Korean Job Discussion Forums

[Tiger Beer]

What do you think the ramifications will be for yourself or others who do? (Meaning no money going back into any social security program back home).

[dutchman]

Tiger Beer, you REALLY need to start saving some money. But if you really think you will be dependent on social security, you are paying into a similar system here in Korea. Assuming you spent 30 years working here you'd probably have 50+ million in your Korean pension fund. Not nearly enough to live on. SAVE SAVE SAVE

[Tiger Beer]

[dutchman]

[Daechidong Waygookin]

[Rather_Dashing]

Don't rely on social security. They may have to cut benefits by as much as 30%. They are almost certainly going to push back the retirement age to as much as 70 (remember, social security was only meant to be free money to the elderly for the last 5 (five) years of their life!). From the research I've done on Social Security/CPP/QPP, all the government pension programs are in trouble.

It all depends on HOW you want to live WHEN you retire. Some people work until they're 6 feet under so money is really never an issue. Other people get lucky and retire at 55 because they managed to blow their load before the bubble bursts.

I'm no financial advisor. But if you want a comfortable retirement, I'd suggest investing a minimum of $1000 USD per MONTH into a retirement plan that is comprised of low-risk securities. Add in interest and capital gains over 35 years, that will let you retire with over a million in the bank at which point you can live off the interest quite nicely with any government handouts to supplement. By then you should have also bought a house/condo and not have to pay rent either.

[Tiger Beer]

[Homer]

Tiger,

Its up to you man.

If you plan right you can do much better then any social security net.

The best would be to combine the social security net with your own retirement plan (RSSP's, investements, real estate).

Working in Korea, you have a higher portion of your income that is freed up, hence you need to maximise this.

[jajdude]

Hell,

It's a good question though.

I figure I will die young enough...

but otherwise will be supported somehow in Canada.

May have to go there and work though,,,

shudder...

[kalbi]

There is a way to combine Social Security payments in certain countries (eg. US) with pension contributions here, so that you get credit for contributions in both countries factored into your retirement allowances.

In any event, I agree with an earlier poster who suggested investing wisely.

Kalbi.

[hellofaniceguy]

Couple of choices....
hit the lottery for the big bucks
marry a rich woman
become a famous movie star
write and publish GREAT ESL books
follow armor money trucks around and hope the back door flies open
or go to prison....free medical, housing, food, exercise time, movies (all free!), and the best of all.... 24 hour security for you and your pad!
Martha Stewart said it was not all bad!

[VanIslander]

Depends totally on where and when you retire.

If you plan on spending the next 25 years teaching ESL overseas, then you could easily spend the last decade of that time saving up retirement funds, or half that time if you retire in a cheaper place.

If you plan on teaching ESL overseas for 10 years and then go back to your home country, then, if you're still about forty years old, you have plenty of time to save up for retirement.

It's only as much an issue as your plans make it be.

[Cohiba]

I think the real question is: When will you be too old to
teach ESL? I have an F2-1 visa and teach only freelance.
But many people say that ageism is a big factor in this line
of work. I will be able to work if the ajumas want an aging
man teaching their kids. If you want to work at a hagwon
you may be out of luck. I'm at the point now where I can't
simply skip back to the country I came from and get a good
job. For many people here this must be a big concern. I
think I will join "The Hairclub For Men" soon!

On the brighter side, the 22 litres of brown ale, that I recently
brewed, is almost ready to drink.

[taejonguy]

After you have been here a while, if you have ANY networking skills at all you will be able to make and save a good amount. After 8 years in Korea my wife and I are saving about 30-35 million Won annually. We bought an apartment and watched it increase 40% in 2.5 years.

We started saving 6 years ago After I got married!)...paid off my $25k student loan and will have 300,000,000 (���) Won minimum when we go back to Canada next year. I had nothing when I came here...

Hard work, good contacts and a very motivated wife have been my "secret". Most people can have the first teo...the last one was my good luck!

[jajdude]

WOW

Nice savings!