RetireJapan

Well, as I have posted in the real estate forum, the wife is currently in line to inherit a fair-sized chunk of land which I am guessing we will have to sell some off to supplement our retirement pot. As far as the lump sum is concerned I think that it is the same as severance pay which is half a mo...

So basically you’re looking at 130000 yen a month after approximately 25 years of payment. I’ll have about 30 years payment (same pension scheme) by the time I retire and I am a bit shocked at how low this is.

Thanks for the reply. If you wouldn’t mind sharing may I ask how many years you paid in and the approximate pension pay out at the end? By the time I retire I’ll likely have about 30 years paid in to the scheme and was wondering how much pension I’ll get.

I am enrolled in the private school mutual aid pension scheme at the private school I work at and was just wondering if anyone else on here is also?
https://www.shigakukyosai.jp/en/

Many thanks for detailed (and amusing) reply. It seems that, as I thought, it’s going to take a lot more looking into. The problem is that my wife is pretty bad at understanding all this despite being Japanese.

My Car (2010 Honda Freed) is coming up to 12 years old. It has 90000 km, which is quite low mileage for its age. Apart from changing the oil and tyres when required, in addition to the shaken every two years, it's never broken down or needed any additional maintenance. Based on this, I do believe th...

So long story short, my wife, an only child, will likely inherit her parent's land which is worth approximately between 60-70,000,000 yen (550 m3 at 125000 yen per m3). With two kids we probably won't have a great deal saved for retirement so I was wondering if selling off land for retirement is a g...

From what I’ve read online there is a 10 year rule where if you live together with your parents for 10 years before you inherit the land you don’t have to pay inheritance tax. It used to be 5 years but the law changed in 2017 to reduce tax evasion. I also believe that it is possible to give up to 1...

Her parents are in their late 60s/early 70s so we still have time to plan on what to do. Thanks in advance. In other countries, passing on assets well before death is recommended, to reduce/avoid these taxes. Does anyone know if that applies in Japan? From what I’ve read online there is a 10 year r...

Yes, as Ben notes the resale value of the land is apparently irrelevant as far as inheritance tax goes. The much lower assessed value is used for calculating tax which is why financial advisors here highly recommend passing on property rather than cash or shares. I am about to post a long piece on ...