Retirement plan for 28 y/o

[bytehoven]

Hello everyone, I’m an expat living in Vietnam and I teach for a living. It’s a modest amount that I earn and I don’t get the benefit of a retirement plan with my workplace due to my foreigner status, so for the past few years I’ve been living paycheck to paycheck and it’s only now I’ve started to put some money aside (not into a savings account, just a normal one). My only accounts I have are Vietnamese, but I’m hoping to open an account with an international bank so it makes moving elsewhere a bit easier.

My questions are:
- which bank is the best for setting up a savings account and is expat-friendly?
- is there a way for me to put money aside for my retirement as early as now?

I’d like to be better about planning for my future but don’t really know where to start. Does anyone have any advice regarding this? I’d just like to look after my future self a bit more.

 

[michaelnkf]

@bytehoven You should read a copy of the expat millionaire.

Has lots of country-specific advice fornoptimizing your investments and how to avoid some of the less benevolent investment companies that exist out there for expats.

 

[caroburgh]

@bytehoven In reference to your statement “look after my future self a bit more”, as an American expat teacher who started at the bottom of the totem pole (small English academy in Korea) to now working at top international schools, my advice would be this: after setting up an emergency fund, invest in yourself by getting the necessary qualifications to work at such schools, where you get amazing financial packages and can easy saving a ton of money every month. The best American/British/Canadian international schools require, at minimum, a teaching license from those countries. A master’s degree obviously helps too, but I’ve never gotten one and still was hired. I’m not sure where you’re from, but I’ve used large banks like Chase and Schwab (both have been ok with me being overseas) and I’ve used Interactive Brokers for investments and will soon switch to Schwab for that.

 

[dhaezie]

@caroburgh Totally agree. I started in a hagwon, moved to Vietnam and taught at language centres. Got my PGCE and moved into an international school, now in the process of getting a master's to get into a better school. The pay difference between language centres and international schools is significant. Investing in yourself is the best way to beat the rising cost of living.

 

[vivienita]

@bytehoven If you plan to be in Vietnam for a few years you can invest in term deposits at any bank and make advantage of the relativ high interest rates for VND deposits.

 

[siyabong]

@bytehoven Speaking as someone who worked in SE Asia when I was younger - you will probably have to leave Vietnam to be able to make enough money to start seriously funding retirement.

Great place to visit though.

 

[shinesobright]

@bytehoven Look up Andrew Hallam, Millionaire Expat. He is an ex-teacher from Canada and Singapore American School.

 

[lauraaviel]

@bytehoven Happy to have a chat, based in SE Asia too. www.expatsavingsaccount.com