Simple Q&A - iDeCo

[Moggy_the_cat]

Hello everyone,

Happy New Year! I hope you all had a great holiday.

Quick question: my iDECO account was finally setup in the beginning of October according to JIS&T. As explained in another post, my company declined to have money withdrawn through them to iDECO, so I went with the bank withdrawal option.

Well, it's been a few months since I set it up. The JIS&T website's 残高 still shows zero and nothing has been withdrawn from my bank. Should I be worried?

Any input is appreciated.
Thanks in advance.

Cheers!

[beanhead]

Hello everyone,

Happy New Year! I hope you all had a great holiday.

Quick question: my iDECO account was finally setup in the beginning of October according to JIS&T. As explained in another post, my company declined to have money withdrawn through them to iDECO, so I went with the bank withdrawal option.

Well, it's been a few months since I set it up. The JIS&T website's 残高 still shows zero and nothing has been withdrawn from my bank. Should I be worried?

Any input is appreciated.
Thanks in advance.

Cheers!

Everything with iDeCo is slow, but this doesn't sound normal. I would give them a call or try their online chat if the broker has it. I use Rakuten for the iDeCo and they have a completely different division for dealing with iDeCo questions. The regular customer service team will not touch iDeCo questions. Not sure about the other brokers.

[Beaglehound]

Hello everyone,

Happy New Year! I hope you all had a great holiday.

Quick question: my iDECO account was finally setup in the beginning of October according to JIS&T. As explained in another post, my company declined to have money withdrawn through them to iDECO, so I went with the bank withdrawal option.

Well, it's been a few months since I set it up. The JIS&T website's 残高 still shows zero and nothing has been withdrawn from my bank. Should I be worried?

Any input is appreciated.
Thanks in advance.


Cheers!

From memory, mine was set up in July and the first payments for July and August were taken from my bank in late September, then took a couple of weeks to show up in the IDECO account. So by that timescale one would expect money to have been taken by now. Am sure they sent me a payment schedule at time of opening confirmation so maybe worth checking to see if you have that before contacting them.

[Moggy_the_cat]

Hello everyone,

Happy New Year! I hope you all had a great holiday.

Quick question: my iDECO account was finally setup in the beginning of October according to JIS&T. As explained in another post, my company declined to have money withdrawn through them to iDECO, so I went with the bank withdrawal option.

Well, it's been a few months since I set it up. The JIS&T website's 残高 still shows zero and nothing has been withdrawn from my bank. Should I be worried?

Any input is appreciated.
Thanks in advance.

Cheers!

Everything with iDeCo is slow, but this doesn't sound normal. I would give them a call or try their online chat if the broker has it. I use Rakuten for the iDeCo and they have a completely different division for dealing with iDeCo questions. The regular customer service team will not touch iDeCo questions. Not sure about the other brokers.

Hi,

Thanks again for your help.

I'd like to apologize for the inaccurate information on my post: the money indeed was taken from my bank account. I failed to recognize the institution withdrawing money. In my case, it was done on the 26th of November (which will be the standard date for me every month).
For some unknown reason, it hasn't been processed by the fine folks at JIS&T yet. Indeed it is slow, as many have reported.

Again, thank you very much for your help.
Have a great day!

Cheers.

[Moggy_the_cat]

Hello everyone,

Happy New Year! I hope you all had a great holiday.

Quick question: my iDECO account was finally setup in the beginning of October according to JIS&T. As explained in another post, my company declined to have money withdrawn through them to iDECO, so I went with the bank withdrawal option.

Well, it's been a few months since I set it up. The JIS&T website's 残高 still shows zero and nothing has been withdrawn from my bank. Should I be worried?

Any input is appreciated.
Thanks in advance.


Cheers!

From memory, mine was set up in July and the first payments for July and August were taken from my bank in late September, then took a couple of weeks to show up in the IDECO account. So by that timescale one would expect money to have been taken by now. Am sure they sent me a payment schedule at time of opening confirmation so maybe worth checking to see if you have that before contacting them.

Thanks for the answer! It was very helpful.

Indeed the people at 国民年金基金連合会 sent me a certificate stating many things, including how much and on which day of the month the withdrawals would be made (plus two manuals). Without your advice, I would be scrambling trying to call the people at JIS&T.

Thanks once again for the help.

Cheers!

[stump117]

Hi there, question on spouse Ideco.

I opened my account a few months ago with SBI, no problem. Now I would like to open also an account for my wife (non JP and unemployed), couple of clarifications would be helpful!
1/ Will she need her own bank account, or can I link her Ideco account to mine (she doesn't have a bank account so we'd need to open one so I make transfers to it)
2/ Any risk that I do not get the income tax deduction when filing taxes? Currently I do not get the tax break for unemployed spouse (because I earn more than 20mn). But can we benefit from the spouse ideco tax deduction still, or does it mean we can't either?

Appreciate your guidance!

[Haystack]

Hi there, question on spouse Ideco.

I opened my account a few months ago with SBI, no problem. Now I would like to open also an account for my wife (non JP and unemployed), couple of clarifications would be helpful!
1/ Will she need her own bank account, or can I link her Ideco account to mine (she doesn't have a bank account so we'd need to open one so I make transfers to it)
2/ Any risk that I do not get the income tax deduction when filing taxes? Currently I do not get the tax break for unemployed spouse (because I earn more than 20mn). But can we benefit from the spouse ideco tax deduction still, or does it mean we can't either?

Appreciate your guidance!

1. She will almost certainly need her own bank account. Easy to do through the Postbank.

2. No, I do not believe your will get a deduction.

Does she already have a NISA? You might want to get one going at the same time.

[stump117]

Ouch I see, in that case the ideco is useless for her then.
NISA account creation is in the work indeed, since the benefit is about not paying capital gain/dividend tax I guess there is at least an incentive here.

[zeroshiki]

iDeCo still has the tax advantage on capital gains when its withdrawn when she turns 60 so there's that.

[beanhead]

iDeCo still has the tax advantage on capital gains when its withdrawn when she turns 60 so there's that.

Yep.
For those who are not working, the flexibility of NISA seems to make it a better option.
But if you still have available funds to invest, and don't need them before 60, iDeCo is still better than investing in a taxable account (unless you want to buy TESLA or something, of course).