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All about South Korea => Life in Korea => Topic started by: SPQR on September 10, 2019, 02:52:07 pm

Title: You need a billion won to retire in Korea?
Post by: SPQR on September 10, 2019, 02:52:07 pm
http://www.koreatimes.co.kr/www/art/2019/09/142_275200.html

I think this guy is full of shit, his premises are faulty and his conclusions
are meaningless.

He says you need one billion won ($835,000) to retire in Korea.  Who the hell
has that kind of dough?

He says Koreans retire when they are 53 years old.  WTF, I'm older than
that and I'm still working.  So are ALL of the Koreans I know.

He also doesn't mention pension.

He says older people must live an Intellectually-Stimulating Life until Death.
Haha, this is KOREA.  Good luck with that!

If I had a million clams I wouldn't live here anyway.  I would sittin' pretty
in Thailand.
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 10, 2019, 03:14:17 pm
Working out how much you need to retire isn't rocket science. You need a place to live and enough money coming in each month to live off.. His calculation of 2.3 million a month to live off  is based on a couple's expenses with the man supporting the woman. It still seems quite a lot to me if the couple already have a place to live. Unless you're factoring in things like foreign travel.
Title: Re: You need a billion won to retire in Korea?
Post by: MayorHaggar on September 10, 2019, 07:08:59 pm
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 10, 2019, 07:48:39 pm
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.
Title: Re: You need a billion won to retire in Korea?
Post by: gogators! on September 11, 2019, 05:02:08 am
That sounds like a good place to start. I would hate to retire with less.
Title: Re: You need a billion won to retire in Korea?
Post by: SuperDoodle23 on September 11, 2019, 08:00:17 am
It actually sounds like a bit low to me too. I think most people are oblivious to the dire economic situation that we are in. I think that reality is going to hit a lot of people very hard when retirement age rolls around.
Title: Re: You need a billion won to retire in Korea?
Post by: PatrickBateman on September 11, 2019, 11:19:20 am
It actually sounds like a bit low to me too. I think most people are oblivious to the dire economic situation that we are in. I think that reality is going to hit a lot of people very hard when retirement age rolls around.

This.  I meet so many 30-40 yr olds, shit even a few well into their 50'd, that haven't saved jack besides their mandatory pension payment.  I predict a lot of suicides later as the yolo crowd realizes being broke and old isn't even worth living.  I'd swan dive into the Han with a 80lb dumbbell tied to my waist as well.  I'll have 1 million USD as a bare minimum but hope to end up with more.  Not gonna work all my life to eat ramyeon and ride the bus at 60+.   Gonna be pimping and making it rain at nursing homes all over this peninsula.
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 11, 2019, 12:59:40 pm
In the uk a billion won would get you a house at the average price plus 500 grand to live off. How is that not enough guys? Or are you just being doom merchants?
Title: Re: You need a billion won to retire in Korea?
Post by: Thomas Mc on September 11, 2019, 01:10:49 pm
My working hypothesis is that you need two properties to retire when you are someone like me who has not paid long term into any national pension

One property to live in and the other to charge a rent in order to survive.

Basically you get a 600 dollar a month rent to live off without relying on the government. Not exactly great but hopefully enough not to be going around looking for cardboard.
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 11, 2019, 03:49:55 pm
My working hypothesis is that you need two properties to retire when you are someone like me who has not paid long term into any national pension

One property to live in and the other to charge a rent in order to survive.

Basically you get a 600 dollar a month rent to live off without relying on the government. Not exactly great but hopefully enough not to be going around looking for cardboard.

Having rented out my house in Canada, I can tell you that $600 gross is a negative number net.
Title: Re: You need a billion won to retire in Korea?
Post by: LIC on September 12, 2019, 09:57:34 am
I'm lucky in a macabre way, which I don't mind at all. I figure I have very little to no chance of living till retirement. It's a genetic thing. So I'm free to party and enjoy it all in every way. I'm not a fool, my wife will be well taken care of when I split this insane circus we call earth. I don't like this ride anymore anyway.

I'm just working for the weekend. 
Title: Re: You need a billion won to retire in Korea?
Post by: CO2 on September 12, 2019, 12:17:36 pm
I'm just working for the weekend. 

https://www.youtube.com/watch?v=fGardUiWjR4
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 12, 2019, 02:57:15 pm
I figure I have very little to no chance of living till retirement. It's a genetic thing. So I'm free to party and enjoy it all in every way. I'm not a fool, my wife will be well taken care of when I split this insane circus we call earth. I don't like this ride anymore anyway. I'm just working for the weekend.

I wonder how many of us this will be in the future.

What age are you, LIC?

Seems old enough to be eligible for Canadian pension money. (Or didn't pay in enough?)

I was skiing the alps of Europe in '67.

I have lived in a country that is not my birth country for nearly 14 years. In that time I have never been back to my birth country nor will I ever see its shores again.
Title: Re: You need a billion won to retire in Korea?
Post by: PatrickBateman on September 12, 2019, 07:35:31 pm
I'm just working for the weekend. 

https://www.youtube.com/watch?v=fGardUiWjR4


https://www.youtube.com/watch?v=zL8G5pBZ5CI   Better song
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 12, 2019, 07:49:26 pm
http://www.youtube.com/watch?v=GXdO3ojPfTY
Title: Re: You need a billion won to retire in Korea?
Post by: MayorHaggar on September 13, 2019, 04:33:33 pm
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.

Koreans can move anywhere they want (including Canada) if they have millions of dollars. Plenty of Koreans are either from chaebol families or otherwise wealthy families, and many of them do use investment visas, just like plenty of other millionaires around the world--Chinese, British, American, whatever.

But most Koreans are not millionaires, so they can't buy those kinds of visas. The main Korean retirement plan is to work a menial job until they can't work any longer, and to move in with their children who will support them.
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 13, 2019, 05:21:50 pm
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.

Koreans can move anywhere they want (including Canada) if they have millions of dollars. Plenty of Koreans are either from chaebol families or otherwise wealthy families, and many of them do use investment visas, just like plenty of other millionaires around the world--Chinese, British, American, whatever.

But most Koreans are not millionaires, so they can't buy those kinds of visas. The main Korean retirement plan is to work a menial job until they can't work any longer, and to move in with their children who will support them.

But many “regular-Kims”* in their 40s and 50s own a home that is worth more than the required amount.



* a play on “regular-Joes” not meant to be offensive.
Title: Re: You need a billion won to retire in Korea?
Post by: pkjh on September 13, 2019, 11:24:27 pm
But many “regular-Kims”* in their 40s and 50s own a home that is worth more than the required amount.
The key is paying off that home before you retire. Then it's so much easier living off of whatever pension you can get. That's how my parents are surviving, no more payments on their house in Canada. Stayed in the same home for the last 45-ish years.
Title: Re: You need a billion won to retire in Korea?
Post by: gogators! on September 14, 2019, 02:53:57 am
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.

Koreans can move anywhere they want (including Canada) if they have millions of dollars. Plenty of Koreans are either from chaebol families or otherwise wealthy families, and many of them do use investment visas, just like plenty of other millionaires around the world--Chinese, British, American, whatever.

But most Koreans are not millionaires, so they can't buy those kinds of visas. The main Korean retirement plan is to work a menial job until they can't work any longer, and to move in with their children who will support them.
This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.
Title: Re: You need a billion won to retire in Korea?
Post by: MayorHaggar on September 14, 2019, 06:35:21 am

This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.

Yeah because their children refuse to take them in or can't afford to do so. But the fact is that the national pension is worthless and there aren't many better options for many Koreans.
Title: Re: You need a billion won to retire in Korea?
Post by: MayorHaggar on September 14, 2019, 06:38:17 am
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 14, 2019, 07:02:57 am
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?

I read 1.2 million CAD.

We are not talking elderly. We are taking 45-50 year olds who are let go.

They can make a go of it in places like Saint John, Winnipeg, or Saskatoon.

I’ve met them there!


Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 14, 2019, 09:31:04 am
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 14, 2019, 11:45:43 am
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Most Koreans get a raise every year based on years of service (not merit).
In their mid-40s, their employers often decide that their no longer worth the increased salary, so that let them go.
They call this “retirement”.
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 14, 2019, 12:26:02 pm
same as ESL teachers in the public system, then

just as you get good at your job, you're let go and replaced by a noob who doesn't know what they're doing. still makes no sense
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 14, 2019, 12:33:44 pm
Young people are thought to have more energy.

(Which is true to some extent.)
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 14, 2019, 12:53:13 pm
and people who have been doing a specific job for many years have experience, knowledge and expertise
Title: Re: You need a billion won to retire in Korea?
Post by: pkjh on September 14, 2019, 02:17:18 pm
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Might have to do with recent history. Not that long ago, like early-80s, Korea's life expectancy was only like 65 years old. Go back to the late 60s it was 60.

That's why so many Koreans want to be public servants (like teachers). You don't retire until like 63, and the pension is pretty good. You trade higher salary in the private sector for a longer, virtually guaranteed, life-time employment.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 14, 2019, 02:20:03 pm
and people who have been doing a specific job for many years have experience, knowledge and expertise

And older folk tend to be more mature, meaning more responsible.

On the other hand, less physically attractive, declining fluid intelligence, and more health problems. Less alertness. Slower reaction times.

Distasteful to say but true.

If you're an aging person who believes this:

really weird. makes no sense

...well, it actually does make sense. At least somewhat. In a cutthroat  business environment where money is king.

There are some harsh realities in life. This is one.
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 14, 2019, 02:39:15 pm
and people who have been doing a specific job for many years have experience, knowledge and expertise

It'd be on a case by case basis anyway. My father in law - manager of several chemical plants -  didn't retire until he was in his seventies and the company was still trying to persuade him to stay on.

Title: Re: You need a billion won to retire in Korea?
Post by: Lazio on September 14, 2019, 02:46:38 pm
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?

I read 1.2 million CAD.

We are not talking elderly. We are taking 45-50 year olds who are let go.

They can make a go of it in places like Saint John, Winnipeg, or Saskatoon.

I’ve met them there!

The Provincial Nominee Program (for Business) does not require nearly that much asset. In New Brunswick the required minimum net worth is 300,000 CAD. Other Provinces are similar too.
I used to work for companies dealing with applicants and helping them with the whole process. This was over 5 years ago so my numbers could be a bit outdated. But most clients had around 400,000-500,000CAD. Some even less. They were not the retiring age though but mostly in the late thirties and early fourties with children aged typically between 6 and 14 years old. The main reason they were heading to Canada was education for their kids.
Title: Re: You need a billion won to retire in Korea?
Post by: Lazio on September 14, 2019, 02:52:42 pm

This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.

Yeah because their children refuse to take them in or can't afford to do so. But the fact is that the national pension is worthless and there aren't many better options for many Koreans.

It depends on how long one have contributed and on what kind of salary. Let's not forget that the pension here is a relatively new concept, especially in the private sector. The current 70+ generation did not pay into their pension for more than a decade or two, unless they worked in the public sector.
My friend's father-in-law gets 3 million/month. He was a public school teacher.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 14, 2019, 03:02:57 pm
The main reason they were heading to Canada was education for their kids.

English immersion. Their kids will become fully bilingual. Then they'll head back to Korea.
Title: Re: You need a billion won to retire in Korea?
Post by: Lazio on September 14, 2019, 06:05:33 pm
The main reason they were heading to Canada was education for their kids.

English immersion. Their kids will become fully bilingual. Then they'll head back to Korea.

I don't know their true intention because most aren't really planning to operate a convenience store or a dry cleaning store. Of course they don't advertise, that they only need the permanent residency and once they are free to leave the province, they head to Toronto or Vancouver, because that could jeopardize their application. But I doubt that most of them are planning to come back. They cut all their ties with Korea, sell their real estate, close bank accounts, pull out their pension etc. And it would take a few years for their kids to become bilingual. By that time they can obtain permanent residency which would be foolish to give up. They would lose most of their business investment there and there is also a deposit which is to ensure that they don't pack up and leave in a few years. Also, being away from their jobs and career in Korea for a few years and come back when they are fifty or so years old... As discussed here above, it ain't easy to land or keep a job after 50, let alone taking a 5 year break to operate a coffee shop and expect to come back to their old positions. No, I don't think so. Perhaps many of them plan to come back later, but once they settle over there, succeed with whatever business, make friends and their kids become more Canadian than Korean, they could easily change their minds.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 14, 2019, 06:25:27 pm
Is education for their kids the main reason they go to Canada? Higher earnings potential could be the biggest draw. And there are about ten times as many Koreans in the USA as Canada, so maybe even higher earnings potential there. (And/or they are going to America for the American education for their kids.)
Title: Re: You need a billion won to retire in Korea?
Post by: gogators! on September 14, 2019, 06:41:07 pm

This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.

Yeah because their children refuse to take them in or can't afford to do so. But the fact is that the national pension is worthless and there aren't many better options for many Koreans.
Many this, many that...define many.

The apartment complex I last lived in was full of senior citizens living in their own apartments. My next door neighbor has bought a smaller apartment outside of Seoul to live in and were giving their apartment to their son.  This is more common that YOU think.
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 14, 2019, 07:07:33 pm
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?

I read 1.2 million CAD.

We are not talking elderly. We are taking 45-50 year olds who are let go.

They can make a go of it in places like Saint John, Winnipeg, or Saskatoon.

I’ve met them there!

The Provincial Nominee Program (for Business) does not require nearly that much asset. In New Brunswick the required minimum net worth is 300,000 CAD. Other Provinces are similar too.
I used to work for companies dealing with applicants and helping them with the whole process. This was over 5 years ago so my numbers could be a bit outdated. But most clients had around 400,000-500,000CAD. Some even less. They were not the retiring age though but mostly in the late thirties and early fourties with children aged typically between 6 and 14 years old. The main reason they were heading to Canada was education for their kids.

Thanks for filling in the details.

Title: Re: You need a billion won to retire in Korea?
Post by: Lazio on September 14, 2019, 08:26:01 pm
Is education for their kids the main reason they go to Canada? Higher earnings potential could be the biggest draw. And there are about ten times as many Koreans in the USA as Canada, so maybe even higher earnings potential there. (And/or they are going to America for the American education for their kids.)

Whatever is their reason, the point is: They are not planning to come back.

As for the reason; yes, that's what they say. These people are middle class here with good enough jobs and net worth, lifestyle etc. It's definitely a step-down for them to go to Canada and start a business for real or just to get the visa they need. They are not going to land jobs that pay six figures. Not those that go through the Provincial Nominee Program. They can't just take any job they want. They must invest into a business and do that for at least a few years. At first they get a temporary visa only.
There are of course highly skilled scientist, engineers, IT experts that immigrate too, and they do so for better career opportunities and higher earning potential. But not those people that I'm talking about. They don't even speak English all that well. Their career as a water filter company mid-level manager or a public officer in Korea wouldn't worth anything in Canada. How could they expect to earn more in Canada than they do here?
They sacrifice a lot by giving up their middle class life in Korea and they are doing so for their children and their future. Why Canada? Of course most Koreans wish to immigrate to an English speaking country. High standard of living, good air, solid education system, affordable and quality health care and public safety are on the top of their list of priorities. Canada checks all these boxes. And on top of all, immigrating there, is a whole lot easier compared to the USA.
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 15, 2019, 12:08:36 am
and people who have been doing a specific job for many years have experience, knowledge and expertise

And older folk tend to be more mature, meaning more responsible.

On the other hand, less physically attractive, declining fluid intelligence, and more health problems. Less alertness. Slower reaction times.

Distasteful to say but true.

If you're an aging person who believes this:

really weird. makes no sense

...well, it actually does make sense. At least somewhat. In a cutthroat  business environment where money is king.

There are some harsh realities in life. This is one.
yeah but you're talking like they're 80 years old. 45-50 isn't old. and you can still do pretty much any job when you're that age. i though the whole point of retirement age is because you're actually too old to do your job.

i'm not sure what attractiveness/reaction speed has anything to do with having most jobs. less fluid intelligence/health problems... perhaps? but again, questionable.

do any other countries do this? generally experience in your field is considered a good thing, not a detriment. and maybe older people shouldn't be leaders of their countries, then. moon's certainly too old, as is trump. let's make an 18 year old president. after all, they have more energy and a better reaction speed
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 15, 2019, 12:47:22 am
To be fair, Trudeau isn’t doing that well at a young 47.

Nor Macron at 41.

Title: Re: You need a billion won to retire in Korea?
Post by: MayorHaggar on September 15, 2019, 05:35:15 pm
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Might have to do with recent history. Not that long ago, like early-80s, Korea's life expectancy was only like 65 years old. Go back to the late 60s it was 60.

That's why so many Koreans want to be public servants (like teachers). You don't retire until like 63, and the pension is pretty good. You trade higher salary in the private sector for a longer, virtually guaranteed, life-time employment.

But how many Korean public school teachers have you met that were over the age of say 40? It seemed to me that most of them were late 20s to late 30s. It seemed the same in big cities or in rural areas. All the young people want to live in cities so lots of city teachers are young, but they also don't have much experience yet so they tend to be sent out to the rural areas just as often.

I worked with a few teachers in their 50's but they were pretty rare. It seems like the Korean education system pushes out older people just like the corporate sector. Yes the VP's and Principals are always really old but that is 2 people in the entire school. Pretty much the only other older people were the cafeteria ladies, the cleaning lady and the ajusshis who did odd jobs like driving buses, gardening, repairs, security duty, etc.
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 15, 2019, 06:12:45 pm
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Might have to do with recent history. Not that long ago, like early-80s, Korea's life expectancy was only like 65 years old. Go back to the late 60s it was 60.

That's why so many Koreans want to be public servants (like teachers). You don't retire until like 63, and the pension is pretty good. You trade higher salary in the private sector for a longer, virtually guaranteed, life-time employment.
yeah you could be on to something there.

and i've worked with a lot of older teachers in public schools. however, i'd say that it's usually women who work at elementary schools, and most of them will eventually get pregnant, not many returning to work. that's why you see so many younger women there (i think)

you generally get more male teachers at middle/high schools. a lot of them are older too
Title: Re: You need a billion won to retire in Korea?
Post by: gogators! on September 15, 2019, 08:18:15 pm
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Might have to do with recent history. Not that long ago, like early-80s, Korea's life expectancy was only like 65 years old. Go back to the late 60s it was 60.

That's why so many Koreans want to be public servants (like teachers). You don't retire until like 63, and the pension is pretty good. You trade higher salary in the private sector for a longer, virtually guaranteed, life-time employment.

But how many Korean public school teachers have you met that were over the age of say 40? It seemed to me that most of them were late 20s to late 30s. It seemed the same in big cities or in rural areas. All the young people want to live in cities so lots of city teachers are young, but they also don't have much experience yet so they tend to be sent out to the rural areas just as often.

I worked with a few teachers in their 50's but they were pretty rare. It seems like the Korean education system pushes out older people just like the corporate sector. Yes the VP's and Principals are always really old but that is 2 people in the entire school. Pretty much the only other older people were the cafeteria ladies, the cleaning lady and the ajusshis who did odd jobs like driving buses, gardening, repairs, security duty, etc.
If you retire in your 50s as a teacher, that's 30 years of teaching. They're tired of teaching, the students have changed, etc. Plus there can be worries about getting their lump sum payout from the government once it gets to a certain size.

But one of the perks of teaching--a stable job--is you don't get forced out like you would at a chaebol.

And if their spouse works, they're probably retiring as millionaires or better.
Title: Re: You need a billion won to retire in Korea?
Post by: pkjh on September 16, 2019, 06:17:44 pm
But how many Korean public school teachers have you met that were over the age of say 40? It seemed to me that most of them were late 20s to late 30s. It seemed the same in big cities or in rural areas. All the young people want to live in cities so lots of city teachers are young, but they also don't have much experience yet so they tend to be sent out to the rural areas just as often.

I worked with a few teachers in their 50's but they were pretty rare. It seems like the Korean education system pushes out older people just like the corporate sector. Yes the VP's and Principals are always really old but that is 2 people in the entire school. Pretty much the only other older people were the cafeteria ladies, the cleaning lady and the ajusshis who did odd jobs like driving buses, gardening, repairs, security duty, etc.
A lot, probably at least half the teachers at schools I've been at are over 40, and a lot are over 50. Full-time public school teachers are tenured. They'd have to do something criminal for a public school teacher to be fired. And even then good chance they'll keep their salary.

I'm curious as to where you've taught to think that over-40 teachers are rare...

and i've worked with a lot of older teachers in public schools. however, i'd say that it's usually women who work at elementary schools, and most of them will eventually get pregnant, not many returning to work. that's why you see so many younger women there (i think)
Pregnant teachers do comeback. Thing is you might not notice, because often they'll be transferred to a new school, after their 3/5 year limit at a school (time spend on maternity leave counts as time at a school).
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 16, 2019, 06:39:40 pm
yeah, true. public schools seem really good with maternity leave too
Title: Re: You need a billion won to retire in Korea?
Post by: Ronnie Omelettes on September 17, 2019, 06:48:43 am
yeah, true. public schools seem really good with maternity leave too

Generally three months from the teachers I work with.  You can take longer off but it has to be agreed with the P and VP, but for less pay.  I have a former co-teacher who is in her late thirties who has two kids, 6 and 9.  At the moment, she is taking a year off as maternity leave which she can do.  So Korea does seem to be catching up with the west with regards to maternity leave. 
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 17, 2019, 07:40:20 am
saw this article the other day

https://www.bbc.com/news/business-49564467

look at the graph. something seem....strange to you?
Title: Re: You need a billion won to retire in Korea?
Post by: PatrickBateman on September 17, 2019, 07:49:45 am
yeah, true. public schools seem really good with maternity leave too

Generally three months from the teachers I work with.  You can take longer off but it has to be agreed with the P and VP, but for less pay.  I have a former co-teacher who is in her late thirties who has two kids, 6 and 9.  At the moment, she is taking a year off as maternity leave which she can do.  So Korea does seem to be catching up with the west with regards to maternity leave. 



By the west, I assume you don't mean the USA...  because there isn't much maternity leave in the "richest and greatest country on earth".  Lucky to get a month unpaid,
Title: Re: You need a billion won to retire in Korea?
Post by: pkjh on September 17, 2019, 08:06:22 am
yeah, true. public schools seem really good with maternity leave too

Generally three months from the teachers I work with.  You can take longer off but it has to be agreed with the P and VP, but for less pay.  I have a former co-teacher who is in her late thirties who has two kids, 6 and 9.  At the moment, she is taking a year off as maternity leave which she can do.  So Korea does seem to be catching up with the west with regards to maternity leave. 
In the public sector it's great. But good luck trying to take leave in the private sector. On paper Korea looks good, but good luck being a man in Samsung trying to take maternity leave. Korea needs a case that goes to the courts like the one in Japan now. Or the government can go hardcore, and force companies to allow their employees to take leave without being punished by the company.
Title: Re: You need a billion won to retire in Korea?
Post by: pkjh on September 17, 2019, 08:12:14 am
saw this article the other day

https://www.bbc.com/news/business-49564467

look at the graph. something seem....strange to you?
On paper Korea, and Japan, have good rules. But the private sector rarely allows men to take advantage of it. The government should penalize companies that penalize men for taking paternal leave.
Title: Re: You need a billion won to retire in Korea?
Post by: Ronnie Omelettes on September 17, 2019, 08:24:40 am
yeah, true. public schools seem really good with maternity leave too

Generally three months from the teachers I work with.  You can take longer off but it has to be agreed with the P and VP, but for less pay.  I have a former co-teacher who is in her late thirties who has two kids, 6 and 9.  At the moment, she is taking a year off as maternity leave which she can do.  So Korea does seem to be catching up with the west with regards to maternity leave. 
In the public sector it's great. But good luck trying to take leave in the private sector. On paper Korea looks good, but good luck being a man in Samsung trying to take maternity leave. Korea needs a case that goes to the courts like the one in Japan now. Or the government can go hardcore, and force companies to allow their employees to take leave without being punished by the company.

Absolutely.  I have a friend who works for Kyobo Insurance and he had his first baby last year, and I think he took off 3 days for the birth and then after that he went back to working his usual 6 days a week 8am-9/10pm.  For the three or so weeks that the mother and baby were in the post-natal centre he travelled there (50kms) after work to sleep with them and then back to work the next morning.  Obviously, he has the 'legal paternity leave' but I doubt he would ever take it for fear of affecting his promotion or whatever.  I suppose things like promotion would be the most difficult thing to prove if it went to court.  Crap state of affairs. 
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on September 17, 2019, 10:01:13 am
yeah, true. public schools seem really good with maternity leave too

Generally three months from the teachers I work with.  You can take longer off but it has to be agreed with the P and VP, but for less pay.  I have a former co-teacher who is in her late thirties who has two kids, 6 and 9.  At the moment, she is taking a year off as maternity leave which she can do.  So Korea does seem to be catching up with the west with regards to maternity leave. 
In the public sector it's great. But good luck trying to take leave in the private sector. On paper Korea looks good, but good luck being a man in Samsung trying to take maternity leave. Korea needs a case that goes to the courts like the one in Japan now. Or the government can go hardcore, and force companies to allow their employees to take leave without being punished by the company.
yep. but i bet most of the people who read that article thought, "wow, japan and korea must be great places to work!"
Title: Re: You need a billion won to retire in Korea?
Post by: Chinguetti on September 17, 2019, 12:10:09 pm
I don't feel like reading through this whole thread, just stepping in to say that I was always taught that you need to have an equivalent of 1 million dollars in savings and assets in order to be able to retire and not have to work after 65, even in the U.S. This is of course under the assumption that you have your home and vehicles paid off, and that all of your kids are grown and financially supporting themselves. It's also based on the assumption that you're not living somewhere where the local/property taxes and living expenses are well above the national average *cough*California*cough*.

That's why I was also taught not to depend on 401K and to make investments elsewhere.
Title: Re: You need a billion won to retire in Korea?
Post by: JNM on September 17, 2019, 12:36:42 pm
I don't feel like reading through this whole thread, just stepping in to say that I was always taught that you need to have an equivalent of 1 million dollars in savings and assets in order to be able to retire and not have to work after 65, even in the U.S. This is of course under the assumption that you have your home and vehicles paid off, and that all of your kids are grown and financially supporting themselves. It's also based on the assumption that you're not living somewhere where the local/property taxes and living expenses are well above the national average *cough*California*cough*.

That's why I was also taught not to depend on 401K and to make investments elsewhere.
That was also written when interest rates allowed for a decent low-risk return.
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 17, 2019, 12:52:28 pm
I don't feel like reading through this whole thread, just stepping in to say that I was always taught that you need to have an equivalent of 1 million dollars in savings and assets in order to be able to retire and not have to work after 65, even in the U.S. This is of course under the assumption that you have your home and vehicles paid off, and that all of your kids are grown and financially supporting themselves. It's also based on the assumption that you're not living somewhere where the local/property taxes and living expenses are well above the national average *cough*California*cough*.

That's why I was also taught not to depend on 401K and to make investments elsewhere.

Figures like that you hear bandied about probably originate from companies or people who have a vested interest in getting others to invest or save more. You can easily work out how much you'll need for your own retirement by yourself. Like i said before it's not brain surgery/rocket science. E.g in uk small house paid for plus say a grand a month to live off can be got for much less than a million dollars
Title: Re: You need a billion won to retire in Korea?
Post by: fruitloops on September 17, 2019, 01:18:20 pm
The reality is this:  older people are richer.  Why? Because they have lived longer and if anyone has some decent sense to save, they would have been saving longer therefore have more money.   It's not unusual.  It's a very normal thing in life that you get richer the older you get.  So if you've  been working 30-40 years, you'd have more wealth accumulated than someone who is in their 20s having only worked a few years.

Now since we can't live 200 years and be millionaires naturally, what most families do is get rich off their parents.  Whatever your parents have built or accumulated is often passed on to their children. 

For example, I know a lot of korean families that operate this way.  The son or daughter is given a huge asset in real estate/property/business that the parents paid off or built up and it gives you a huge injection of wealth as if you were the one having lived and worked already for 50 years but be only in your 30s or 40s.    When I first came to Korea, in my town, there was a small mom and pop hardware store.  It was pretty dingy and old fashioned.  But just a couple years ago, the son who is now grown up has taken over the business and they tore down the small old hardware shop and acquired more land and built a new hardware store along with a 4 story building where they rent out a dozen rooms.    Where did he get the money to do this ?   Obviously it was handed down from what his father (and borrowed money from the banks) had built and accumulated his whole life doing the hardware store.   Now the son is set up well to continue this job and now expand real estate property and get into renting out units, he'll be even richer than his father was.

When this man hands it over eventually to his own son (who is only about 10 years old right now), he'll be even richer and will probably be able to acquire 3 or 4 more properties and this cycle continues.  I tutored this son who is about 10 and kept thinking to myself, man this kid is gonna be RICH and SET UP WELL for life.   Sure wish I had that set up.

Most people can't just start building their own apartments and renting out units.  The real estate properties they have are most likely handed down or started from their grandfather who handed it over to father and then to son etc.

My parents in Canada have a property valued at 700k.  If the day comes when they are no longer here, that property would be split with my sibling and we'd most likely get 300K each (after deductions, fees, taxes).   300K in "savings" would normally take me 12-15 years to it but receiving that injection of wealth because of what my parents had accumulated in their lifetime is not how you'd want to get rich but that's usually how it goes and should be.  If you have children and you pass away, wouldn't you want your $1 million in savings passed onto them?  As this happens generation after generation, you should naturally become millionaires.  Of course not everyone has family that does this.  A lot of families don't leave much behind (because you'd have 10 kids and splitting it between 10 kids leaves very little for each) and each generation is just sort of starting from scratch each time and that's kind of a poor way to build wealth (unless we could live 200+ years).    But now most families have only 2 children or less which means each generation inheriting parents wealth is going to be massive and you should start seeing millionaires become the NORM in the next couple generations. 
Title: Re: You need a billion won to retire in Korea?
Post by: kyndo on September 17, 2019, 02:03:53 pm
To be fair, Trudeau isn’t doing that well at a young 47.

Nor Macron at 41.


10th most popular (https://en.wikipedia.org/wiki/Historical_rankings_of_prime_ministers_of_Canada) Canadian prime minister (out of 23) isn't terrible. Not great, but not terrible.
    And by some accounts, Macron's approval rating has rebounded significantly (https://www.politico.eu/article/french-president-emmanuel-macron-emerges-from-popularity-slump/) since his 2018 nadir. Of course, other accounts strongly disagree (https://www.express.co.uk/news/world/1161184/emmanuel-macron-misery-french-president-france-yellow-vests-latest-poll), which just goes to show how useful independant polls are.  :rolleyes:

Title: Re: You need a billion won to retire in Korea?
Post by: Chinguetti on September 17, 2019, 04:22:09 pm
I don't feel like reading through this whole thread, just stepping in to say that I was always taught that you need to have an equivalent of 1 million dollars in savings and assets in order to be able to retire and not have to work after 65, even in the U.S. This is of course under the assumption that you have your home and vehicles paid off, and that all of your kids are grown and financially supporting themselves. It's also based on the assumption that you're not living somewhere where the local/property taxes and living expenses are well above the national average *cough*California*cough*.

That's why I was also taught not to depend on 401K and to make investments elsewhere.

Figures like that you hear bandied about probably originate from companies or people who have a vested interest in getting others to invest or save more.

Nope, this was in high school, lmao, as part of my finances class.

I think they were taking general maintenance costs into consideration, too. Cars inevitably break down. Pipes get old. Pests make nests in and eat away at homes. Etc.

People also really underestimate property taxes in many areas. There are lots of stories of retired folks losing their homes because they couldn't keep up with the taxes.

The rest had to do with rising costs of living/inflation (you want a cushion, you can't base general expenses on current costs -- utilities, food, and other amenities are a lot more expensive now then they were 30 years ago).

And of course general quality of life things were also considered, too, of being able to pursue some interests or hobbies.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 17, 2019, 04:40:21 pm
But aging guys with not enough saved up like to insist they do because to accept otherwise would be a blow to their ego.

So their assertions are really not unbiased.

Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 17, 2019, 04:40:31 pm
Quote
Nope, this was in high school, lmao, as part of my finances class.

Well, I said 'originate'.  Facts' people learn in High School usually originate from somewhere else.  Stuff kids learn about climate change probably comes from organisations that have a vested interest in climate change. Not being a denier by the way, just saying. It's probably like the units of alcohol advice in reverse - doctors set it at whatever it is a week assuming people are going to drink double.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 17, 2019, 05:28:08 pm
It's probably like the units of alcohol advice in reverse - doctors set it at whatever it is a week assuming people are going to drink double.

Studies touting the benefits of moderate alcohol consumption were funded by and published by the alcohol industry. See the conflict of interest there?

The optimal amount of alcohol to drink for optimal health: none at all.

https://www.npr.org/2018/08/24/641618937/no-amount-of-alcohol-is-good-for-your-health-global-study-claims

https://datac.ca/study-no-alcohol-improves-mental-health/
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 17, 2019, 06:14:57 pm
Not being a denier by the way, just saying. It's probably like the units of alcohol advice in reverse - doctors set it at whatever it is a week assuming people are going to drink double.

Studies touting the benefits of moderate alcohol consumption were funded by and published by the alcohol industry. See the conflict of interest there?

The optimal amount of alcohol to drink for optimal health: none at all.

https://www.npr.org/2018/08/24/641618937/no-amount-of-alcohol-is-good-for-your-health-global-study-claims

https://datac.ca/study-no-alcohol-improves-mental-health/


I wouldn't have thought those results funded by the alcohol industry were guaranteed to boost sales though.  Isn't it more likely they will convince people who drink a lot to cut down to moderate alcohol consumption, rather than convince people who don't drink at all to suddenly start?
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 17, 2019, 06:42:44 pm
Are you some kind of marketing expert? No. The alcohol industry muddied the truth. They made alcohol seem healthy. When in actuality, alcohol in any capacity does more harm than good when looking at the overall picture.

As an alcohol drinker, you want to convince yourself and others that alcohol is not so bad. It's obvious.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 17, 2019, 06:51:51 pm
Stuff kids learn about climate change probably comes from organisations that have a vested interest in climate change.

Their vested interest is they want to help the world not be destroyed.

The vested interest of deniers is they want to pollute more. Out of a selfish laziness (freedom from big government they'll call it) if they're an average Joe and out of desire for more wealth if they're a fossil fuels industry fat cat.
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 17, 2019, 06:55:55 pm
Quote
As an alcohol drinker, you want to convince yourself and others that alcohol is not so bad. It's obvious.

Actually, as a heavy-ish drinker, I don't really care about the effects of moderate drinking or abstinence and have no desire to convince others of anything.

Quote
Are you some kind of marketing expert? No.

No, I'm not that's why I posed my comment in the form of a question, not being an expert on the subject.

Quote
The vested interest of deniers is they want to pollute more

Maybe so, I'm not a denier, as i said, so I wouldn't know. I do know a lot of people who are not in favour of draconian climate regulations say they are in favour of lifting more people in the developing world out of poverty.

Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 17, 2019, 07:11:41 pm
How are the climate regulations draconian?

Language like that minimizes the gravity of the situation.

I find it odd you often defend air pollution as well as the alcohol industry.

Title: Re: You need a billion won to retire in Korea?
Post by: stoat on September 17, 2019, 07:49:11 pm
Quote
I find it odd you often defend air pollution as well as the alcohol industry.

Please point to things I've said on here that do either.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 21, 2019, 06:27:15 am
Too often when a poster says something negative about alcohol or air pollution you pop in with an ad hominem /  whataboutism / red herring. That's akin to defending to some degree. Which is too bad because the dangers of both are understated.

Quote
There is compelling evidence that the invisible particles within pollution damage the brain
https://www.express.co.uk/news/science/1069790/air-pollution-huge-reduction-intelligence-men-risk-spt
The latest study of the link between air pollution and declining intelligence, alongside the evidence of a link between air pollution and dementia, makes the case for becoming more environmentally friendly stronger.
Not sure how you can keep pushing this agenda while advocating for the legalisation of soft drugs at the same time. I mean what about the evidence they also have long term effects on the brain?
Because people want to do soft drugs, but people don't want to do air pollution.
Plenty of people want to live in cities or countries that happen to have air pollution.
Eggie my dear boy, wanting to live in a city =/= wanting to inhale some of that sweet sweet air pollution.
People want to do soft drugs, but people don't want to do air pollution.
Presumably people who want to smoke dope would prefer to get high without having to breathe in dangerous chemicals. I don't get your point. Living in a modern industrial city and smoking dope are both things people want to do that can have dangerous side effects.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on September 22, 2019, 11:33:13 am
My working hypothesis is that you need two properties to retire when you are someone like me who has not paid long term into any national pension

One property to live in and the other to charge a rent in order to survive.

And if one property is all you'll be able to afford - which is quite likely - you can get a roommate and / or take in boarders. Run a hostel and live inside. Something like that. It's better than being stuck in an inner city low income housing projects bad neighborhood where many gang member criminals live.
Title: Re: You need a billion won to retire in Korea?
Post by: KimchiNinja on November 20, 2019, 11:50:20 am
I think this guy is full of shit, his premises are faulty and his conclusions
are meaningless.

He says you need one billion won ($835,000) to retire in Korea.  Who the hell
has that kind of dough?

Most people I know do. Really, anyone who isn't catastrophically bad with money should have that amount by age 50.

Personally I wouldn't retire in Korea without 1.5B won. If you have 500M locked up in your residence, and 1000M in financial investments yielding 6%, that gives you 60M per year living expenses (5M won per month). Plus any retirement benefits you have coming. That's comfortable. But Koreans are good with money and can make 800M work.

In order to figure it properly you need to build an Excel model with inflation, investment return, lifespan, monthly spending, travel, social security, etc.
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on November 20, 2019, 06:04:00 pm
Quote
I think this guy is full of shit, his premises are faulty and his conclusions
are meaningless.

He says you need one billion won ($835,000) to retire in Korea.  Who the hell
has that kind of dough?

If you're making 10 million+ a month, it shouldn't take you that long to get there.
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on November 20, 2019, 07:31:23 pm
Quote
I think this guy is full of shit, his premises are faulty and his conclusions
are meaningless.

He says you need one billion won ($835,000) to retire in Korea.  Who the hell
has that kind of dough?

If you're making 10 million+ a month, it shouldn't take you that long to get there.

Step 1: ???
Step 2: earn 10m a month
Step 3: retire comfortably
Title: Re: You need a billion won to retire in Korea?
Post by: stoat on November 20, 2019, 08:34:02 pm
Quote
I think this guy is full of shit, his premises are faulty and his conclusions
are meaningless.

He says you need one billion won ($835,000) to retire in Korea.  Who the hell
has that kind of dough?

If you're making 10 million+ a month, it shouldn't take you that long to get there.

Step 1: ???
Step 2: earn 10m a month
Step 3: retire comfortably

Ask SPQR about step 1, he's the one saying he was making that with a study room. You asked him about how it was going.
Title: Re: You need a billion won to retire in Korea?
Post by: oglop on November 20, 2019, 08:39:34 pm
i saw his post after yours. i also guess that's what you were referencing? ;)
Title: Re: You need a billion won to retire in Korea?
Post by: L I on November 20, 2019, 08:56:58 pm
Step 1 is to marry a Korean to get the F visa.

Then work very hard, putting in many, many hours.

Title: Re: You need a billion won to retire in Korea?
Post by: stoat on November 20, 2019, 09:05:22 pm
If you're planning to marry a Korean girl j
Step 1 is to marry a Korean to get the F visa.

Then work very hard, putting in many, many hours.


If you're going to marry a Korean girl just to get an F visa, you might as well  try and find a rich one and avoid step 2.
Title: Re: You need a billion won to retire in Korea?
Post by: L I on November 20, 2019, 10:59:21 pm
But women don't marry down. They always go for a guy who makes more money than they do / has more wealth than they do ... unless the guy is significantly more good looking than they are.
Title: Re: You need a billion won to retire in Korea?
Post by: pkjh on November 21, 2019, 12:48:06 pm
But women don't marry down. They always go for a guy who makes more money than they do / has more wealth than they do ... unless the guy is significantly more good looking than they are.
It's more of a class thing than an actual finance issue. A woman can be making $250,000 a year, but if the guy is making say $200,000 but from the same perceived social class, than it's okay. In North American culture classes a very blurred, because you can supposedly work your way up a class, so it's harder to gauge. But say in England, very little chance a woman in the upper class would marry some miner's son, unless this miner's son becomes some billionaire. Or how the British press is giving prince Harry's wife Meghan a hard time, a lot of it has to do with class.
Title: Re: You need a billion won to retire in Korea?
Post by: SPQR on November 21, 2019, 01:52:33 pm
I think this guy is full of shit, his premises are faulty and his conclusions
are meaningless.

He says you need one billion won ($835,000) to retire in Korea.  Who the hell
has that kind of dough?

Most people I know do. Really, anyone who isn't catastrophically bad with money should have that amount by age 50.

Personally I wouldn't retire in Korea without 1.5B won. If you have 500M locked up in your residence, and 1000M in financial investments yielding 6%, that gives you 60M per year living expenses (5M won per month). Plus any retirement benefits you have coming. That's comfortable. But Koreans are good with money and can make 800M work.

In order to figure it properly you need to build an Excel model with inflation, investment return, lifespan, monthly spending, travel, social security, etc.

You are so far off the mark here it isn't even funny.  The net worth
of an average Korean is 195 million won.

http://koreabizwire.com/south-koreas-average-wealth-level-similar-to-that-of-western-europe-report/126414

                                                     
Title: Re: You need a billion won to retire in Korea?
Post by: KimchiNinja on November 21, 2019, 02:02:47 pm
You are so far off the mark here it isn't even funny.  The net worth
of an average Korean is 195 million won.

Shrug, that has nothing to do with what I said.

Look kid, you're broke and I'm a wealthy finance pro. So probably you should be quiet and learn.
Title: Re: You need a billion won to retire in Korea?
Post by: tylerthegloob on November 21, 2019, 02:05:33 pm
You are so far off the mark here it isn't even funny.  The net worth
of an average Korean is 195 million won.

Shrug, that has nothing to do with what I said.

Look kid, you're broke and I'm a wealthy finance pro. So probably you should be quiet and learn.

:laugh:
i love when old people argue
Title: Re: You need a billion won to retire in Korea?
Post by: zola on November 21, 2019, 02:15:37 pm
You are so far off the mark here it isn't even funny.  The net worth
of an average Korean is 195 million won.

Shrug, that has nothing to do with what I said.

Look kid, you're broke and I'm a wealthy finance pro. So probably you should be quiet and learn.
Just in case any one has a short memory, KimchiNinja is the alt-right fantasist guy who has been banned form here (more than once i think) who has claimed to be among other things, a venture capitalist, a hagwon owner, a bitcoin millionaire etc. For whatever reason, he likes to slum it down here at an esl teacher's forum, because, why not? Maybe all the other finance pros and venture capitalists won't talk to him so he has to come here and talk to us. Who knows?

In before "Actually I am all of those things, a venture capitalist who invested in crypto and bought a hagwon.......etc etc"
Title: Re: You need a billion won to retire in Korea?
Post by: #basedcowboyshirt on November 21, 2019, 02:34:37 pm
You are so far off the mark here it isn't even funny.  The net worth
of an average Korean is 195 million won.

Shrug, that has nothing to do with what I said.

Look kid, you're broke and I'm a wealthy finance pro. So probably you should be quiet and learn.
Just in case any one has a short memory, KimchiNinja is the alt-right fantasist guy who has been banned form here (more than once i think) who has claimed to be among other things, a venture capitalist, a hagwon owner, a bitcoin millionaire etc. For whatever reason, he likes to slum it down here at an esl teacher's forum, because, why not? Maybe all the other finance pros and venture capitalists won't talk to him so he has to come here and talk to us. Who knows?

In before "Actually I am all of those things, a venture capitalist who invested in crypto and bought a hagwon.......etc etc"

I forget what the names of his previous accounts were, but yes - he's a joke.
Title: Re: You need a billion won to retire in Korea?
Post by: KimchiNinja on November 22, 2019, 06:25:28 am
Just in case any one has a short memory, KimchiNinja is the alt-right fantasist guy who has been banned form here (more than once i think) who has claimed to be among other things, a venture capitalist, a hagwon owner, a bitcoin millionaire etc. For whatever reason, he likes to slum it down here at an esl teacher's forum, because, why not? Maybe all the other finance pros and venture capitalists won't talk to him so he has to come here and talk to us. Who knows?

Angry about something? Small-minded jealousy may be related to your unfavorable predicament.

Anyhow, just stick to the topic.

Title: Re: You need a billion won to retire in Korea?
Post by: zola on November 25, 2019, 08:39:13 am
Just in case any one has a short memory, KimchiNinja is the alt-right fantasist guy who has been banned form here (more than once i think) who has claimed to be among other things, a venture capitalist, a hagwon owner, a bitcoin millionaire etc. For whatever reason, he likes to slum it down here at an esl teacher's forum, because, why not? Maybe all the other finance pros and venture capitalists won't talk to him so he has to come here and talk to us. Who knows?

Angry about something? Small-minded jealousy may be related to your unfavorable predicament.

Anyhow, just stick to the topic.

But really. What's your job now? Venture Capitalist>Hagwon Owner>Finance Pro? What's next? Race car driver? Astronaut?
Title: Re: You need a billion won to retire in Korea?
Post by: KimchiNinja on November 25, 2019, 08:50:36 am
What's your job now?

Retired at 41. Not sure I have "a job" now, at least not in the way jobs are commonly defined by Plebeians.

Venture Capitalist>Hagwon Owner>Finance Pro? What's next? Race car driver? Astronaut?

Have thought about restaurateur. I'm one of those people who are good at everything they do. 
Title: Re: You need a billion won to retire in Korea?
Post by: zola on November 25, 2019, 08:54:03 am
I'm one of those people who are good at everything they do. 

Well that's handy isn't it.
Title: Re: You need a billion won to retire in Korea?
Post by: SPQR on November 25, 2019, 11:32:54 am
I'm one of those people who are good at everything they do. 

Well that's handy isn't it.

Why are you feeding this guy?  Ignore him and he'll go away.
Title: Re: You need a billion won to retire in Korea?
Post by: Kayos on November 25, 2019, 11:40:52 am
I'm one of those people who are good at everything they do. 

Well that's handy isn't it.

Why are you feeding this guy?  Ignore him and he'll go away.

But, I get off on knowing how much better than me this guy is. :O