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Swampfox10mm
Joined: 24 Mar 2011
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 Posted: Wed Jul 24, 2013 12:31 am Post subject: Pension question..... Thuida? |
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I think Thuida knows....
Am approaching 8 yrs on pension at my univ.. it is a private pension. I Thought I read that I should take it out before 10 yrs or be locked-in until retirement age? If I do so, I assume my school would stop contributing 50% match and I go back to square 1? So I would lose on the long run, should I stay in Korea?
Thoughts?
A Coworker left after 3 years and got around 9 or 10 mill, so I am thinking about it. |
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tob55
Joined: 29 Apr 2007
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| Posted: Wed Jul 24, 2013 1:57 am Post subject: |
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Really depends on your visa status, when I had my F2 and F5 visa I was locked in after 7 years because of my visa. Not sure on the E or other Visas what the requirements would be, but for those on an F-visa the time is less with regard to NPS. I wasn't planning to leave anyway, but it turned out well. I just visited the local NPS office recently and since I have my K-citizenship now, with my current 99 months of contributions (would have been more if the hagwon I first worked at would have actually paid my pension instead of pocketing the money), I need a mere 20 more months to qualify for life benefits for Korean retirement. That should be no problem and my monthly pension will make retirement very nice along with my U.S. government pension plus my teacher retirement I accrued while working as a public school teacher for all those years.
Check with your local NPS office and they will ba able to fill in the gaps with the information. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Wed Jul 24, 2013 3:23 am Post subject: Re: Pension question..... Thuida? |
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| Swampfox10mm wrote: |
I think Thuida knows....
Am approaching 8 yrs on pension at my univ.. it is a private pension. I Thought I read that I should take it out before 10 yrs or be locked-in until retirement age? If I do so, I assume my school would stop contributing 50% match and I go back to square 1? So I would lose on the long run, should I stay in Korea?
Thoughts?
A Coworker left after 3 years and got around 9 or 10 mill, so I am thinking about it. |
Didn't you just buy an apt in Seoul? |
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Thiuda
Joined: 14 Mar 2006
Location: Religion ist f�r Sklaven geschaffen, f�r Wesen ohne Geist.
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| Posted: Wed Jul 24, 2013 8:19 am Post subject: Re: Pension question..... Thuida? |
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| Swampfox10mm wrote: |
I think Thuida knows....
Am approaching 8 yrs on pension at my univ.. it is a private pension. I Thought I read that I should take it out before 10 yrs or be locked-in until retirement age? If I do so, I assume my school would stop contributing 50% match and I go back to square 1? So I would lose on the long run, should I stay in Korea?
Thoughts?
A Coworker left after 3 years and got around 9 or 10 mill, so I am thinking about it. |
Best thing to do is check The Korea Teachers' Pension website. You can also get the very informative PDF here: http://www.ktpf.or.kr:8088/hp/upload/fixform/english.pdf
Best wishes. |
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Swampfox10mm
Joined: 24 Mar 2011
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| Posted: Wed Jul 24, 2013 2:18 pm Post subject: Re: Pension question..... Thuida? |
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| PatrickGHBusan wrote: |
| Swampfox10mm wrote: |
I think Thuida knows....
Am approaching 8 yrs on pension at my univ.. it is a private pension. I Thought I read that I should take it out before 10 yrs or be locked-in until retirement age? If I do so, I assume my school would stop contributing 50% match and I go back to square 1? So I would lose on the long run, should I stay in Korea?
Thoughts?
A Coworker left after 3 years and got around 9 or 10 mill, so I am thinking about it. |
Didn't you just buy an apt in Seoul? |
Yep, but that does not mean we plan to live in it another 20 years until I retire. We plan to move again in 5 to 6 years, depending on housing costs and jobs. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Thu Jul 25, 2013 4:14 am Post subject: Re: Pension question..... Thuida? |
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| Swampfox10mm wrote: |
| PatrickGHBusan wrote: |
| Swampfox10mm wrote: |
I think Thuida knows....
Am approaching 8 yrs on pension at my univ.. it is a private pension. I Thought I read that I should take it out before 10 yrs or be locked-in until retirement age? If I do so, I assume my school would stop contributing 50% match and I go back to square 1? So I would lose on the long run, should I stay in Korea?
Thoughts?
A Coworker left after 3 years and got around 9 or 10 mill, so I am thinking about it. |
Didn't you just buy an apt in Seoul? |
Yep, but that does not mean we plan to live in it another 20 years until I retire. We plan to move again in 5 to 6 years, depending on housing costs and jobs. |
Cool.
Well hope it works out well for you guys Swamp. |
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