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Teaching overseas- time for a reality check?

Discussion in 'Teaching overseas' started by miketribe, Feb 2, 2012.

  1. miketribe

    miketribe Occasional commenter

    I'm 62 and still working and hope to retire at 65 with a very nice pension, thank you very much...
     
  2. the hippo

    the hippo Lead commenter Community helper

    Retiring in the UK is a bad idea. My pension will go a lot further in Bulgaria and I shall also have a hobby in my old age: learning the lingo!
     
  3. rednelly84

    rednelly84 New commenter

    It's not all bad. Yes I work bloomin' hard to earn my salary but, and this is the most important thing, I have a life working and living overseas. A social life was something I used to have back in my student days when living in the UK so it's great to have one again. I'm also managing to save for the first time in my 27 years! Can't see any reason to hurry back to the UK.
    I do agree there are some dodgy places in the world and was in one of those last year. If it wasn't for my social life, I wouldn't be working where I am now and thoroughly enjoying myself.
    [​IMG]
     
  4. nuts88

    nuts88 New commenter

    I currently work in Germany for SCE, so I have the best of both worlds, this being, an overseas experience plus the teacher pension. However, I am blissfully aware that this will not last forever, as the MOD are preparing to leave Germany.
    At the moment, I can't imagine working back in the UK and fully intend to go further afield when we finally get booted out. But, if I was to be honest, I do worry about stepping out of the "pension" security blanket and would like to hear from other teachers abroad who have experience of the value of their "overseas pension schemes". Do they offer anywhere near the same security, or do you have to save, save,save in order to have the financial "nest" come the age of 60-65?
     
  5. johnio

    johnio New commenter

    Hi nuts88

    I have taught for 20 years and will be taking my first overseas post next September; my plan is to work overseas for several years and then return to the UK and pay off my mortgage and purchase another property, which I intend to let out and thus bring in an additional income.


    In the present crisis, which may be with us for the majority of the first half of this century, I think it is wise to put money in to physical assets with repository value as opposed to investment funds. I certainly don't regard pensions as a 'security blanket'! In the current crisis anything is possible, and I would't rule out economic martial law, which is already being hinted at in America - not surprising with a 15 trillion $ debt!

    http://www.businessweek.com/magazine/content/11_19/b4227004622477.htm

    http://www.forbes.com/sites/rickungar/2011/04/16/gov-scott-walker-reportedly-planning-financial-martial-law-in-wisconsin/

    http://www.geraldcelente.com/

    Regards

    Johnio
     
  6. johnio

    johnio New commenter

    Hi nuts88
    <font size="3" face="Times New Roman">

    </font> <font size="3" face="Times New Roman">I have taught for 20 years and will be taking my first
    overseas post next September; my plan is to work overseas for several years and
    then return to the UK and pay off my mortgage and purchase another property,
    which I intend to let out and thus bring in an additional income. </font>




    <font size="3" face="Times New Roman">
    </font>In the present crisis, which may be with us for the majority
    of the first half of this century, I
    think it is wise to put money in to physical assets with repository value as
    opposed to investment funds. I certainly don't regard pensions as a 'security
    blanket'! <font size="3" face="Times New Roman">In the current crisis anything
    is possible, and I would't rule out economic martial law, which is already
    being hinted at in America
    - not surprising with a 15 trillion $ debt!</font>



    http://www.businessweek.com/magazine/content/11_19/b4227004622477.htm
    <font size="3" face="Times New Roman">

    </font>
    <font size="3" face="Times New Roman">

    </font>http://www.forbes.com/sites/rickungar/2011/04/16/gov-scott-walker-reportedly-planning-financial-martial-law-in-wisconsin/
    <font size="3" face="Times New Roman">

    </font>
    <font size="3" face="Times New Roman">

    </font>http://www.geraldcelente.com/
    <font size="3" face="Times New Roman">

    </font>
    <font size="3" face="Times New Roman">

    </font>Regards
    <font size="3" face="Times New Roman">

    </font>
    <font size="3" face="Times New Roman">

    </font>Johnio
    <font size="3" face="Times New Roman">

    </font>
     
  7. [q
    Good comment!...and sadly I tend to agree. There is no guarantee that retirees will reap the benefits from years of savings into a pension fund,especially government based funds. Given the aging poulations in most western countries, an ever shrinking tax base, and vastly increased costs, it simply may not be possible for governments to fund retirees to the extent anticipated in todays market. Even in aus which is relatively better off than most countries in the current crisis, some politicians and social analysts are already warnig of such a future scenario. Bricks and mortar seem one of the safer,more viable alternatives, especially if you are lucky enough to own an investment property.
     
  8. the hippo

    the hippo Lead commenter Community helper

    What should be done re. retirement for an international teacher? Collect together large piles of cash? Put it all into property? Investments? Well, I would advise retiring to a country that has a significantly lower cost of living. In the UK, you still have to pay most of your Council Tax after retirement (and it is bound to go up because of the flipping Olympics). Petrol costs the same, even though you are retired. VAT applies to the general public and to OAPs. Car tax and parking will cost the same in the UK, whether you are retired or not.

     
  9. .yes Hippo it is a sorry state of affairs indeed when someone cannot afford to retire in their own country. I might do the same in a few years, I hear the cost of living is pretty cheap in eastern Siberia.But not sure about the winters. Are stoppers, FP and the captain still around?
    [​IMG]
     
  10. Not in eastern Siberia they're not!
    But on these threads still, yes.
    HNY, Ned!
     
  11. Saw him a coupe of weekends ago. He is well. He hasn't een on here for a few weeks, but he will be.


     
  12. Mainwaring

    Mainwaring Established commenter

    Currently in cold, sleety Brighton which, apart from our nine month old granddaughter's smiling presence is a lot less attractive than cold, snowy Andalucia where, in addition to backup heating, we have a woodburner and some acres of trees which are pruned on a regular cycle.
    Between us Mrs M and I had 37 years contributions in the UK Teachers Pensions fund which means that combined we add up to almost one full TP. When we left teaching abroad six years ago we were both eligible for the UKTP at 60 and the UK state pension at 60 and 65 respectively i.e. we got in before the eligibility ages rose. I officially became an OAP last July and, while not opulent the combined teachers and state pensions finance a comfortable lifestyle in rural Spain.
    Having sold our UK house in 1990 we cashed in my private pension to buy the Spanish house in 2002. The former UK house was bought on an endowment morgage which is now as anachronistic as the arquebus but we kept up the relevant endowment policies which "mature" this year and will provide approximately half what they were intended to.
    We have a chunk of cash in an offshore bond which also kicks in in April. It is "guaranteed" to pay back as much as we put into it, which means that I probably ought to have buried it in a biscuit tin or used it as a secret slush fund for financing the purchase of pacharan and services of loose women. Indeed my fiscal life over the past 20 years seems to have consisted in lending money at zero interest to Barclays and other pinstriped brigands. We have another wodge with De Vere which looks cautiously good at the moment.
    Royalties from my writing ensure that I shall never again have to worry about the cost of paperclips. Talking of which, the final text of No Baboons in India will be with the publisher this week to begin its tortuous progress through the editing and design departments before finally appearing on Amazon in good time for Christmas.

     
  13. SMT dude

    SMT dude New commenter

    ... and a place in the book-lined den, which is going to be a major resource if I live to enjoy golden years.
    The former has a minor medicinal role to play in a dignified retirement, while the latter merely abide in the memory.
    Even before this crisis I was deliberately preparing for an austere retirement. The urge to see any more far-flung places has abruptly disappeared. There's a thirteen-year hole in my TP payments representing a period in South America I would not have missed for the world. There's a mansion in Ruritania, and a flat in Yorkshire. We may be able to cling on to both.
    Ironically we would not have the latter if much-loved and lamented mother-in-law had not scrimped and saved and invested in order to enjoy a well-heeled and well-deserved retirement - only to be felled by a stroke just short of her 63rd birthday.
    You will not find this intensely urban boy hacking at olive trees or sprinting up an Andalucian hillside pursued by a pack of hounds. The museums and theatres here give handsome reductions to oldsters, and public transport is excellent. On Saturday mornings I'll walk a kilometre or so to the supermarket (and pub). The hospital is even closer to home...
    Long rambles among the streets of Ruritania's ever-interesting, ever-beautiful capital will keep the circulation going until the Grim Reaper chooses to call, but otherwise the accumulated books and discs of a lifetime's impulse-buying will be the equivalent of a private savings plan being cashed in.
    And on sunny days (there are some 300 of those per annum here), I will sit in a cool shady corner of the garden reading... or just purring and blinking at the birds and bees, like a nice fat old spayed cat.
    To answer the estimable Ned, our OP here... 'non, je ne regrette rien'.
     
  14. yasimum

    yasimum New commenter

    Glad to see you are looking on the bright side Dude!
    Well, I have nothing. I took time of work to have my baby which stretched until she started school. Just as she was half way through her first year, my lovely mum needed full time care for three years so I took all my leave and LWOP. Then after the dengue incident I was flattened for six months before I could work again. So zippo except this house. This house also is due to my grandparents' and parents' hard work, I've done nothing to be lucky enough to own it. Thank God they wanted to live in the inner city as our children will be extremely well off when my sister and I cark it.
    If I had unlimited funds, I would move in my retirement to one of the British Islands. So lovely. Just been watching Martin Clune's doco on them. I fancy the Isle of Man or Islay.
     
  15. Mainwaring

    Mainwaring Established commenter

    We met our neighbours Jose and Maria in the village the other day. They farm close to us but unlike us they do it seriously and for a living.
    "Come and see our new apartment," said Jose. "It'll be very handy for the cemetery when we're too old for anything else."

     
  16. Hi Dude, Mainwaring, Yassi

    According to some pundits there are four points to ponder as we approach retirement:
    1. Do you own your home, no liens?
    2. Are you free of outstanding debts?
    3. Do you have retirement savings in excess of $400,000?
    4. Are you in good health?
    They argue that unless you answer yes to all of the above you're probably poorer than you may think !!
    From
    http://www.thoughts.com/Munkyman/the-poor-mans-retirement-plans

    ..not sure that I agree entirely- also depends on what country you propose to retire in, and how far you've got to go before retirement, but anyway....

     
  17. yasimum

    yasimum New commenter

    Hi Ned
    That's me screwed then! I do own my own home but the other three........

     
  18. 1. and 2. sorted and have aims to make it 2 x 1. if all goes well.
    3. Not quite but will do by the time I stop work. Also paying (big catching up) into the UK Class three pensions (on my brother-in-law's advice and M's).
    4. Who cares? Surely the worse health you are in, the further the money will go!
    'Where you retire' is a huge one Ned.
    A ten million nest egg in the UK will disappear in a flash.
    So where are the ten most financially viable places to live forever? Nice places.

     
  19. happygreenfrog

    happygreenfrog Occasional commenter

    Hmmm.
    Been pretty happy overseas for the last 7 years.
    Always had decent places to stay, managed to save plenty, met and married a local, have enjoyable vacations, still working my butt off (less paperwork but more resource making needed), better weather, more friendly people (SE Asia) and enjoy the freedoms and risks of scooter travel. Miss the UK food choices (it is limited here and I get the ***** most weeks), my beautiful apartment, the footy team and seeing my teenage daughter.
    Part of me would prefer to work in the UK but it is an adventure and I love it. Plan to retire out here as quite simply I cannot see how I would not feel secure on my pensions entitlements and savings, though local options regarding health issues would be a growing concern.
    Having read the 'out of work' teacher threads, and spent a little spell back in the Uk, i'm quite thankful to actually have a job.
    P.s. In general I'd say an overseas post deoends most importantly on ones attitude to making it work for you, though I've been lucky with decent employers.
     
  20. miketribe

    miketribe Occasional commenter

    But surely (3) would depend on the generosity or otherwise of the state pension one gets. I realize tha pension levels may be cut so as to ensure that bankers can continue to get &pound;1000000 bonuses, but as long as mine doesn't completely collapse from its present level, I should be comfortable without a $400,000 cushion. You're right about the house and debt situation, though. Choosing a low-cost environment is a bit a lottery as well. Spain used to be very cheap but isn't any more...
     

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