Quote from: Mr.DeMartino on Yesterday at 01:40:32 PM Trump is a liar and a con man.
Quote from Mr.DeMartino on June 14, 2019 at 02:28:07 pmDonald Trump is a lying sack of shit
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.
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.
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 pensionOne 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.
I'm just working for the weekend.
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 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.
Quote from: LIC on September 12, 2019, 09:57:34 amI'm just working for the weekend. https://www.youtube.com/watch?v=fGardUiWjR4
Quote from: MayorHaggar on September 10, 2019, 07:08:59 pmSounds 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.
Quote from: JNM on September 10, 2019, 07:48:39 pmQuote from: MayorHaggar on September 10, 2019, 07:08:59 pmSounds 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.
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.