Saving For Retirement When Living Abroad
Jan 2, 2009 Other 1913 Views
If you plan on making teaching English your career, you're probably going to have to start saving early for your retirement. Some employers do offer retirement fund options, so ask yours if they have one that you can join.
Whether they do or not, the first thing that you should work on is budgeting. read more about budgeting. Make sure you can save a bit of money every month. Even if you just put that money in the bank, it will help out in the future. There are also high interest accounts that you can use. HSBC is a popular option. You'll probably want to diversify your savings as well. Even if you never plan on going home, you might want to consider having a bank account in your home country and the country where you live.
Stocks and bonds are another option. If you decide to go this route, be sure to talk to a financial advisor to find out what's the best for you.
Property is great for those who have stayed in a foreign country for years. You probably know about the housing market and are entitled to legally buy property. Whether you want to rent out your property or plan on buying places and then selling them later, most people will agree that property is one of the best options to save for retirement.
Diversify your income. Teaching is one way to make income, but you might have to consider other ways as well. Tourism, such as tours, hostels, and hostals, are good ways to earn a bit of cash on the side.
Don't forget the internet. Many people are able to earn a little bit extra through websites or blogs. They're pretty easy to make, though it might be a challenge to make a lot of extra money.