Retirement in Taiwan

[tando]

I agree. Knowing average would not be much help for individual retirement plan too.

[Brianjones]

I will give Gain his due here, wasn’t incorrect for the mean average earnings. Now that includes all bonuses, overtime all that stuff, from labourers to top management , from Hualien to Hsinchu, 18 years old to 65 so there’s going to be a huge range of numbers that produced those mean averages across the whole country.

Basically when you step outside Taipei city and Hsinchu most folks in full time employment are probably earning between 17k-40k NTD per month.

[Gain]

That also doesn’t include the bonuses. Median was 40k 2 or 3 years ago.

Besides, median is awful pretty much everywhere you look, except maybe Switzerland or Norway or Australia. Net median is like €1700-1800 in France and Germany and lower in the UK given the low exchange rate. That’s absolutely horrible.

@Brianjones

17k

[tando]

@Brianjones

Also median is an average too. Mean, mode and median are all averages.

I have never used average for other than mean. Something new to know.

The mode is much lower than median, btw.

8122416010USMXRNUA.pdf

[Brianjones]

17k because that’s what the foreign language labourers and caregivers get if they are lucky, plus many folks getting less than minimum wage in poorer areas. I know this because they told me what they get paid.

[Gain]

Whatever.

[Brianjones]

Facts

[Gain]

@Brianjones

Facts

Yeah right. Anecdotes = facts.

[Brianjones]

Labourers and caregivers pay after brokers fees and deductions are public knowledge.

[morran01]

My response yesterday was perhaps a bit short and missed a lot of context and disclaimers.

I am fully aware of what the average salary in Taiwan is and what the cost of living is. If your plan is to retire and build a career in Taiwan, you obviously don’t need 150k, but what about if you are 23 and coming to taiwan and you actually might want to retire back home and/or want to keep your options open ?

While you are in taiwan you are not building any retirement and/or in most cases career(someone who knows more about opportunities for former buxiban teachers in Europe or us can correct me)

So, you really cannot do long stretches in taiwan on a English teacher salary here and expect to be able to afford to retire in the old country when there is 0 or close to 0 pension waiting for you

If you don’t plan the long term to go back home, far less income is required

So basically, if you want to go back home one day, at the minimum you need to be saving the same as you would have done at home

[Noel]

I am pretty sure the title of this thread is retiring in Taiwan … And although it seems the discussion has gone more than a bit off topic, I guess if you are working towards retirement and it is in Taiwan, it qualifies???

It does seem worthwhile to discuss for someone in the situation you mentioned, but I think most of us are talking about actually retiring in Taiwan, not back in our old countries.

The above is especially considering my situation is the complete opposite - currently living in Canada and planning to retire in Taiwan.

[smileymiley]

Thanks for the replies. A question on something less contentious. My wife is Taiwanese so we will probably apply for a residency permit for me once we arrive in Taiwan. We will probably rent a place for a year to get a better idea of where we would like to live and the housing market
In the interim, and with this in mind, will I be able to:

• open a bank account?
• get a mobile phone?
• leave Taiwan?

Thanks for your help

[muubie]

Hello everyone! I’m new to the forum. My wife and I are in our 50s and we are thinking about possibly retiring in Taiwan in a few years time.

My wife was born in Taiwan and moved to New York as a child. Despite her being a US citizen I was told if she didn’t renounce her Taiwan citizenship then she is still considered a Taiwan citizen. Does anyone know if that is in fact the case? If so, how difficult would it be for me to obtain residency in Taiwan through her?

My wife has relatives in Taipei (Beitou, Neihu) and many in Hsin Chu. But moving from New York I would guess Taipei would be more suitable for us, at least in the beginning.

I guess my question has more to do with the cost of living in Taiwan. Since we will be retiring a little earlier I wanted to be sure we budget well. Healthcare in the US is crazy expensive. Can we fairly easily obtain health insurance in Taiwan if we don’t work?

From speaking with a few of her relatives I was told including rent, a budget of US$2,500-3,000 would be more than sufficient. Then when I ask friends in Taiwan they said we would need more like US$4,000. That would be cutting it close for us, at least until social security kicks in.

Our life here in NY is quite simple. The only thing we do that would be considered excessive is eat out a lot (we work long hours). Pre-covid we would eat out maybe twice a week and order take out maybe another two times a week. For entertainment we usually go biking, for long walks or hiking.

Thanks in advance for any insights and advice.

[KHHville]

Welcome. Looks like more and more considering this avenue for retirement.

Retirement at 50? Maybe in Taiwan

So I know the question of retirement in Taiwan has been bandied around a few times but mostly by people who haven’t actually lived in Taiwan or sometimes have even confused Taiwan with Thailand. My wife and I lived in Taiwan (Taipei city and county) for 8 years on and off from 1998-2010. Initially it was for Chinese study, but after we both taught English (yes, Engrish teachers, I know), until we moved back to Winnipeg, MB, Canada in 2010. I think we have a very good idea of what living in Taiwa…

https://tw.forumosa.com/t/retirement-in-taiwan/184352/7

Retiring in Taiwan

Hi folks, I know there is another thread about the best place to live, what about the best place to retire? Good air quality, not so bad weather, cheap housing, access to quality health care would be amongst the criteria. Residency rights and Chinese language ability not a problem. What about Jinmen? Or Taichung?

If wife born in Taiwan, should still have citizenship.
Can check local TECO in New York if she has not been back in a while (passport, etc.).
Taiwan has National Health Insurance. Once she gets on it and then you her spouse (getting spousal visa), then you get on it.

Others will soon chime in.

[finley]

You should have no issues obtaining residency.

Taiwan - and especially Taipei - has become much more expensive in the last few years. However rent, transport, and eating out are still better value than in most countries. NT$80K/month (US$2700) will buy you a very respectable lifestyle.

Just don’t buy a car.

[oneofdaroughs]

If you live outside of Taipei but still connected to Taipei via bus or MRT, then you will save a ton on rent. I have a family of 4. We spend about US$3300 per month. We don’t live high on the hog but on weekends will eat out…have gym memberships and will do a bit of cooking at home. Depends on your lifestyle and what you deem critical. My neighbors gasp at what I spend on food. But they are the same people who refuse to turn on the AC all summer long to save US$60-80 a month…

[KHHville]

Come to the dark side of Kaohsiung. Living costs about half or less of Taipei’s. Good luck, you shouldn’t regret the move in the twilight of your life.

[DrewC]

@KHHville

Good luck, you shouldn’t regret the move in the twilight of your life.

Depends on tolerance of sub-tropical weather. My Dad is in his 70s and absolutely refuses to visit during the summer (or late spring or early autumn for that matter).

[oneofdaroughs]

I lived In Kaohsiung before. Definitely cheaper but then the there’s the transportation…If you are brave to ride a scooter then it is cheap and convenient. Otherwise you will need a car down south and the stress management which comes with it. But purchasing used cars also in a tropical environment means you will spend about US$100 on just repairs. But I still think Kaohsiung is quite enticing…

[robi666]

Choose a nicer place for your retirement.