Teachers .... How much have you saved after how many years?

[BritManToo]

Just now, dabhand said:

Yes, no benefit if you pass on before or just after reaching 65, but if you manage a good few years thereafter, even frozen, a rather decent ROI.

7 years ........... if you pay voluntary contributions, you need to have the pension for 7 years to get your money back (age 73).

I was thinking of paying for some extra years, but it doesn't look like I have 7 years more in me, so I won't be making those contributions now.

[Neeranam]

9 minutes ago, dabhand said:

I left the UK in 1979 but continued paying class 3 until I had reached the 35 years contribution level.

I pay 150 quid a year Class 2 contributions. Also, paid back 10 years for 66,000 baht. 

[kynikoi]

Can we stop discussing pensions and money from home countries. That wasn't the question AT ALL.

[BangkokReady]

2 hours ago, alien365 said:

My understanding is that I can continue up to retirement. I have been paying via direct debit for 8 of my 9 years.

 

https://www.gov.uk/pay-voluntary-class-3-national-insurance

 

How did you do it?  Contact them when you left?

[Neeranam]

13 minutes ago, kynikoi said:

Over 6.5 years I have saved 1,700,00. That does not include trips home but would include approximately one month of holidays per year (approx 325k) in Thailand unless we went abroad (below).

No, savings don't include money you have spent ???? 

[Neeranam]

1 minute ago, kynikoi said:

Can we stop discussing pensions and money from home countries. That wasn't the question AT ALL.

It's an open forum, you don't HAVE to read the posts. Some people are interested.

[kynikoi]

It would have if we'd just sat about and that's why I included it. Much of it very discretionary spending.

5 minutes ago, Neeranam said:

No, savings don't include money you have spent ???? 

 

[kynikoi]

6 minutes ago, Neeranam said:

It's an open forum, you don't HAVE to read the posts. Some people are interested.

 

No. People 30-50 in Thailand not interested in your boomer, geezer income from home. Entitled much?

[Neeranam]

4 minutes ago, kynikoi said:

 

No. People 30-50 in Thailand not interested in your boomer, geezer income from home. Entitled much?

As a newbie here, you'd best learn to show some respect and less of the insults.

 

I am not a boomer and get my pension in 12 years. 

[kynikoi]

2 minutes ago, Neeranam said:

As a newbie here, you'd best learn to show some respect and less of the insults.

 

I am not a boomer and get my pension in 12 years. 

 

Respect. Looking at your back posts I think you forgot the /s switch there.

 

The question was not the least bit about how much money you allowed your government to steal from you which you gleefully announce to us about some date uncertain over a decade in which they will benevolently piecemeal it back to you.

 

It's about your ability to earn and save in Thailand.

 

Have some respect and don't hijack the thread.

 

[Neeranam]

31 minutes ago, kynikoi said:

This is only Thailand and Thai money, investments

 

 

 

I've taught at five schools three public and two private.

 

Over 6.5 years I have saved 1,700,00. That does not include trips home but would include approximately one month of holidays per year (approx 325k) in Thailand unless we went abroad (below).

 

Trips in Thailand I paid all.

 

First three years wife paid half, second few paid 25%. Last two years we've not traveled regionally. We've been to Japan twice, Indonesia and Korea. All were at least ten days but Korea was maybe four as stopover. Years prior to that we'd been to Myanmar, Singapore, Malaysia and just Bali.

 

I pay rent, utilities, household items. 80% of shared food as my wife often brings home and orders stuff.

 

Bought a nice laptop 25k. Phone 12k

 

Drink decent bourbon or scotch.

 

We go out to eat once every three weeks.

 

I give her mom b1000  and her dad 500 and a decent bottle of booze when we see them about every six weeks. Take family out twice a year. Extra booze to pop few bottles every year.

 

Very simple, clean AC flat with a decent view. Safe, clean and close to transport.

 

We live simply. My wife saves about 40% of her small paycheck. Eat well.

 

Invested it's almost 3.2m thb I think.

 

I'm a good saver and manage money well. It allowed me to retire mid 40s.

 

Edit. Also Thai SSO about 50k in there now.

So nothing outside Thailand.

 

"I've taught" suggests you still teach, but later you say you retired at 40.

 

You've saved 1.7 million or 3.2 million? 

 

You paid all the trips in Thailand but made you wife pay for the foreign trips or someone else paid?

 

Sound a bit "kee ngok", eat out once every 3 weeks.

 

Why are you talking about SS money, please keep to to savings, not money you will get when you are 55. 

 

 

[alien365]

13 minutes ago, BangkokReady said:

 

How did you do it?  Contact them when you left?

Yes. I contacted them a year after I had left. On the link if you click on 'pay now' then choose your payment choice, it will come up with a form to print, complete and send back via post. They then send you a letter telling you how much the payments will be. I get a letter every now and again informing me of any changes but it's only a few pennies here or there. You can also backdate your payments for some of the years you have missed. It definitely helped my piece of mind.

[Neeranam]

1 minute ago, kynikoi said:

 

Respect. Looking at your back posts I think you forgot the /s switch there.

 

The question was not the least bit about how much money you allowed your government to steal from you which you gleefully announce to us about some date uncertain over a decade in which they will benevolently piecemeal it back to you.

 

It's about your ability to earn and save in Thailand.

 

Have some respect and don't hijack the thread.

 

What posts?

 

Voluntary contributions means.... well isn't it obvious? It is not theft. 

 

I know exactly how much I pay and how much I'll get.  150 pounds a year and 179 pounds a week.

[Neeranam]

Just now, alien365 said:

Yes. I contacted them a year after I had left. On the link if you click on 'pay now' then choose your payment choice, it will come up with a form to print, complete and send back via post. They then send you a letter telling you how much the payments will be. I get a letter every now and again informing me of any changes but it's only a few pennies here or there. You can also backdate your payments for some of the years you have missed. It definitely helped my piece of mind.

I contacted them 15 years after I left. Fill in a form and then pay the money.

[simon43]

2 hours ago, alien365 said:

My understanding is that I can continue up to retirement. I have been paying via direct debit for 8 of my 9 years.

 

https://www.gov.uk/pay-voluntary-class-3-national-insurance

 

If you pay class 2 NI, then you can top-up for many years.  I left the UK in 2001, and have topped up from 2006 to the present day, about 160 GBP for each year.  I'll have about 20 years of NI contributions when I retire in a few years.  That will create a UK government pension of about 500 GBP ($800) per month.  It doesn't sound much, but with my savings and online teaching, then I'm fine here in north Laos.

 

I save about $1,000 every month in an 'education fund' bank account - pays 8% per annum interest. (I teach science online).

Edited May 22, 2021 by simon43

[kynikoi]

Just now, Neeranam said:

So nothing outside Thailand.

 

Absolutely. But that wasn't the question.

 

1 minute ago, Neeranam said:

"I've taught" suggests you still teach, but later you say you retired at 40.

 

I got married and couldn't afford both of us to be running around the world. I'll be fully retired in less than five years (we).

 

3 minutes ago, Neeranam said:

You've saved 1.7 million or 3.2 million? 

 

Saved 1.7 but invested it's 2.3 not 3.2 that was a big error.

 

4 minutes ago, Neeranam said:

ou paid all the trips in Thailand but made you wife pay for the foreign trips or someone else paid?

 

I'd always ask my wife to pick up some of her trip to offset my overall costs. If I'd stopped working it would change our financial situation markedly. Early years I thought about quitting often especially when the teaching was long, difficult and nothing to show for it. I quit one job three times in one year haha. Then I started catching breaks and life is good.

 

7 minutes ago, Neeranam said:

Sound a bit "kee ngok", eat out once every 3 weeks.

 

Petty. Usually we are both exhausted. That's what keeps us home. I stay away from falang food it just makes me fat

 

9 minutes ago, Neeranam said:

Why are you talking about SS money, please keep to to savings, not money you will get when you are 55. 

 

I'm over 55. I can pull Thai SSO any time. It's additional 6k year.

 

That is my response.

 

In a few years we'll crack it open, buy a car and move south. I still more or less enjoy teaching.

[Neeranam]

2 minutes ago, kynikoi said:

I'm over 55. I can pull Thai SSO any time. It's additional 6k year.

 

That is my response.

 

In a few years we'll crack it open, buy a car and move south. I still more or less enjoy teaching.

Ah, OK glad we got that straight, you didn't retire at 40, you are still working flat out over 55.

 

You can't get $6k a year Thai SS, are you talking baht?

 

If you have been working for 6 years, you should get about 800 baht a month. 

[Pravda]

Livin' the dream.

 

 

[kynikoi]

11 minutes ago, Neeranam said:

Ah, OK glad we got that straight, you didn't retire at 40, you are still working flat out over 55.

 

You can't get $6k a year Thai SS, are you talking baht?

 

If you have been working for 6 years, you should get about 800 baht a month. 

 

So negative. Your students must find you a joy to be around. This school is trying but I'm well paid. I left a school I loved for money that I didn't absolutely need but few years later dynamic there changed and everyone's leaving.

 

Yes, the early years were difficult but I found it rewarding. I enjoyed the students and loved getting out of the house. It was always most about that at first. I didn't want to pull my wife from a good job her at 36 to do what? I'd been traveling Asia since 92. It felt good to settle in, be married and be productive. I've done some absolutely amazing things with my students that I consider life accomplishments. Things I could use to apply for citizenship.

 

No, you're working flat out for no money. I'm alright Jack.

 

6k thb on top of the 50k. Hey, you turning your nose up at free money? Noticed all you're commenting on is some pension back home.

 

You just don't know. SSO pays you out when you quit. You get no monthly. You do get to continue on with insurance and that's excellent.

[Neeranam]

29 minutes ago, simon43 said:

 

If you pay class 2 NI, then you can top-up for many years.  I left the UK in 2001, and have topped up from 2006 to the present day, about 160 GBP for each year.  I'll have about 20 years of NI contributions when I retire in a few years.  That will create a UK government pension of about 500 GBP ($800) per month.  It doesn't sound much, but with my savings and online teaching, then I'm fine here in north Laos.

 

I save about $1,000 every month in an 'education fund' bank account - pays 8% per annum interest. (I teach science online).

You are my hero Simon. I know you earned over 1 million baht a month and had a few luxury hotels in Phuket, yet are content in your simple lifestyle nowadays ???? 

[Neeranam]

2 minutes ago, kynikoi said:

I'd been traveling Asia since 92. It felt good to settle in, be married and be productive. I've done some absolutely amazing things with my students that I consider life accomplishments. Things I could use to apply for citizenship.

Where have you been? I came here in 92 and have travelled around some other countries.

 

What do you mean about things you could use for citizenship? All you need for that is 40k a month for 3 years and some basic qualifications. 

[Neeranam]

4 minutes ago, kynikoi said:

You just don't know. SSO pays you out when you quit. You get no monthly. You do get to continue on with insurance and that's excellent.

I do know, there are rules. 

 

If you have over 180 months, you can get monthly payments. If not, you get a lump sum based on what you've pain in. 

[KannikaP]

4 hours ago, alien365 said:

and have been putting money towards annuity insurance too, which will help in the latter years of life.

At what percent interest?

[DavisH]

4 hours ago, alien365 said:

My understanding is that I can continue up to retirement. I have been paying via direct debit for 8 of my 9 years.

 

https://www.gov.uk/pay-voluntary-class-3-national-insurance

Lucky you can do that. Australians cannot. So I'll be working till I drop lol

[kynikoi]

52 minutes ago, Neeranam said:

Where have you been? I came here in 92 and have travelled around some other countries.

 

What do you mean about things you could use for citizenship? All you need for that is 40k a month for 3 years and some basic qualifications. 

 

I've lived in six different countries in South and East Asia. From Afghanistan to Korea visited all but Bhutan, Bangladesh and Brunei. Spent years in Korea, India, Cambodia, Indonesia, Thailand.

 

Rrright if that were the case there'd be scores of farangs granted annually. Somehow, not the case.

[BangkokReady]

@simon43 @Neeranam @alien365, What kind of information do they ask you?  Do they want to know what you've been earning overseas or details about tax paid overseas?  Are there any issues about the "the past three years" thing for being resident?  I've come and gone a couple of times since I last worked in the UK several years ago.

 

It baffles me how they can state "you must contact us if you do x, y, z" then apparently people who don't aren't hassled at all.  Why state a rule if they don't care if someone doesn't follow it?

[Neeranam]

22 minutes ago, BangkokReady said:

@simon43 @Neeranam @alien365, What kind of information do they ask you?  Do they want to know what you've been earning overseas or details about tax paid overseas?  Are there any issues about the "the past three years" thing for being resident?  I've come and gone a couple of times since I last worked in the UK several years ago.

 

It baffles me how they can state "you must contact us if you do x, y, z" then apparently people who don't aren't hassled at all.  Why state a rule if they don't care if someone doesn't follow it?

I phoned them around 2005 and they said I would have to pay about 7000 pounds for the 10 back years, class 3. It was too much so I declined. Then I phoned again around 2015 and they said I could pay the class 2, so I jumped at the chance, around 1500 pounds for the 10 years. 

They seem to be interested in your last type of job in the UK. I think I said I was self-employed here. 

 

[Neeranam]

44 minutes ago, kynikoi said:

 

I've lived in six different countries in South and East Asia. From Afghanistan to Korea visited all but Bhutan, Bangladesh and Brunei. Spent years in Korea, India, Cambodia, Indonesia, Thailand.

 

Rrright if that were the case there'd be scores of farangs granted annually. Somehow, not the case.

The only one I spent time in was India for 6 months. Great memories. 

 

Many farang don't know how how easy citizenship is. Took me 3 years and 5,000 baht. 

[kynikoi]

1 hour ago, Neeranam said:

Many farang don't know how how easy citizenship is. Took me 3 years and 5,000 baht. 

 

One month Afghanistan, one month N Pakistan, 4 months Nepal about 2 years total India. One and half year far north six months walkabout in central and south. 4 months Myanmar.

 

Must be so proud being a citizen. 1m join fb group I want to leave the country.

Edited May 22, 2021 by kynikoi

[alien365]

1 hour ago, BangkokReady said:

@simon43 @Neeranam @alien365

 

 

1 hour ago, BangkokReady said:

@simon43 @Neeranam @alien365, What kind of information do they ask you?  Do they want to know what you've been earning overseas or details about tax paid overseas?  Are there any issues about the "the past three years" thing for being resident?  I've come and gone a couple of times since I last worked in the UK several years ago.

 

It baffles me how they can state "you must contact us if you do x, y, z" then apparently people who don't aren't hassled at all.  Why state a rule if they don't care if someone doesn't follow it?

They ask vaguely about your years employed and nothing about salary or tax. Regarding residency I'm not sure.  

 

Edited May 22, 2021 by alien365