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  • stoat
  • The Legend

    • 2087

    • March 05, 2019, 06:36:13 pm
    • seoul
Re: Lifers...how do you plan to retire?
« Reply #20 on: December 09, 2020, 11:39:21 am »
Does anyone contribute to a private pension fund (not the KTP), be it a private Korean one or one based in their 'home' country?

I contribute to my UK state pension, the NPS, and have a private UK pension set-up (admittedly haven't contributed to this one since leaving my previous job in the UK).

Sorry obwannabe, not trying to derail this thread. To answer, while I love living in Korea, the thought of retiring here does not appeal.

Hopefully, I/we will end up in a warmer climate (all year round) towards the end of my/our careers. I definitely do not want to just retire to a new place but hope to work their for the last 5-10 years, so I feel some what part of the community. As others have pointed out, I hope to never 'fully' retire and work to some degree until I drop dead.

I know this will depend on your nationality somewhat, but what platforms or brokers do people use here to invest?

Also...$200 a month for a state pension, really? I thought the UK state pension was terrible. Is that because you do not contribute to it when abroad?




I don't think the OP was talking about retiring in Korea, he was talking about working in Korea until you retire. I'll qualify for the minimum UK state pension which is around 60 quid a week, I think, I decided it wasn't worth paying in to get the max - 175. I also qualify for the minimum Korean pension which I assume will be peanuts, haven't bothered to check it out. I'll be relying on properties and a private pension. I was thinking of using that to buy a second home in Europe somewhere but apparently there are new Brexit regulations saying you can only stay there for 3 months a year, so might rethink that one.  Or get an Irish passport.
« Last Edit: December 09, 2020, 11:43:28 am by stoat »


  • Lazio
  • Super Waygook

    • 481

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Lifers...how do you plan to retire?
« Reply #21 on: December 09, 2020, 11:46:31 am »
3/ Apartment equity - Currently about KRW700,000,000

700,000,000 - outstanding debt...
Didn't you say a couple of months ago that it was 550,000,000?
« Last Edit: December 09, 2020, 11:53:05 am by Lazio »


  • Lazio
  • Super Waygook

    • 481

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Lifers...how do you plan to retire?
« Reply #22 on: December 09, 2020, 11:51:35 am »
What VanIslander said. No plans to fully retire. I like gardening and baking, and I get out on my bike when it's warm. Being retired in korea would just be a little too boring for me, so 3 or 4 days teaching would be perfect. In fact I've only been working 4 days a week for the past 2 or 3 years but in the last month added speaking classes on Fridays and Saturday mornings. Back to 5 and a bit days, over winter anyway. My wife is also not interested in full retirement. She wants to take over her sister's food stand in the next year or two. She loves being occupied.

That is a good plan.
But when you are looking at the financial side of things, you'd better be prepared for a situation where your physical or mental capabilities will not allow you to work.
I think the original question was more about this part rather than how you are planning to keep yourself occupied during your old years.


Re: Lifers...how do you plan to retire?
« Reply #23 on: December 09, 2020, 12:11:19 pm »
That is a good plan.
But when you are looking at the financial side of things, you'd better be prepared for a situation where your physical or mental capabilities will not allow you to work.
I think the original question was more about this part rather than how you are planning to keep yourself occupied during your old years.

My wife takes care of our money and invests here and there. We don't  contribute to the National Pension Scheme. There's always enough for bits and pieces, and hopefully if one or both of us are forced to fully retire, there is enough to see us through. If not, we have 2 son-in-laws who make way more than us. They've always threatened us with living together.


  • yolopopo
  • Waygookin

    • 24

    • June 01, 2018, 10:25:05 am
    • South Korea
Re: Lifers...how do you plan to retire?
« Reply #24 on: December 09, 2020, 01:18:51 pm »
My bad OP if I interpreted the question differently. How do I plan to retire would be when I feel I have built up enough through various pensions and investments (I hope property will be a large part of the latter).

The value of the UK state pension really depends on if you are considered class 2 or class 3. I think it works out at 170 quid a year for class 2, so 14 quid a month. Even if you started contributing (class 2 needs a minimum of 3 years already paid in to qualify) in your 50s while living abroad it would be worth it.

The NPS contributions are sent out a few times a year in the post. I don't really hold too much value in it either being British and never having known any UK person to have drawn the NPS once retired.

I have family living in mainland Europe, but have no idea about post-brexit regulations on 2nd/3rd homes. I just can not see countries like Greece, Spain, France, and Italy having policies in the long-term that would put off retirees living there for extended periods of time. I base this on nothing more than logic:)

Playing the Lotto is my 'fail safe'...peanuts here though of a mil ($). Be nice to have won the Euros the other day though...




  • SPQR
  • Expert Waygook

    • 694

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Lifers...how do you plan to retire?
« Reply #25 on: December 09, 2020, 01:46:34 pm »
700,000,000 - outstanding debt...
Didn't you say a couple of months ago that it was 550,000,000?

Actually we bought it about 4 years ago for KRW440,000,000. Thanks
to Mr. Moon, it has appreciated about 60-70 million a year since
then. Nice of you to take such a keen interest in my posts, though.
You might learn something.


  • Liechtenstein
  • Hero of Waygookistan

    • 1354

    • February 15, 2019, 04:39:00 pm
    • NE Hemisphere
Re: Lifers...how do you plan to retire?
« Reply #26 on: December 09, 2020, 01:59:33 pm »
Never retire.

Always stay active, at least part time, at something productive. It's good for the soul. Golfing gets old quick. At least take up gardening and sell produce at the farmer's market. Tutor two days a week. Something.

No man, golfing does not get old quick. That is a ridiculous statement. Golfing is one of the few activities that one can play from a very young age to a very senior age. It's exercise, it's outdoors, it's social, you can golf with friends or spouses or both, and it is incredible.


  • stoat
  • The Legend

    • 2087

    • March 05, 2019, 06:36:13 pm
    • seoul
Re: Lifers...how do you plan to retire?
« Reply #27 on: December 09, 2020, 02:23:19 pm »
Quote
I have family living in mainland Europe, but have no idea about post-brexit regulations on 2nd/3rd homes. I just can not see countries like Greece, Spain, France, and Italy having policies in the long-term that would put off retirees living there for extended periods of time. I base this on nothing more than logic:)

There's an article about it here. I'm not sure it affects retirees who want to live there permanently, just people who have holiday homes there, which was my plan.

https://www.dailymail.co.uk/news/article-9019917/Half-million-Brits-stay-holiday-homes-three-months-time-2021.html



  • yolopopo
  • Waygookin

    • 24

    • June 01, 2018, 10:25:05 am
    • South Korea
Re: Lifers...how do you plan to retire?
« Reply #28 on: December 09, 2020, 03:18:36 pm »
There's an article about it here. I'm not sure it affects retirees who want to live there permanently, just people who have holiday homes there, which was my plan.

https://www.dailymail.co.uk/news/article-9019917/Half-million-Brits-stay-holiday-homes-three-months-time-2021.html


Unfortunately, this is simply down to where you decide your primary residence will be, and how that decision will impact your taxable income in that country (and the UK). Yes Brexit is a sh*tshow, but most people in these positions will have to decide on which cake they want to eat in the short-term. Long-term, as the article suggests, the individual EU states will most likely make their own regulations around residency/non-residency which will likely favour the 180 in one go.

Sidenote: Well done Mr and Mrs Wood. Bought a 72K 2-bed in Charente. With average house prices in the UK 230K (outside of London), I'd sell up and tell the kids they get an Easyjet ticket on me once a year as long as they bring the oxo cubes.

.




  • hangook77
  • The Legend

    • 2958

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #29 on: December 09, 2020, 03:25:33 pm »
Does anyone contribute to a private pension fund (not the KTP), be it a private Korean one or one based in their 'home' country?

I contribute to my UK state pension, the NPS, and have a private UK pension set-up (admittedly haven't contributed to this one since leaving my previous job in the UK).

Sorry obwannabe, not trying to derail this thread. To answer, while I love living in Korea, the thought of retiring here does not appeal.

Hopefully, I/we will end up in a warmer climate (all year round) towards the end of my/our careers. I definitely do not want to just retire to a new place but hope to work their for the last 5-10 years, so I feel some what part of the community. As others have pointed out, I hope to never 'fully' retire and work to some degree until I drop dead.

I know this will depend on your nationality somewhat, but what platforms or brokers do people use here to invest?

Also...$200 a month for a state pension, really? I thought the UK state pension was terrible. Is that because you do not contribute to it when abroad?




You referring to Canada pension of 200 dollars?  Well, that is because a couple of us didn't live and work many years in Canada?  We didn't pay much into the system and had very little residency there.  Obviously, if we lived there for years and paid into it regularly, we would be getting much more.  (You did say you were still paying into your UK pension even now?)


Re: Lifers...how do you plan to retire?
« Reply #30 on: December 09, 2020, 10:09:38 pm »
I'm retiring in nine years. Can't wait. It will be the end
of a 35 year teaching career in Korea. I'm relying on
five things:

1/ Canadian pension - About CAD200.00/month
2/ Korean pension - About KRW1-1.5M/month
3/ Apartment equity - Currently about KRW700,000,000
4/ Inheritance - Not sure, maybe GBP200,000-300,000
5/ I also work at home doing web services for a Korean company.
     I will continue to do that as I enjoy it. - KRW400,000-500,000/month

I'm looking forward to spending summers on Koh Samui playing disc
golf and winters in Korea hot tenting.

How did you go about figuring out your Canadian pension? I assume you are referring to CPP?

Why would you want to spend winters here? lol


Re: Lifers...how do you plan to retire?
« Reply #31 on: December 09, 2020, 10:14:50 pm »
Invested. I took the pension in a lump sum to pay for my re-entry into the US.

You invested enough to retire? Care to give any more specific info?

Couldn't find anything on Google about reentry fees for US citizens. Only for greencard holders.


Re: Lifers...how do you plan to retire?
« Reply #32 on: December 09, 2020, 10:18:59 pm »
Never retire.

Always stay active, at least part time, at something productive. It's good for the soul. Golfing gets old quick. At least take up gardening and sell produce at the farmer's market. Tutor two days a week. Something.

I'm asking about finances. How do you plan to live a comfortable lifestyle when you either choose to not, or cannot, work anymore. Or want to work less.
I'd retire today if I could. I'd be more than busy enough trying to satisfy my interests.
« Last Edit: December 09, 2020, 10:29:39 pm by obwannabe »


Re: Lifers...how do you plan to retire?
« Reply #33 on: December 09, 2020, 10:23:21 pm »
That is a good plan.
But when you are looking at the financial side of things, you'd better be prepared for a situation where your physical or mental capabilities will not allow you to work.
I think the original question was more about this part rather than how you are planning to keep yourself occupied during your old years.

Lazio, you are exactly right


  • gogators!
  • The Legend

    • 4524

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: Lifers...how do you plan to retire?
« Reply #34 on: December 09, 2020, 10:38:18 pm »
You have to pay to enter your own country now?
I was referring to the expense of moving, buying cars, etc.


  • gogators!
  • The Legend

    • 4524

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: Lifers...how do you plan to retire?
« Reply #35 on: December 09, 2020, 10:42:34 pm »
You invested enough to retire? Care to give any more specific info?

Couldn't find anything on Google about reentry fees for US citizens. Only for greencard holders.
Vanguard mutual funds, mostly. Check out Bogleheads. org for information on investing and suggested books. By re-entry, I meant the costs of moving and starting life in the US.


  • VanIslander
  • Moderator LVL 1

    • 2282

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
    more
Re: Lifers...how do you plan to retire?
« Reply #36 on: December 10, 2020, 12:15:15 am »
Old people don't care about money.

They usually struggle for RELEVANCE.

I never met an old person who said they wished they saved more money. They don't give a **** what brand name they wear.

Scientists say old people regret opportunities lost and experiences foresaken, not money spent instead of saved.

I'd rather take 2 years off work in my early fifties and travel than put money into retirement funds. But that's just me. You do you. Whatever floats your boat.
« Last Edit: December 10, 2020, 12:17:06 am by VanIslander »


  • JNM
  • The Legend

    • 4729

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Lifers...how do you plan to retire?
« Reply #37 on: December 10, 2020, 12:19:29 am »
Old people don't care about money.

They usually struggle for RELEVANCE.

I never met an old person who said they wished they saved more money.

Scientists say old people regret opportunities lost and experiences foresaken, not money spent instead of saved.

I'd rather take 2 years off work in my early fifties and travel than put money into retirement funds. But that's just me. You do you. Whatever floats your boat.


Old people (60+, my parents) say that.

Middle aged people (40s and 50s, me) worry about not having enough to retire. Divorce, bad investments, 2008... I am legitimately concerned that I won’t have enough to enjoy retirement.


  • KimDuHan
  • Hero of Waygookistan

    • 1393

    • January 15, 2015, 11:48:59 am
    • Seoul
Re: Lifers...how do you plan to retire?
« Reply #38 on: December 10, 2020, 12:33:58 am »
How did you go about figuring out your Canadian pension? I assume you are referring to CPP?

Why would you want to spend winters here? lol

Canada CPP might not exist in 10 years, Canada as a country is struggling.


  • JNM
  • The Legend

    • 4729

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Lifers...how do you plan to retire?
« Reply #39 on: December 10, 2020, 12:46:39 am »
Canada CPP might not exist in 10 years, Canada as a country is struggling.

In my planning, I have always assumed CPP and OAS would be zero.