Early Retirement In China

[mickeyman 5]

My wonderful Fiancé is about ready to have her interview in Guangzhou and we are being confident that all will go smoothly. Here is the next huddle for us, she has about 4 more years to work before she can officially retire (unless the China government make the changes they are talking about then even longer) so can the members please share with us how they went about retiring so we can have a better idea of what to expect and possibly what we will need to do.

[hawkeyez 45]

Are you retired?

[mickeyman 5]

no I am still working and will for at least another 3 to 4 years..her concern is that when she ask her company to retire early they will say no. We were hoping to find other people here that went through the same process and can share how they handled the whole thing.

[hawkeyez 45]

I was going to suggest you move there if you were retired. I suspect she may be SOL. but she will have to research it on her side.

[bigdog 376]

All our friends who are in the same situation it is tough. If she has government pension or company makes a difference. Unfortunately only the two of you can decide which is best economically. Good Luck to both of you, four years is a tough one.

[dan_ling 6]

My wife had to get this retirement thing straightened out with her company and insurance so when she came to the US and turned 50 that her retirement money would go to her mother or sister. She said she didn't want to waste the money she had already paid in, anyway it took her a few months of going back and forth with her company and the insurance company to where we pay somewhere around 6,000 ren a year till age 50, and she turns 39 later this month. My wife says it is different with each city and based on what percentage you pay in is the percentage you get back, she wanted 100% payout.

[mickeyman 5]

My wife had to get this retirement thing straightened out with her company and insurance so when she came to the US and turned 50 that her retirement money would go to her mother or sister. She said she didn't want to waste the money she had already paid in, anyway it took her a few months of going back and forth with her company and the insurance company to where we pay somewhere around 6,000 ren a year till age 50, and she turns 39 later this month. My wife says it is different with each city and based on what percentage you pay in is the percentage you get back, she wanted 100% payout.

Dan_ling

Good information thank you.

So would youtell us did she stay in China for those 2 months while she work things out or did she go ahead and come to the US and do it long distance?

[mickeyman 5]

All our friends who are in the same situation it is tough. If she has government pension or company makes a difference. Unfortunately only the two of you can decide which is best economically. Good Luck to both of you, four years is a tough one.

You are right bigdog 4 years would be a really long time. We know it will be a big decision and one we will have to face soon (since interview is next week). We were just hoping to see what others had done to act as a bench mark for what might be ahead of us.

[Big Rabbit 0]

My fiancé and I have talked bout this briefly in the past. I don't have much understanding about the retirement system in China but she explained to me that there was a way to resign from her company but still continue to make the monthly contributions to her retirement fund (I guess similar to our social security) that would allow her to receive her entitled benefits once she reaches retirement age. She is in her early 40s as I am and has been working for the same company for over 20 years. I am thinking we will eventually go back to China and retire there, so I see the opportunity of continuing to pay her retirement dues as a good investment. In addition compatible to US standards it is not much per month, so I plan to help her pay for this. Not sure if this applies to your particular situation but it is worth having your fiancé look into it.

Best wishes to you.

[dan_ling 6]

You are right bigdog 4 years would be a really long time. We know it will be a big decision and one we will have to face soon (since interview is next week). We were just hoping to see what others had done to act as a bench mark for what might be ahead of us.

She got most of it completed when she was in China but she had to make a few calls when she was here in the US and had her sister help her out going back and forth with the paperwork to both her company and the insurance company. It takes China twice as long to do things, I think it is first in first out there except maybe if you greased their palms.

[bigdog 376]

no I am still working and will for at least another 3 to 4 years..her concern is that when she ask her company to retire early they will say no. We were hoping to find other people here that went through the same process and can share how they handled the whole thing.

We still have homes in China, I assume that we will send some our our retirement time there after getting rid of some of the horses and other animals so we can travel. China retirement mystery to me also.

[mickeyman 5]

Thank you all for filling some of the unknowns for us. We now have our approval so we will soon find out what this early retirement is like in Wuhan and once we do of course we will put as much information out there so those that follow Will have a bit more idea of what they might expect.