When you are teaching abroad, how do you save for retirement and what do you do when you return home? Did you sell your house or rent it out before leaving? In this housing market we refuse to take less than fair value. Did you store all your items? Did you take them with you? Furniture and all? Did you take your cat or dog?
Do you find a new job in the States, return to your house and look for a new job?
Just newbie questions, thanks for the support.
Retirement and coming back "home"
Well
I dont own a home but I put everything worth keeping in storage.
Most schools dont give enough of a moving allowance to move a household on that scale.
I have no pets (well a cactus), I use to say it was horrible moving a pet overseas, but lately ive heard positive feedback from this forum, so its not all that bad really. Depends on the country and the animal.
I doubt i could teach in a public school back in the states, i just havent kept up on the rules, regulations, guidelines, policies, assessment, etc. I could do a private school, but a public school, id be a newbie, but ive been an international teacher for 8 years.
As far as retirement, in the netherlands if you contribute social security contributions you will be entitled to a pretty nice government pension when you hit retirement age, and free health care (no medicare). Most people who move around a lot or teach in countries without a retirement system, usually get an end of the year bonus equal to 1/2 to 1 months salary, that they can invest as they see fit. You cant do IRA's, or 401/403 accounts but their are some excellent banks that have programs that cater to expats usually out of london for europe, and hong kong for asia. I have a simple date to retirement account with a conservative risk portfolio. They are not hard to find and set up, your school may even do a payroll deduction for you.
Most schools dont give enough of a moving allowance to move a household on that scale.
I have no pets (well a cactus), I use to say it was horrible moving a pet overseas, but lately ive heard positive feedback from this forum, so its not all that bad really. Depends on the country and the animal.
I doubt i could teach in a public school back in the states, i just havent kept up on the rules, regulations, guidelines, policies, assessment, etc. I could do a private school, but a public school, id be a newbie, but ive been an international teacher for 8 years.
As far as retirement, in the netherlands if you contribute social security contributions you will be entitled to a pretty nice government pension when you hit retirement age, and free health care (no medicare). Most people who move around a lot or teach in countries without a retirement system, usually get an end of the year bonus equal to 1/2 to 1 months salary, that they can invest as they see fit. You cant do IRA's, or 401/403 accounts but their are some excellent banks that have programs that cater to expats usually out of london for europe, and hong kong for asia. I have a simple date to retirement account with a conservative risk portfolio. They are not hard to find and set up, your school may even do a payroll deduction for you.
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wrldtrvlr123
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Re: Retirement and coming back "home"
[quote="WyGal"]When you are teaching abroad, how do you save for retirement and what do you do when you return home? Did you sell your house or rent it out before leaving? In this housing market we refuse to take less than fair value. Did you store all your items? Did you take them with you? Furniture and all? Did you take your cat or dog?
Do you find a new job in the States, return to your house and look for a new job?
Just newbie questions, thanks for the support.[/quote]
First time out we sold our house and sold or moved everything, except a few bins of stuff left with family.
After coming back to the states for 2 years (2 years ago) we bought a house and found jobs in a different state near different family. We then were lucky enough to sell our house (with all contents) at a decent profit.
I understand not wanting to sell your house for less than you think it's worth, but hopefully you will be able to budget the mortgage, taxes, insurance, utilities etc if you do not get an offer that satisfies you. Many people do rent, especially if they do not necessarily see this as a long term life style yet. For us, we never planned on coming back (and would still prefer not to).
As for retirement, our first schools did not provide any gratuity or retirement, although we did manage to save some money based on housing being provided and no US taxes.
Our schools now (and most good schools do), offer a 10% gratuity at the end of every year that you are free to save or invest as you see fit.
Do you find a new job in the States, return to your house and look for a new job?
Just newbie questions, thanks for the support.[/quote]
First time out we sold our house and sold or moved everything, except a few bins of stuff left with family.
After coming back to the states for 2 years (2 years ago) we bought a house and found jobs in a different state near different family. We then were lucky enough to sell our house (with all contents) at a decent profit.
I understand not wanting to sell your house for less than you think it's worth, but hopefully you will be able to budget the mortgage, taxes, insurance, utilities etc if you do not get an offer that satisfies you. Many people do rent, especially if they do not necessarily see this as a long term life style yet. For us, we never planned on coming back (and would still prefer not to).
As for retirement, our first schools did not provide any gratuity or retirement, although we did manage to save some money based on housing being provided and no US taxes.
Our schools now (and most good schools do), offer a 10% gratuity at the end of every year that you are free to save or invest as you see fit.
Could you rent out your house? Many of my colleagues who are homeowners seem to do that and then the renters pay the costs to cover the mortgage, but the house will be there for you when you are ready to retire.
Also, as far as saving for retirement, many schools offer some type of retirement package. If you have worked in the US for a while, check with your state retirement program. In many states, you only have to have taught for about 7 years to be "vested" and then you are entitled to some type of pension upon reaching 65 years of age.
Also, as far as saving for retirement, many schools offer some type of retirement package. If you have worked in the US for a while, check with your state retirement program. In many states, you only have to have taught for about 7 years to be "vested" and then you are entitled to some type of pension upon reaching 65 years of age.