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Korean Job Discussion Forums
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thebearofbundang
Joined: 02 Sep 2012
Location: Bundang
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 Posted: Sun Sep 16, 2012 4:24 pm Post subject: Long Term Savings |
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Basically, my wife and I are both working and making a good combined income right now which means we currently have extra money saving potential. We plan on heading back to Canada in about 5-10 years but we want to start saving for our retirement now. What I would really like to do start paying into RSP's in Canada, but due to Canada's tax laws this would not be wise.
I know about the pension program that we all pay into, but this will not be enough to support our retirement. Wondering if anyone else has opened a retirement savings plan in Korea or how people who plan on living here for a long time are planning for their retirement.
I would like to put at least one million won a month into both of our retirement plans, but just not sure what my best option for this is in Korea. |
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fosterman
Joined: 16 Nov 2011
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| Posted: Sun Sep 16, 2012 4:40 pm Post subject: Re: Long Term Savings |
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| thebearofbundang wrote: |
Basically, my wife and I are both working and making a good combined income right now which means we currently have extra money saving potential. We plan on heading back to Canada in about 5-10 years but we want to start saving for our retirement now. What I would really like to do start paying into RSP's in Canada, but due to Canada's tax laws this would not be wise.
I know about the pension program that we all pay into, but this will not be enough to support our retirement. Wondering if anyone else has opened a retirement savings plan in Korea or how people who plan on living here for a long time are planning for their retirement.
I would like to put at least one million won a month into both of our retirement plans, but just not sure what my best option for this is in Korea. |
the bear of bundang , at first I thought you were the famous BUNDANG BEAR coming back to us.. guess its not you.. hahahaha
anyway, my advise is, if you go the bank you will see something that have on offer called 100.000 savings program.
basically for 5 years you save x amount of money and it will reach about 70K and the other 30K is added by the bank through interests etc..
you pay for 5 years, but the money is locked for 10 years.
go to a big bank near you and talk to the bank manager about all the saving programs they have there. |
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thebearofbundang
Joined: 02 Sep 2012
Location: Bundang
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| Posted: Sun Sep 16, 2012 5:11 pm Post subject: |
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the bear of bundang , at first I thought you were the famous BUNDANG BEAR coming back to us.. guess its not you.. hahahaha
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Twice I've heard this now. I guess I gotta do a little research before picking a username next time..
| Quote: |
anyway, my advise is, if you go the bank you will see something that have on offer called 100.000 savings program.
basically for 5 years you save x amount of money and it will reach about 70K and the other 30K is added by the bank through interests etc..
you pay for 5 years, but the money is locked for 10 years.
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This is exactly what I'm looking for. Thanks a lot! |
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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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| Posted: Sun Sep 16, 2012 5:11 pm Post subject: |
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Most larger banks have some long-term time deposits. They pay around 4.25% interest. Not, great but better than you'll get in most Western countries.
The accounts are insured to 50 million. |
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nora
Joined: 14 Apr 2012
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| Posted: Sun Sep 16, 2012 6:57 pm Post subject: |
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| No_hite_pls wrote: |
Most larger banks have some long-term time deposits. They pay around 4.25% interest. Not, great but better than you'll get in most Western countries.
The accounts are insured to 50 million. |
4.25? Not these days. The rates are around 3-3.25 right now at Woori. If you know of a place that's paying 4.25, let me know, I'll be there today.
The rates are good here, a lot better than in the west right now, but still not great.
Just had a presentation here at work with a guy from Prudential on retirement savings. You could talk to Prudential, or Met Life, or one of the other insurance places - they all offer retirement savings plans. |
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raewon
Joined: 16 Jun 2009
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| Posted: Sun Sep 16, 2012 7:23 pm Post subject: |
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Nora wrote:
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| 4.25? Not these days. The rates are around 3-3.25 right now at Woori. If you know of a place that's paying 4.25, let me know, I'll be there today. |
If you are putting money in monthly, I think you can find that rate. I
opened a three year account at KB a few weeks ago, and the interest
rate is 4.8%. Mind you, I had to agree to get a KB check card and make a few hundred thousand won in purchases to get that rate.. but that's no
big deal. In my experience (not much) Woori offers one of the lowest
rates out there. |
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nora
Joined: 14 Apr 2012
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| Posted: Sun Sep 16, 2012 9:06 pm Post subject: |
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| raewon wrote: |
Nora wrote:
| Quote: |
| 4.25? Not these days. The rates are around 3-3.25 right now at Woori. If you know of a place that's paying 4.25, let me know, I'll be there today. |
If you are putting money in monthly, I think you can find that rate. I
opened a three year account at KB a few weeks ago, and the interest
rate is 4.8%. Mind you, I had to agree to get a KB check card and make a few hundred thousand won in purchases to get that rate.. but that's no
big deal. In my experience (not much) Woori offers one of the lowest
rates out there. |
I've got a nice CD ladder going at Woori. I've watched the rate drop from about 3.5 down to 3.05 over the past 6 months or so. Woori does have the Magic 7 deal. Save x amount monthly and spend y amount per year on your Woori V card (chuckle) and you get 7% on your savings. I just signed up for that. Turns out, BTW, for the Magic 7, you have to spend y amount MORE than you did the year before. From the flier, if you save between 250-500k, and you spend 4,000,000 MORE this year than last year, you get 2% extra (the base being 4%). If you spend 7,000,000 more, then you get 3%, or 7% total.
I didn't realize this was the rule until after I signed up. Fortunately for me, I had my V card for a year and only spent about 1 mil on it, so I have to spend a little over 8 mil and I get 7% on 6 mil that I save.
Turns out that the last time I went in to woori for a CD, the rates were better on this option where its more of a savings account but I can't withdraw it until 6 months later, but I can add to it. I was just using CDs, but since this is a better one that's what I took.
Speaking of CDs only, anyone find a better rate than 3-3.2%? I'm definitely going to take a look at the KB deal. 4.8 is a full .5% better than the savings I set up last week at Woori. |
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atwood
Joined: 26 Dec 2009
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| Posted: Mon Sep 17, 2012 12:55 am Post subject: |
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| raewon wrote: |
Nora wrote:
| Quote: |
| 4.25? Not these days. The rates are around 3-3.25 right now at Woori. If you know of a place that's paying 4.25, let me know, I'll be there today. |
If you are putting money in monthly, I think you can find that rate. I
opened a three year account at KB a few weeks ago, and the interest
rate is 4.8%. Mind you, I had to agree to get a KB check card and make a few hundred thousand won in purchases to get that rate.. but that's no
big deal. In my experience (not much) Woori offers one of the lowest
rates out there. |
When you subtract out the money you have to spend to get that rate, what's the interest rate then? |
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atwood
Joined: 26 Dec 2009
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| Posted: Mon Sep 17, 2012 12:56 am Post subject: |
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| nora wrote: |
| No_hite_pls wrote: |
Most larger banks have some long-term time deposits. They pay around 4.25% interest. Not, great but better than you'll get in most Western countries.
The accounts are insured to 50 million. |
4.25? Not these days. The rates are around 3-3.25 right now at Woori. If you know of a place that's paying 4.25, let me know, I'll be there today.
The rates are good here, a lot better than in the west right now, but still not great.
Just had a presentation here at work with a guy from Prudential on retirement savings. You could talk to Prudential, or Met Life, or one of the other insurance places - they all offer retirement savings plans. |
Unless you dig paying salespeople big commissions, I'd stay away from insurance. |
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raewon
Joined: 16 Jun 2009
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| Posted: Mon Sep 17, 2012 1:28 am Post subject: |
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atwood wrote:
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| When you subtract out the money you have to spend to get that rate, what's the interest rate then? |
I'm not sure I understand your question. I was told that I had to spend 300,000 Won (buying anything... but at least 4+ purchases) on their check card in 3 months. I will just use the card to buy groceries or something... and then not use it again after. |
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atwood
Joined: 26 Dec 2009
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| Posted: Mon Sep 17, 2012 3:26 am Post subject: |
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| raewon wrote: |
atwood wrote:
| Quote: |
| When you subtract out the money you have to spend to get that rate, what's the interest rate then? |
I'm not sure I understand your question. I was told that I had to spend 300,000 Won (buying anything... but at least 4+ purchases) on their check card in 3 months. I will just use the card to buy groceries or something... and then not use it again after. |
You HAVE to spend the money to get that rate, so it's a charge of sorts and that should be figured in. It may be that you would have spent that money anyway, but maybe you could have used a different card that gave you points, etc. or if you get paid in cash, that's cash that you now have to deposit to spend and then it can be taxed, etc.
It may not be a big deal, at least to you, but it's a cost. I'd think giving them your money for three years would be enough without having to jump through hoops. |
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raewon
Joined: 16 Jun 2009
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| Posted: Mon Sep 17, 2012 4:03 am Post subject: |
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atwood wrote:
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| You HAVE to spend the money to get that rate, so it's a charge of sorts and that should be figured in. It may be that you would have spent that money anyway, but maybe you could have used a different card that gave you points, etc. or if you get paid in cash, that's cash that you now have to deposit to spend and then it can be taxed, etc. |
OK, I see your point. Well, Chusoek is just around the corner.
That will take care of 50% of what I'm required to spend. The place I will shop at gives points for paying in cash - which is the same as using a check card - no loss of points. The same for when I buy groceries. I do have to put the cash in the check account, but it's not required to stay there for any length of time (at least not that I was told). I guess it might be only in my case, but I really don't think there's any charge to figure in. |
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