Location to pursue a teacher's pension?

Post Reply
TeacherGal
Posts: 128
Joined: Sat May 14, 2016 8:51 am

Location to pursue a teacher's pension?

Post by TeacherGal »

I'm approaching 50 years of age and have some savings and an inheritance coming to me but looking for a location to put in enough years to be eligible for a pension by the age of 65. I plan to retire someplace hot and inexpensive. I have very modest living standards. I also would like to continue working in some capacity well past 65 as I enjoy being productive.
Can anyone recommend a country where some sort of pension could be obtainable? I'm thinking a European socialist country.
fine dude
Posts: 651
Joined: Tue Dec 18, 2012 7:12 pm
Location: SE Asia

Re: Location to pursue a teacher's pension?

Post by fine dude »

The Netherlands and Scandinavian countries have the best pension plan, but they are cold and expensive. If you want warm weather, Malaysia and Singapore have decent provident fund / pension options. Becoming a permanent resident in these countries means fewer hassles in accessing your EPF or pension and will also allow you to buy the subsidised HDB flat in Singapore.
wrldtrvlr123
Posts: 1173
Joined: Sat Feb 06, 2010 10:59 am
Location: Japan

Re: Location to pursue a teacher's pension?

Post by wrldtrvlr123 »

Just for something else to think about, someone was recenly telling me about the QSI pension/retirement plan and it sounded very good. QSI is not everyone's cup of tea but it working for their system of schools would allow you to move around once in a while staying vested in the program.
IAMBOG
Posts: 388
Joined: Thu Jul 08, 2010 11:20 pm

Re: Location to pursue a teacher's pension?

Post by IAMBOG »

I was under the impression (although I could be wrong) that you needed to work for QSI for ten years to qualify for their pension. Seems like a very long time.
National
Posts: 128
Joined: Sun Jan 20, 2013 3:00 am

Re: Location to pursue a teacher's pension?

Post by National »

For QSI -- you have to work for them for at least 23 years to get the pension. You can only start drawing at 65.
PsyGuy
Posts: 10789
Joined: Wed Oct 12, 2011 9:51 am
Location: Northern Europe

Response

Post by PsyGuy »

I agree you would have to put in a LOT of years to take a QSI pension.

Northern Europe has the best options, but most of the WE will have reasonable pension time frames that can be accomplished by 60.

I would not advise SG, the pension scheme is okay, but SG is one of the most expensive countries to live in. A single 1LDK apartment/flat that isnt a home share is around SGD$2500, though HBD (government apts) are more reasonable. Aside from that Sg is not really an expat retire destination, you will certainly be an outsider as a retiree, as most expats are in SG because they are on the job. Everyone is a workaholic. The WE offers a more relaxed lifestyle.

A recent option is Japan, which is in the process of reducing the previous 25 year retirement rule to 10 years. A JP pension isnt anything impressive however.

My recommendation is to put in your 10 years time in Northern Europe, then leave for somewhere like Ireland where its close to impossible to get a OSH appointment but as a LH you will find plenty of relief/supply teaching options. My advise for semi retired ITs is to go somewhere you cant normally get into and OSH appointments are rare and few. Places like Ireland, the Cook Islands, etc. Locations that dont have a significant multinational corporate presence, and so have small ISs (that are more independent DSs) and arent part of the IE circuit. You can always teach ESOl, or open your own house school.
wrldtrvlr123
Posts: 1173
Joined: Sat Feb 06, 2010 10:59 am
Location: Japan

Re: Location to pursue a teacher's pension?

Post by wrldtrvlr123 »

IAMBOG wrote:
> I was under the impression (although I could be wrong) that you needed to
> work for QSI for ten years to qualify for their pension. Seems like a very
> long time.
---------------------
10 years may seem like a long time to be with one school but when you have the opportunity to switch schools, countries etc it doesn't really seem that long, especially when you are talking about pension and retirement programs. How many int'l schools offer good pension/retirement programs at all, much less programs where you can be vested in under 10 years?

I certainly am no expert on QSI but according to my friend who is currently in their 5th year with QSI you are vested after year 11 and are guaranteed full benefits after 20 years. I won't quote the exact figure she bandied about but at age 65 you apparently start collecting a very reasonable annual income.

Again, QSI is not for everyone (and not for me really) but given that there aren't really that many great programs (that I'm aware of) in the int'l school community, it is something to consider if pension/retirement is a big concern for you. QSI's deal sounds a whole lot better than DoDDS although that isn't really saying all that much as the retirement program for DoDDS is really not one of their best features.
PsyGuy
Posts: 10789
Joined: Wed Oct 12, 2011 9:51 am
Location: Northern Europe

Reply

Post by PsyGuy »

@WT123

Most social insurance pensions are part of the regional system. You can move ISs or DSs within the region and maintain your pension.
I agree though many ISs that arent elite tier ISs offer very little in the terms of retirement, you either do it yourself or you go to the WE where you can get a regional pension.

QSIs retirement program does sound a lot better than DoDDS, and I concur its not the major selling point of the service. Many DoDDS DTs already have vested pensions in the states before they entered the service. ITs from ISs are a distinct minority in DoDDS.
Post Reply