My plan is to retire in 5-7 years. I could do that sooner if I went into stock market (and prayed that the mythical 4% per year returns will be sustainable in the future) or became a landlord, but I prefer to play it safe.
> Would you be retiring in Poland? What kind of monthly expense do you foresee?
Yes, retiring in Poland. My plan is to go broke at 90-95.
I'm thinking 5000-6000 PLN per month ($1300-$1500), plus owning a property, will allow for a great living. This should even cover a very good nursing home (well as far as these places can ever be very good) when I'm unable to take care of myself. (I dont' and won't have children).
BTW there seems to be plenty of people from the UK who moved permanently to SE Asia (I imagine it can be cheaper than Poland + no winters) and who are sustained via rent from their London flat/house.
Yes. There are accounts in Poland which pay around 0-2% post-tax above inflation (the number vary year-to-year, depending on current economical conditions), which will help the capital still earn a bit of money.
For all, be aware that this kind of money are extremely rare (but doable in some niches) in Poland. Half of that is generally perceived as very good salary for most IT jobs, and median is probably quarter of that.
Yep - even our prime minister/president doesn't make that much a month, more like half that. I used to know a Polish guy making million Polish zloty/year(so about $300k) but he was the head of the Polish division of a major German insurance company.
Most of my Polish friends working in Poland as programmers(ranging from C++ to Web development) make about ~$2500-3500/month, and that's considered extremely good for where they live(Krakow and Warsaw).
Yep that's true. I don't count on making this kind of money locally (I don't even go through Polish job ads any more, as I can make more remotely or by taking up a contract in Western Europe), I just randomly found this opportunity.
But still, you can work remotely for a US company and make that kind of money. That's pretty realistic and was probably the source of the fortune cookie wisdom.
I never thought such kind of money is possible in Poland, except in one shitty company that shall remain unnamed here. Could you tell what do you do to earn such a salary ?
One was a remote job at a SV startup and now I'm making pretty much the same in an in-office job in an international corp. I filled a niche they badly needed to fill (it's not like I'm some unicorn though) hence the unusally high pay.
Nope, it's Big Data (infrastructure, pipelines etc.). Nothing exciting or innovative, it's just that there are too few people in this field who know what they're doing compared to the demand.
That's weird, because most Big Data jobs I know about are paying below average rates, like 3000 USD after tax, no more. Basically there's almost no market for such skills in Poland, yet.
I was an expat in Poland for some years (unfortunately non-STEM job) and with that money your only limit is yourself.