The International Schools Review Forum

Spending a career in international schools can be incredibly fulfilling. You get to be the teacher that you want to be - students are enthusiastic, keen - you have the resources and the time to prep properly.

However my concern is, how can I manage my finances so that I can retire comfortably. Working in a national system often means that you are automatically enrolled in a pension system. But working internationally often a channeling money into a pension scheme falla through the cracks.

I am interested to hear from other international school teachers and how they are managing their finances for their post-65 lives!

I can't say that I am an expert, having entered international education in mid-career, but it does require some self discipline. Unlike my former life where my pension came right off the top of my cheque, I have had to pick and then set up a savings plan and then have the money deducted from my US savings account. Before my wife and I reached that point however, we had to come to grips with the fact that just because we are overseas doesn't mean we are on continuous holiday and no we can't visit a different port of call every holiday. When I look back at how much we have spent on holidays I am amazed we have any savings or a home to return to but we do and for that I consider myself very fortunate.

Find a good financial adviser. Ours said we need to save at least 15,000$ per year. Also buy a house, its the best investment we every made!

Now what are we going to do about health care???

You have the option of paying in your own SSI but you have to pay your portion and the employers. At a certain point you many consider it to get yourself vested or to bump up your amount of withdrawal. I think it is about 16% but it may have gone up.