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Q: What is your retirment plan in China?
I need one...
6 years 33 weeks ago in Family & Kids - China
I'd been looking into this Scots as we're in similar positions/backgrounds. Startting points are below:
1) Check with both the Isle of Man and UK social security departments and get pension statements from them. Our state pension pots are now split between the two.
2) Then look at paying voluntary class 3 contributions (about 700 pounds/year). I'd done the calculations and it looked better to top up the UK state pension UNLESS you plan to retire to the Isle of Man
3) You can buy back the years you've been in China...
So in 10-15 years you'll end up with a full state pension in the UK and a partial one in the Isle of Man. I've done my numbers and in todays money I'd get 200 pounds/week. That's 90,000 RMB/year or about 8,000 RMB/month. So you need more...
3) If you've got savings or are saving regularly then you need to make that money grow. It won't happen in China. You need to look at low-cost index funds (ETF's = Exchange Traded Funds). For us there's only really 3 companies we can use. With a balanced portfolio you could get a fund to grow 7% / year on average over 10-15 years.
Key point - money would be outside China. You'd need to transfer money out every few months to make the investments. Start as https://andrewhallam.com/
How long is left on your Chinese mortgage? Look at paying it off early...get it paid by the time you're 60. Why? ...
Here's the big kick in the teeth. Under current regulations WE CAN'T GET A WORK PERMIT AFTER 60 (unless in Shanghai).
So unless you work illegally you'll need to have money to get by one from 60 to 67 when you get the state pensions.
Then there's also healthcare. I pay ~13,000 RMB/year now at 52...imagine how much that is going to cost when I'm 60+?
THIS IS WHY I'M GOING HOME...
I've been talking with my wife on and off for a couple of months now about relocating back to the UK, getting a job there, buying a small house and getting some real retirement funds laid down. Retirement options and getting more frustrated with daily shite was pushing me into it,
Then my plans were confirmed this week as I was made redundant on Monday. So it's serious job search time back in blighty for me now. I've arranged that I'm on "gardening leave" for 4 months rather than redundancy to keep my work permit going.
See you Friday night mate to discuss all this over a few beers...
Your goal should be to save enough money to live without working until you die after you decide to retire.The more money you save, the quicker you can retire. If you live pay check to pay check in china you will be in rough shape when you get older. If you have enough money you can retire pretty much anywhere on the planet minus a few like NK a few other places.
Your whole plan should revolve around getting and saving money ..by any means necessary within reason.Thats the key to retirement. Because without money, there is no way to retire in china....you can try..but you're going to have a shitty time, that's the truth. Imagine going through all the BS you go through now but when your a 75 old man with no job and no money and you need healthcare And deal with visa and every other crazy fucking thing. The thought alone makes me cringe.
i Know it sucks, but money is the only thing you need. Im not saying you need to be rich. You just needs enough to live your lifestyle and be comfortable.
So now figure what your options and skills are to make money in china and go do it.What did you plan on doing? Like what are retirement ideas? And how old are you?...if you don't mind me asking.
achievable goal #1 --- get the wife a job!
icnif77:
... and make her feed family with what she earns.
Use that as a lesson to 'teach' her value of money ...
I tried that (to teach her value of (my) money) and we split shortly after.
1. Understand that you really can't retire in China unless you have a lot of money
China can throw you out at anytime. There's no rule of law so you can be easily extorted and detained.
My retirement place has to be rock solid.
Your retirement plan in China should be to get out of China. There is a reason you don't see a lot of 60+year-old foreigners in China. Of all the places on the planet to retire, China is one of the most difficult ones to do it in....but i get your situation....
What I did was buy a house in my home country and rent it out when im in china. That way you get a bit of income and you have a place to go when you want to come home. Its not as easy for some people to do....but it solved my worry when im in china about having to find a place to live in my home country if I ever wanted to go back. So for teh past 10 years ive been doing these 1 and 2-year stay in my home country than in China and back and forth.
But you have to do what works for you.
I’ll be dead long before I can even think about retirement.
you could live in China and Thailand, back and forth without retirement worries. Most western countries offer a government safety net retirement that is adequate for a less expensive country. A million Americans live in Mexico, many illegally ironically. there are youtube channels for living in Thailand, Philippines, Mexico and many others.
Direct deposit and securing your government retirement check and getting access to cash is the biggest problem when living in developing countries. Many expats go to Saipan for medical check ups with medicare and if they know it's something serious, move to Mexico, Playas Beach, so your close to San Diego and western hospitals in an emergency. I have lived in all the places mentioned, but as your get older, leave the bar scenes and nightlife, it only becomes a crime risk as you get older. The latin american countries have good hospitals and healthcare and monthly premiums for the elderly permanent residents less than 100 dollars a month, some lower than 50. My preference is the eastern european countries, not much family to contend with for visits to the states and I really don't want to learn Spanish.
ambivalentmace:
I can see the day when China allows permanent residency to overseas foreign seniors to get cash as demographics, work force, and capital all leave and housing becomes a glut, but that is probably 15 years away.
I'd been looking into this Scots as we're in similar positions/backgrounds. Startting points are below:
1) Check with both the Isle of Man and UK social security departments and get pension statements from them. Our state pension pots are now split between the two.
2) Then look at paying voluntary class 3 contributions (about 700 pounds/year). I'd done the calculations and it looked better to top up the UK state pension UNLESS you plan to retire to the Isle of Man
3) You can buy back the years you've been in China...
So in 10-15 years you'll end up with a full state pension in the UK and a partial one in the Isle of Man. I've done my numbers and in todays money I'd get 200 pounds/week. That's 90,000 RMB/year or about 8,000 RMB/month. So you need more...
3) If you've got savings or are saving regularly then you need to make that money grow. It won't happen in China. You need to look at low-cost index funds (ETF's = Exchange Traded Funds). For us there's only really 3 companies we can use. With a balanced portfolio you could get a fund to grow 7% / year on average over 10-15 years.
Key point - money would be outside China. You'd need to transfer money out every few months to make the investments. Start as https://andrewhallam.com/
How long is left on your Chinese mortgage? Look at paying it off early...get it paid by the time you're 60. Why? ...
Here's the big kick in the teeth. Under current regulations WE CAN'T GET A WORK PERMIT AFTER 60 (unless in Shanghai).
So unless you work illegally you'll need to have money to get by one from 60 to 67 when you get the state pensions.
Then there's also healthcare. I pay ~13,000 RMB/year now at 52...imagine how much that is going to cost when I'm 60+?
THIS IS WHY I'M GOING HOME...
I've been talking with my wife on and off for a couple of months now about relocating back to the UK, getting a job there, buying a small house and getting some real retirement funds laid down. Retirement options and getting more frustrated with daily shite was pushing me into it,
Then my plans were confirmed this week as I was made redundant on Monday. So it's serious job search time back in blighty for me now. I've arranged that I'm on "gardening leave" for 4 months rather than redundancy to keep my work permit going.
See you Friday night mate to discuss all this over a few beers...
It's impossible to plan past your next visa application.
ScotsAlan:
Agree with that. Today I was on a supplier visit with a Chinese colleague I have never interacted with. He asked me if I had a green card. He thought a Chinese green card was the same as a US one. Such is the propoganda fed to Chinese about 'China opening up'. Chinese think China is. We know otherwise.
i AM RETIRED been in China (retired) for 6+ years. never expected this. thought I would stay one or 2 years and go somewhere else.the cheap cost of living has kept me here. the planning part is really simple... while the laws and regulations say one thing.... reality is that they look after common sense.15% is a great savings dream 10% should be mandatory.Doubt I could have lasted here this long in GZ or BJ or Shanghai but this little town that I happened upon is just plain WONDERFUL
biggj123:
You have a similar story as my own...but I make my money in Canada rather than China. I usually only work just to keep busy in China. In Canada, i well test for Trican well service. I come to Canada and do that for 1 or 2 years at a time and my salary is quite high, a bit over 100k.;i did that mostly when I was in my 20's. Pretty much saved all of it since it was a camp job and never had to spend my money on nothing.
With money retirement in china is quite easy...im not really retired...but in china i kind of am...I just kind of hang out and relax, go on little trip once a month or something like that. and just hang with my kid. i bought a little bar and just hang out there at night play pool and watch movies. But i think in 2 years im going back and working for one more year in canada and coming back to china for good and work part time teaching just to cover my bill so i dont dip in my savings...and just hang around china until i die. haha I would kind oif like to live in an anouther aisan country...but im just too invested in china...so china it is.
ANd for sure, little teir 8 towns are the best lol. The dollar goes a long way there. I pay 3000 RMB rent in this small town and its like a 20,000 rmb place in hangzhou and shanghai....I love it Although China is not a place that gives me assurance o thef future, Who knows what they will do with foreigners in the futurs...thats why it is smart to have a back up plan in your own country. .MY FAMILY withiut a doubt will always support me CHINESE FAMILY my Canadian family will wonder why I DIDN'T BUY LIFE INSURANCESO I got the best wife and family on the planet hahqahhqahhaq good luck
Hmmm...
I feel I am retired already...
Enjoying sunshine and walks every day. Nothing to worry about. Only happiness...
Why would anyone need a plan, just enjoy life while living.
I'm already 32 Chinese age this year, if I don't plan my life well it would be too late.
I had unstable job situation during the past few years and it left me broke. I have gone through poverty, it was scary while being alone in the big city.
Thanks goodness, finally I have had a stable job for a year pays 10K a month with insurance which I'm still working on even it is a shitty company. I also started to get some more orders from my own business, so recently I can make 5000rmb/month for my business profit+10K monthly salary.
I am careful with the spending for being able to save money fast for securing my future. I have sent 4000rmb as my monthly living cost to my Agriculture bank account, let most of my salary and business profit stay at my ICBC bank account. I have invested some on alipay for stable monthly interest(not a lot but stable income everyday). Some money are in my USD account, I leave them there for changing to more rmb when exchange rate goes up or for spending them when I'm in USA.
I plan on stabilizing my business so I can get stable business profit ranges from 10K-15K/month before the end of this December and quit my job for running my own company.
Still have not found the right man yet, and keep looking.
I plan on buying a house of my own on 35 and get married and have my kids.
Hope all plan goes well.
My plan B is find a nice paid manager job if my business failed.(but slim chance that I'll need plan B because my business has 90% of chance for getting very successfully based on what I have been achieving).
My plan C is my parents left me house in my village in case I am old and broke one day, and I have a place to live and won't need to sleep in the street. I feel happy that I have parents, that's great love:)
