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Author Topic: retirement plan for the U.S. while living abroad  (Read 2309 times)

Offline minoKo

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retirement plan for the U.S. while living abroad
« on: July 01, 2013, 02:37:54 PM »
Does anyone have any advice on books to read, websites to go to, or what to do about working overseas for a long period of time while planning for retirement in the states?

I don't know if I should open a Roth IRA, buy stocks, bonds, etc.  I'm completely clueless on these things.   If I stay overseas for a good amount of time, I thought it might be a smart idea to start putting my money somewhere for my future other than a savings/checking account but I'm not sure.   Especially if a Roth IRA would be taxed. 

of course, any thoughts are appreciated!  thanks, as always!    :-*

Offline popeye2u

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Re: retirement plan for the U.S. while living abroad
« Reply #1 on: July 02, 2013, 12:56:02 PM »
I am clueless as well.  Although, Korea does have their own versions of CD's and short/long term deposit programs.  Interest varies aroud 2 to 5%.  You also pay taxes on it when you withdraw it.  If you have a lot of money, its a good idea to put it away in one of those.  The standard checking acct doesnt pay any interest.
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Offline weigookin74

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Re: retirement plan for the U.S. while living abroad
« Reply #2 on: July 04, 2013, 02:01:57 PM »
I don't mean to sound rude.  But you guys have no clue!!  You need to read some Wikipedia.  Then you need to get some kind of account open preferrably in your home country and linked to your bank account.  I think rules for a foriegner plus language barrier plus protectionism makes it way too difficult. 

SO, get your online trading account set up.  Yahoo finance can give you the stock symbol and market average.  Also, be warry of handsome people on CNBC or Bloomberg telling you the latest thing.  We all saw what happened in 2008. 

FInd the old geysers with gray hair and professional researchers who actually have experience, havne't mastered the sound byte, and have researched.  Go in that direction.  Mimic Warren Buffet, George Soros, and others.  If they invest in a field, you can too.  Just on a much smaller scale. 

Subscribe to some investing magazines where they do the research for you and predict trends.  Last but not least, never put in what you can afford to lose once starting out. 

2%?  Ha ha ha ha ha

Offline Sara

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Re: retirement plan for the U.S. while living abroad
« Reply #3 on: July 04, 2013, 04:01:59 PM »
I downloaded this (free) book to learn about investing. The author can be a bit cheesy but it's helpful to have someone break down financials.

http://www.amazon.com/gp/product/B00ADQMB6W/ref=oh_d__o05_details_o05__i00?ie=UTF8&psc=1

I keep some of my investments in a Charles Schwab brokerage account in the US and some in a CD at Nonghyup. They offer the best interest rates. PM me if you have any questions.

Offline popeye2u

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Re: retirement plan for the U.S. while living abroad
« Reply #4 on: July 05, 2013, 11:45:06 AM »
Quote
Last but not least, never put in what you can afford to lose once starting out. 

  I'm not a gambler.  I dont have that much money to play with.   But curious, how much have you made in investing weiagookin74?  I'd like to know if the return is worth the risk.
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Offline minoKo

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Re: retirement plan for the U.S. while living abroad
« Reply #5 on: July 08, 2013, 12:50:39 PM »
Thanks Sara, for the book suggestion.  I downloaded it for free (yay!) on my kindle.

Also, yes, popeye I am curious what exactly you mean about putting in more money than you can afford to lose.   Can you explain what you mean?    You're right, I'm clueless!  ain't no joke~~   

So what about this:   I decided to skip out on my student loan "Income Based Repayment" of $0. 00 a month and instead start paying off $,1000. 00 per month because I have $60,000 in student loans.    So, therefore I will be debt free in about 5 years or so.   

Then, I will focus on retirement plan?

Offline Sara

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Re: retirement plan for the U.S. while living abroad
« Reply #6 on: July 08, 2013, 04:05:09 PM »
So what about this:   I decided to skip out on my student loan "Income Based Repayment" of $0. 00 a month and instead start paying off $,1000. 00 per month because I have $60,000 in student loans.    So, therefore I will be debt free in about 5 years or so.   

Then, I will focus on retirement plan?

Don't say I didn't warn you about the cheesiness!

Paying off your student loan is a pretty safe bet.

What's the interest rate on your student loan though? If it's less than 5% it might be a better choice to defer based on your income, invest in some mutual funds and pay it off later. That's incredibly tricky though, I wouldn't do it unless you felt really confident in your investments. Like a PP said, there's always the risk of you losing it.
« Last Edit: July 08, 2013, 04:06:59 PM by Sara »

Offline minoKo

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Re: retirement plan for the U.S. while living abroad
« Reply #7 on: July 09, 2013, 11:07:56 AM »
So what about this:   I decided to skip out on my student loan "Income Based Repayment" of $0. 00 a month and instead start paying off $,1000. 00 per month because I have $60,000 in student loans.    So, therefore I will be debt free in about 5 years or so.   

Then, I will focus on retirement plan?

Don't say I didn't warn you about the cheesiness!

Paying off your student loan is a pretty safe bet.

What's the interest rate on your student loan though? If it's less than 5% it might be a better choice to defer based on your income, invest in some mutual funds and pay it off later. That's incredibly tricky though, I wouldn't do it unless you felt really confident in your investments. Like a PP said, there's always the risk of you losing it.


Oh my goodness, Sara~~  I called Nelnet yesterday and found out that the interest rate is 6.1% and my loans are racking up an interest of $10 PER DAY ....as in 300 dollars per month.   And a total of $3,700 something per year.

What to do???   I think I should start taking my elementary teacher's salary and paying as much as I possibly can per month.   (which should be about $1,000 a month).   

Thanks so much for your help.   Also~~ Mutual funds are something I'm not familiar with and want to learn more about ^^

Offline Sara

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Re: retirement plan for the U.S. while living abroad
« Reply #8 on: July 09, 2013, 12:14:24 PM »
Oh my goodness, Sara~~  I called Nelnet yesterday and found out that the interest rate is 6.1% and my loans are racking up an interest of $10 PER DAY ....as in 300 dollars per month.   And a total of $3,700 something per year.

What to do???   I think I should start taking my elementary teacher's salary and paying as much as I possibly can per month.   (which should be about $1,000 a month).   

Thanks so much for your help.   Also~~ Mutual funds are something I'm not familiar with and want to learn more about ^^

Yikes! I'm sorry to hear that. It sounds like you're in a good position to pay them back though.

Here's a link about saving money in Korea. There are some great tips! http://www.waygook.org/index.php/topic,11710.0.html