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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 #80 on: March 02, 2021, 08:58:32 am »
Quote
Time to get a bit more educated boy!

Yeah, I guess I could use my limited free time to learn more about the stock exchange than a 40 year old company with 400 employees managing 120 billion pounds worldwide. Or I could just be satisfied with the 80% increase on my savings they've managed so far.


  • hangook77
  • The Legend

    • 2891

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #81 on: March 18, 2021, 10:36:38 am »
The couple places I've tried have rejected me because of my foreign residency. Do all of those places let Americans with residency abroad invest?

As for those websites - do they send lots of physical mail to the address? The only address I have in the US is my mother's, and she's already overwhelmed by all the mailings she gets from places I've signed up for (and my siblings). I've tried contacting the banks etc. to stop the mailings, but that hasn't done much. She's also thinking about moving soon.

I do have a bank account in the US as well, if that makes any difference.

TD waterhouse which also owns Ameritrade in the US lets me have an investment account based in Canada from here.  I haven't used yet.  But I had to go into a TD branch back home to sign up for it using my sisters local address plus giving them my Korean address.  I haven't done anything with it yet due to tax fears.  But probably will soon. 

A friend said he uses some Nonghyup app for buying shares but his wife has to translate for him.  He said fees are less insane than back home.  Moral of the story, don't be a day trader.  Also buy some place to rent.  (I suspect those waygooks who came here years ago when the salary was worth something could save a lot and invest a lot assuming they also didn't have to repay too many student loans.  Much smaller starting place today due to less savings potential.) 


  • SPQR
  • Expert Waygook

    • 718

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Lifers...how do you plan to retire?
« Reply #82 on: March 18, 2021, 11:02:03 am »
Philippines for sure.  Waaaay hawt and skinny P-girls. Huge pay
packets. Great weather. Amazing food. Unstable government.


  • CO2
  • Waygook Lord

    • 6784

    • March 02, 2015, 03:41:14 pm
    • Uiwang
Re: Lifers...how do you plan to retire?
« Reply #83 on: March 18, 2021, 11:33:17 am »
Philippines for sure.  Waaaay hawt and skinny P-girls. Huge pay
packets. Great weather. Amazing food. Unstable government.



But, good on ya for rolling with it. hahaha
The first thing to say is that this is definitely not pyramid selling, OK?


Re: Lifers...how do you plan to retire?
« Reply #84 on: March 18, 2021, 12:39:44 pm »
Philippines for sure.  Waaaay hawt and skinny P-girls. Huge pay
packets. Great weather. Amazing food. Unstable government.

Curious, are you "way hawt and skinny"?


  • VanIslander
  • Moderator LVL 1

    • 2351

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
    more
Re: Lifers...how do you plan to retire?
« Reply #85 on: March 18, 2021, 01:07:58 pm »
Retire...

"Re" comes from "again"

To tire is to put new rubber on a wheel, a laborious task that became known as "tiring", hence "I'm tired" being a feeling of having done a repeated activity (in need of retiring).

As long as you are not tired of teaching, you do not need to retire.

I worked with a spunky teacher from South Africa who was 71 or 72 years old, a longterm public school teacher who came here for the experience, and her students here loved her. When she went back home after a year, a few students actually cried (shed tears). It took me 18 dang years and several hagwons to get more than one crier at the news of my departure.


My point initially: Re-tire don't quit. That is retread, put on a new layer of rubber suited to the new terrain you'll be traversing in your 60s or 70s.

Golf, cards and naps may sound good but are more of a holiday treat than a recipe for a long thriving life.
« Last Edit: March 18, 2021, 01:12:07 pm by VanIslander »


  • SPQR
  • Expert Waygook

    • 718

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Lifers...how do you plan to retire?
« Reply #86 on: March 18, 2021, 01:26:45 pm »
Retire...

"Re" comes from "again"

To tire is to put new rubber on a wheel, a laborious task that became known as "tiring", hence "I'm tired" being a feeling of having done a repeated activity (in need of retiring).

As long as you are not tired of teaching, you do not need to retire.

I worked with a spunky teacher from South Africa who was 71 or 72 years old, a longterm public school teacher who came here for the experience, and her students here loved her. When she went back home after a year, a few students actually cried (shed tears). It took me 18 dang years and several hagwons to get more than one crier at the news of my departure.


My point initially: Re-tire don't quit. That is retread, put on a new layer of rubber suited to the new terrain you'll be traversing in your 60s or 70s.

Golf, cards and naps may sound good but are more of a holiday treat than a recipe for a long thriving life.


Whatever.

Anyway, retire means to retreat. NOT the spurious, fanciful
definition you cooked up.

I retire in nine years and am looking forward to it. Thirty-five
years of teaching in Korea will be more than enough. Also, there
are much better places to chill than here. So, I'm not hanging around
Korea so I can teach a few hours a week.


  • hangook77
  • The Legend

    • 2891

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #87 on: March 18, 2021, 01:49:33 pm »
Retire...

"Re" comes from "again"

To tire is to put new rubber on a wheel, a laborious task that became known as "tiring", hence "I'm tired" being a feeling of having done a repeated activity (in need of retiring).

As long as you are not tired of teaching, you do not need to retire.

I worked with a spunky teacher from South Africa who was 71 or 72 years old, a longterm public school teacher who came here for the experience, and her students here loved her. When she went back home after a year, a few students actually cried (shed tears). It took me 18 dang years and several hagwons to get more than one crier at the news of my departure.


My point initially: Re-tire don't quit. That is retread, put on a new layer of rubber suited to the new terrain you'll be traversing in your 60s or 70s.

Golf, cards and naps may sound good but are more of a holiday treat than a recipe for a long thriving life.


I thought Korea forced retirement at age 62 even for the foreign teachrs.  Some of you long term expatrs who are lifers should get on that and maybe challenge it along with other Korean contract workers.  I can see regular permanent workers being made to retire then, as they have a pension.  But contract and foreign teachers will not have that same pension.  So, maybe some of you should push to let you work till 66 or something more.  I am still a ways away from that and prob will at an older age migrate back or elsewhere so less of an issue for me.  Actually retirement age for most here will be 62 but the pension will only be collected now at 65.  So, that clause is actually discriminitory.  Anyways, some of you longer term vets should complain about that.


  • SPQR
  • Expert Waygook

    • 718

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Lifers...how do you plan to retire?
« Reply #88 on: March 18, 2021, 03:55:13 pm »
I thought Korea forced retirement at age 62 even for the foreign teachrs.  Some of you long term expatrs who are lifers should get on that and maybe challenge it along with other Korean contract workers.  I can see regular permanent workers being made to retire then, as they have a pension.  But contract and foreign teachers will not have that same pension.  So, maybe some of you should push to let you work till 66 or something more.  I am still a ways away from that and prob will at an older age migrate back or elsewhere so less of an issue for me.  Actually retirement age for most here will be 62 but the pension will only be collected now at 65.  So, that clause is actually discriminitory.  Anyways, some of you longer term vets should complain about that.


Ageism is a problem in Korea.  I've known this for a while.  That is
why I have been self-employed for about ten years.  I also, luckily, own
my own house. Therefore no Korean can tell me when to work or
not work, or where to live and not live. It makes a big difference.


  • hangook77
  • The Legend

    • 2891

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #89 on: March 19, 2021, 11:36:36 am »
Ageism is a problem in Korea.  I've known this for a while.  That is
why I have been self-employed for about ten years.  I also, luckily, own
my own house. Therefore no Korean can tell me when to work or
not work, or where to live and not live. It makes a big difference.

You were very fortunate to come to Korea when they paid high salaries (in relation to the cost of living).  It was easier to save and build something up making your life easier today.  But as Korea ages and many new eslers want to stay, they will be screwed unless the government raises the retirement age.  Most salaries won't be enough for them to retire on or raise a family anymore.


  • VanIslander
  • Moderator LVL 1

    • 2351

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
    more
Re: Lifers...how do you plan to retire?
« Reply #90 on: March 19, 2021, 09:11:34 pm »
There is no mandatory retirement age.

I mean, I have met 67-, 68- and 71-year old English language teachers working in South Korea on E-2 visas.


  • Lazio
  • Expert Waygook

    • 510

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Lifers...how do you plan to retire?
« Reply #91 on: March 19, 2021, 09:34:51 pm »
You were very fortunate to come to Korea when they paid high salaries (in relation to the cost of living).  It was easier to save and build something up making your life easier today.  But as Korea ages and many new eslers want to stay, they will be screwed unless the government raises the retirement age.  Most salaries won't be enough for them to retire on or raise a family anymore.

Not quite. Took him over 20 years to make a down payment  of 33%.
That means, you also have hope.

I bought a 440,000,000KRW apartment in November.  Financed the max out of it. (like 2/3 the asking price)

I've been here since 1996. 
« Last Edit: March 19, 2021, 09:36:50 pm by Lazio »


  • confusedsafferinkorea
  • Waygook Lord

    • 5688

    • October 08, 2010, 01:02:32 pm
    • Zhubei, Hsinchu County, Taiwan (not part of China)
    more
Re: Lifers...how do you plan to retire?
« Reply #92 on: March 20, 2021, 05:56:24 am »
There is no mandatory retirement age.

I mean, I have met 67-, 68- and 71-year old English language teachers working in South Korea on E-2 visas.


The limit is 62 for public schools so I guess they must be at hagwons.
There is no known medical cure for stupidity!


  • L I
  • Waygook Lord

    • 5854

    • October 03, 2011, 01:50:58 pm
Re: Lifers...how do you plan to retire?
« Reply #93 on: March 20, 2021, 06:22:58 am »
Limit at universities is 65 (from what Iíve heard).


  • VanIslander
  • Moderator LVL 1

    • 2351

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
    more
Re: Lifers...how do you plan to retire?
« Reply #94 on: March 20, 2021, 07:00:00 am »
Yes, hagwons.

I have met 65+ year olds who teach at hagwons.

I worked with a 70+ year old woman who was full of energy. She was a retired public school teacher from South Africa who decided to travel the world. The funny thing is: my hagwon on Jeju said they had to meet her in person to hire her (she applied to the big hagwon when we had two vacancies and her son was going to be hired, yet her 40something year old son turned out to.be a lazy boring teacher.but she was beloved by her students and they expressed their unhappiness when her year-long contract ended and she went back home (with.her bum of a son, good.riddance).


  • KoreaBoo
  • Expert Waygook

    • 617

    • May 25, 2014, 04:00:42 pm
    • Vancouver Island
Re: Lifers...how do you plan to retire?
« Reply #95 on: March 21, 2021, 11:41:05 am »
The pension system here is horrid.  If you think you will be able to scrape by, just wait until you get sick and your medical bills will reduce your life savings to near zero in record time.  I've seen it happen.

As for retirement, I will be retiring at 60 in just over a decade.

Military pension will be 26% of approx 120k/yr (indexed to inflation) or $31,200 + inflation increases.
CPP = approx 10% of my income (it's measured to be approx 30%, but I was out of the country and maxed out my contributions for 13 years).  So $12,000
OAS = $919 x 12 = $11,028/yr (based on current OAS value)

Investments approx 850k - 1.2M with an avg return of 9.78%.  Assuming to withdraw approx 3.5%/yr to supplement my income.  So I'll put in a value of $25,000/yr.
My property value + investments are over half the desired minimum number.

So my retirement will be $54,228 on pensions + $25k = $79,228/yr based on current numbers.

My wife has nearly 20 years as a Korean federal officer @ Rank 5.  She made approx 57M last year and assuming she'll retire with 20 yrs @ 2%/yr = $63,333 x .4 = $25k/yr from the Korean gov't.

She will receive OAS from Canada + whatever CPP she earns from her work here.

We are in decent shape at this point.  I am going to assume we will rent when we retire in an area within B.C. that is cheaper, a little less crowded and enjoy a comfortable and modest lifestyle.   

Canada does not have medical expenses, but we do have dental.  Medications are covered by B.C. based on income over a prescribed amount based on your income.  But all in all, the military pension + CPP is the real stress reliever.  I may choose to work as a contractor at 60 and work for a few more years if I am interested or offered an extension by the CAF.  However, the military system ensures those who retire at 60 receive a bridge benefit prior to CPP eligibility.

You cannot have this in Korea.  Retirement in Korea is serious poverty if you rely only on the national pension system and do not participate with a better one.  You also won't have to work in hogwans @ 70.  That would be just awful.


  • hangook77
  • The Legend

    • 2891

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #96 on: March 22, 2021, 07:49:42 am »
Not quite. Took him over 20 years to make a down payment  of 33%.
That means, you also have hope.


Well he had about 18 to 20 years of a cheaper living cost where the salary went further.  You wouldn't be able to save that amount starting out today on a 2 million salary over the next 20 years unless you earned signifigantly more.  A shame for the new teachers.  Maybe they'll get wise.


  • hangook77
  • The Legend

    • 2891

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #97 on: March 22, 2021, 07:51:08 am »
There is no mandatory retirement age.

I mean, I have met 67-, 68- and 71-year old English language teachers working in South Korea on E-2 visas.

All my contracts say mandatory retirement at 62.  Which is weird because you will only be able to collect the pension at 65.  Something isn't connecting here.



  • Lazio
  • Expert Waygook

    • 510

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Lifers...how do you plan to retire?
« Reply #98 on: March 22, 2021, 10:19:54 am »
Well he had about 18 to 20 years of a cheaper living cost where the salary went further.  You wouldn't be able to save that amount starting out today on a 2 million salary over the next 20 years unless you earned signifigantly more.  A shame for the new teachers.  Maybe they'll get wise.

E-2 visa holders rarely come here with the intention to buy real estate. And those that are married to locals, have much better earning potentials. Let alone having dual income.

But hypothetically, even on 2 million won, one could save that amount very easily over the course of 20 years. Unless they are terrible with finances.


  • hangook77
  • The Legend

    • 2891

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Lifers...how do you plan to retire?
« Reply #99 on: March 22, 2021, 01:26:09 pm »
E-2 visa holders rarely come here with the intention to buy real estate. And those that are married to locals, have much better earning potentials. Let alone having dual income.

But hypothetically, even on 2 million won, one could save that amount very easily over the course of 20 years. Unless they are terrible with finances.

The point is he came over and started as an E2 and saved for 20 plus years and got into the market.  A single person can save 400 US dollars a month on a 2.1 million salary as opposed 1400 US in the past.  With a family, that savings drops to nothing and maybe even some debt taken on.  But over the next few years, I suspect if the wage stays the same, that savings will drop to 100 dollars a month or nothing.  I don't see someone buying a property here.  Plus they are going up by a lot.  Unless you are a savy investor and get into something that explodes  in huge growth, I don't see today's E2 being able to own a mdoern apartment here (even if they want to which many may not). 

If someone came over here in the 90's and had huge savings potential due to not having student loans or debt to repay, you could save a lot.  Even with the Asian crisises if you kept your money in Korea.  Plus for Koreans and maybe foreigners married to Koreans a lot of banks offered higher interest savings accounts until recent years.  Like 8 or 9 per cent interest.  So, those in the past with the cheap living cost here definately has the potential that new teachers coming in 2021 for the same or even slightly higher wage do not. 

Let's assume over 10 years starting now using an average savings potential of 200 US dollars a month (higher now and lower in a few years) if salaries still stay the same.  Well 200 times 12 is 2400$.  Times 10 is $24000 which in 2031 will be worth less than now.  I was able to save more than this in 2 years here when I started.  This of course assumes that person has no student loans or other debt to repay. 

Either way, the vets who got in when the getting was good have probably found a way to make it for themselves and can handle the lower wage now due to the savings they built up I think.  As for new teachers, they'd be wise not to stay for too long.