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| Kennyftw wrote: |
World Traveler sort of woke me up with what he's been saying, that is, every year working here severely impacts your life financially in the future. I don't want to work into my 70's. Please read on. . .
I am pretty much tied down living in Korea for the next 10-15 years, with starting a family and all. I made a pact with me wife that we see out the next 10-12 years in Korea then make the move to America for the rest of our lives. She wants to be with her family, but she agreed we need to be by my family, too. So, that's the agreement.
But there's a problem. What am I going to do for work once I get back to the States--and my wife for that matter? I am a certified teacher in America, also, but who would want to hire a teacher without outdated credentials and no experience in Western classrooms? And even if I did get hired at age 42-45, how long would I have to work until I could retire?
These are all questions I have.
On the other hand, my wife has a good job here, making more than I do. We are going to use her pay check to pay for living expenses and save 100% of mine for our future.
In 10-15 years I can save upwards to 400k.
Is it impossible to live off of this money and retire? I think so. I would have to work.
I kind of need some advice from anyone who is/was or knows someone in my position.
I need a strategic retirement plan, and a source of income to sustain my family once we make the trek back to the States to live/retire. I can't live off of the interest on my money in a CD from the bank. So, I need a plan.
Of course things will change in life as they always do, but who can give me some advice about my particular situation? I am specifically asking about financial advice for retirement. What should I do with that 400k a decade or more from now, and what's the best course to take after that to fund my retirement? |
$400,000 you say?
http://earlyretirementblog.com/how-much-would-you-really-need-to-retire-early/
http://articles.moneycentral.msn.com/RetirementandWills/PlayingCatchUp/TakeMoreRiskForABiggerRetirementPayoff.aspx
I don't know if those are what you are looking for...but at least it might provide some food for thought |
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leftx47
Joined: 12 Aug 2011
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| Posted: Sun Aug 28, 2011 10:07 pm Post subject: |
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| edwardcatflap wrote: |
You could probably afford to leave off paying any substantial sums into it too until you're in your thirties. |
I completely agree with the rest of what he said, but as an investment strategy it's far better to save even what seems like a tiny amount early than to try to catch up by saving like mad later. The explanation on the linked website is more complicated than I'd like (skip to the part with the example), but it shows shows what I mean:
http://financialhighway.com/benefits-of-early-investing-magic-of-compounding/
This is not to panic any readers in their 30's, but so younger readers consider maybe they shouldn't be blowing quite so much money on beer and whatever else the kids do these days.  |
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leftx47
Joined: 12 Aug 2011
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| Posted: Sun Aug 28, 2011 10:33 pm Post subject: |
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| Kennyftw wrote: |
| Of course things will change in life as they always do, but who can give me some advice about my particular situation? I am specifically asking about financial advice for retirement. What should I do with that 400k a decade or more from now, and what's the best course to take after that to fund my retirement? |
I'd be very careful about making big decisions based on advice from an internet forum. The posters may not be exaggerating their successes, but just because something worked for them doesn't mean they didn't get lucky or that it is right for you. Not that the ideas wouldn't be interesting to consider, and that may have been all you meant.
I'm also not a fan of financial planners. I have yet to meet one socially that didn't admit he got into the profession because he "loves money". (Although I imagine they are out there.) Many financial planners are mainly interested in trying to sell their clients wacky annuities and insurance plans the clients don't need in order to make a nice commission for the planner.
If I were you, I'd start with a beginners book on investing, something very general with definitions of terms and that sort of thing, not anecdotes on how the author became rich. After that, you should be in a better position to evaluate investment advice and maybe even find that elusive competent financial planner to help you if you've got more questions. In the end, you need to make sure you know enough to do your own research on everyone's suggestions, not just making the decisions based on the data someone else has given you, which of course will support their own viewpoint.
Anyway, getting off my financial soap-box... |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Mon Aug 29, 2011 1:39 am Post subject: |
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Quote
The choices you make now determine whether you will be working into your 50s or into your 70s. If you would rather work into your 70s in Korea than work into your 50s in the West, so be it. I personally would prefer not to work all those extra years if I didn't have to, but that's just me.
Of course the choices we make at many points in our life determine how much wealth we will be able to amass in our life time and of course we all know that rich people can afford to retire earlier. We also know that often the jobs that involve amassing large amounts of money are ones we do not have the ability or inclination to do. We can also see the balance between working flat out in a demanding unenjoyable job until your fifties and enjoying a well funded retirement and taking things a bit easier while you have the youth to enjoy things more in a job you enjoy but having to work until you're older and getting by in your old age on less. It's not a black and
white choice in the way you imply and whether you do what you do in Korea or another country is a bit of a red herring |
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Alimacg
Joined: 26 Aug 2011
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| Posted: Mon Aug 29, 2011 5:06 am Post subject: |
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| I have to smile...I have run a business for 15 years...and costs just go up and up...so returning to a country after X number of years...of course things will have gone up! we are all making less...the world is in a bit of a shambles...but the crux remains "are you enjoying what you are doing?" in terms of teaching. I agree with the UrbanMyth...things have changed and are changing... |
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Bruce W Sims
Joined: 08 Mar 2011
Location: Illinois; USA
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| Posted: Mon Aug 29, 2011 5:26 am Post subject: |
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| Kennyftw wrote: |
World Traveler sort of woke me up with what he's been saying, that is, every year working here severely impacts your life financially in the future. I don't want to work into my 70's. Please read on. . .
I am pretty much tied down living in Korea for the next 10-15 years, with starting a family and all. I made a pact with me wife that we see out the next 10-12 years in Korea then make the move to America for the rest of our lives. She wants to be with her family, but she agreed we need to be by my family, too. So, that's the agreement.
But there's a problem. What am I going to do for work once I get back to the States--and my wife for that matter? I am a certified teacher in America, also, but who would want to hire a teacher without outdated credentials and no experience in Western classrooms? And even if I did get hired at age 42-45, how long would I have to work until I could retire?
These are all questions I have.
On the other hand, my wife has a good job here, making more than I do. We are going to use her pay check to pay for living expenses and save 100% of mine for our future.
In 10-15 years I can save upwards to 400k.
Is it impossible to live off of this money and retire? I think so. I would have to work.
I kind of need some advice from anyone who is/was or knows someone in my position.
I need a strategic retirement plan, and a source of income to sustain my family once we make the trek back to the States to live/retire. I can't live off of the interest on my money in a CD from the bank. So, I need a plan.
Of course things will change in life as they always do, but who can give me some advice about my particular situation? I am specifically asking about financial advice for retirement. What should I do with that 400k a decade or more from now, and what's the best course to take after that to fund my retirement? |
Hold on a second, Kenny.......don't toss the baby with the bath water. Finding a teaching job in the US is not impossible, but it HAS changed. Used to be that teaching was something indigent Middle-class women did as an adjunct to household income. Later, changes in the 20th Century policies concerning Education started us on a steady climb to evermore rarified heights of academic wall-paper. With the intrusion of Teacher's Unions, Education is pretty much about Employment and not about student growth.
1.) First off, your experience in Korea is NOT worthless. Like any other experience you need to package it to demonstrate how what you have done makes you able to deliver a better product to your students. And don't buy all that crap about how the US classroom is so very different. Policies and administrative emphasis has changed, but the teacher in the trenches is still having to make-do with nothing just like 50 years ago. The illusions come in when people start craving the "ideal" position (IE. Suburban school; upper income demographic).
2.) Secondly, the single biggest barrier to getting a decent US teaching position is not having the opportunity or inclination to "schmooze". Getting a teaching position is ALL about WHO you know. The only exceptions are if you teach a "hard" science (IE Physics, Math, Chemistry) or are a professional sport coach who can take the home team to a winning season.
Count yourself lucky; you have some lead time. You can still get ahold of one of these on-line learning programs (see: UNiversity of Phoenix) and get a degree in Science or a Foreign Language (Think Spanish) to enhance your chances. An Associates Degree in Math or Chemistry (stay away from Social Studies) can do wonders. Start now.....once you get the hang of things you'll start to wonder why you felt so buffalo'd by all of this. FWIW.
Best Wishes,
Bruce |
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Kennyftw
Joined: 08 Aug 2011
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| Posted: Mon Aug 29, 2011 6:33 am Post subject: |
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| I've read everything everyone said, thanks for all of your advice! I'll think about it some more. |
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Sofa_King
Joined: 03 Mar 2005
Location: South Korea
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| Posted: Sun Sep 04, 2011 9:36 pm Post subject: |
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| ZIFA wrote: |
| Ice Tea wrote: |
| iThe Yuan keeps going up and wages too. |
Yeah but the average is like 8000RMB per month. thats only 1.3M won. And thats without accomodation.
Korea will get away with paying 2.0 for a while yet. Certainly while us unemployment remains above 6%. |
Here's the company that I worked for. http://www.bsk.sh.cn/recruitment/open_positions.html
They are offering 11,000 RMB plus overtime. That's 1,839,833.72 KRW. Accomodation is 2000 RMB, but the cost of living is less expensive. I would argue that you would be able to earn more in China, because you are not paying as much to live. The cost of living is that much cheaper. |
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mmstyle
Joined: 17 Apr 2006
Location: wherever
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| Posted: Sun Sep 04, 2011 11:28 pm Post subject: |
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| leftx47 wrote: |
| edwardcatflap wrote: |
You could probably afford to leave off paying any substantial sums into it too until you're in your thirties. |
I completely agree with the rest of what he said, but as an investment strategy it's far better to save even what seems like a tiny amount early than to try to catch up by saving like mad later. The explanation on the linked website is more complicated than I'd like (skip to the part with the example), but it shows shows what I mean:
http://financialhighway.com/benefits-of-early-investing-magic-of-compounding/
This is not to panic any readers in their 30's, but so younger readers consider maybe they shouldn't be blowing quite so much money on beer and whatever else the kids do these days. |
Did you notice what the interest rate was on this "magical" page? It was 10% TEN PERCENT. Maybe I'm just not a risky investor, but nothing stable gets you ten percent these days. Not int he US. I know people who were getting about 9 and a quarter, and now that the real estate market there is stalling, that's collapsing too. |
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