New NISA from 2024

[Bubblegun]

For those of us who have the legacy NISA, will we have to go through the process of opening a new account for 2024, or will Rakuten automatically open an account for us?

Also what is going to be the provision for the kids? I know there is no Junior element but I wonder if there was Something? Otherwise, I will just have to fill up my kid's NISA this year, and let it sit.

[RetireJapan]

For those of us who have the legacy NISA, will we have to go through the process of opening a new account for 2024, or will Rakuten automatically open an account for us?

Also what is going to be the provision for the kids? I know there is no Junior element but I wonder if there was Something? Otherwise, I will just have to fill up my kid's NISA this year, and let it sit.

Seems like most brokers will open a New NISA for their existing NISA account holders unless instructed otherwise.

No kids' accounts from 2024 (other than pre-existing Junior NISA, which will run until the children reach 18 but cannot be added to).

[adamu]

I revamped the NISA page this morning, other edits welcome

https://retirewiki.jp/wiki/NISA

[sakuramelodymusic]

Hello! I don't know where to post this to get the best answer --- I need some guidance and help with opening up a New NISA 2024 style -- I will start with some background about my situation :

1. I am a Canadian woman living in Japan -- I am aged 40-45
2. I have been Investing in iDeco for the last two years or so-- under the category 3 Housewife contribution through Japan Post Bank
3. Inside the iDeco I have been investing in a Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040
4. My husband who is Japanese would like me to open the New NISA 2024 style now so I can invest more money than I am currently able to under the iDeco limitation for Catagory 3 to try to grow more for my retirement/ future as well as protect this money from any inheritance issues if he was to die before me.

So my QUESTION :

To open the New 2024 style NISA do I need to :

A. Stop investing and sell/ close out the Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco and then open a New 2024 style NISA?
or
B. do I need to stop investing the money into Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco-- but I can still let it sit there and grow? while opening the NEW 2024 NISA Separately
or
C. Can I still invest in this Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco while opening the New 2024 style NISA separately?
or
D. Is there another method or way to deal with this that I don`t know about?


Though I have a minor background in university-level finance classes -- understanding this system and how to navigate it is difficult for me -- I hope to get some guidance -- thank-you in advance.

[RetireJapan]

There is no relationship between iDeCo and NISA, you can use both at the same time.

[adamu]

C. Can I still invest in this Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco while opening the New 2024 style NISA separately?

Yes, C.

I'm more curious why you chose the Nomura Asset Planning Fund though, do you know what its fees are and have you compared it to an alternative low cost index fund?

[Tkydon]

C. Can I still invest in this Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco while opening the New 2024 style NISA separately?

Yes, C.

I'm more curious why you chose the Nomura Asset Planning Fund though, do you know what its fees are and have you compared it to an alternative low cost index fund?

What happened in Old NISA stays in Old NISA...
What happens in New NISA, happens in New NISA... (as they say)

[adamu]

What happened in Old NISA stays in Old NISA...

It's iDeCo, so she can switch funds.

[Tkydon]

What happened in Old NISA stays in Old NISA...

It's iDeCo, so she can switch funds.

Good point. I didn't read the full thread.

Hello! I don't know where to post this to get the best answer --- I need some guidance and help with opening up a New NISA 2024 style -- I will start with some background about my situation :

1. I am a Canadian woman living in Japan -- I am aged 40-45
2. I have been Investing in iDeco for the last two years or so-- under the category 3 Housewife contribution through Japan Post Bank
3. Inside the iDeco I have been investing in a Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040
4. My husband who is Japanese would like me to open the New NISA 2024 style now so I can invest more money than I am currently able to under the iDeco limitation for Catagory 3 to try to grow more for my retirement/ future as well as protect this money from any inheritance issues if he was to die before me.

So my QUESTION :

To open the New 2024 style NISA do I need to :

A. Stop investing and sell/ close out the Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco and then open a New 2024 style NISA?

No, Just leave the iDeCo doing what it is doing.
Though as others have said, you might want to think about switching the allocation of new inputs, and the existing assets between funds in the iDeCo, which you can do completely tax fee, as the switch will be within the iDeCo wrapper and not subject to any taxation.
Disbursements from iDeCo will only be taxed in Retirement.

B. do I need to stop investing the money into Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco-- but I can still let it sit there and grow? while opening the NEW 2024 NISA Separately

Ditto
What happens in iDeCo stays in iDeCo...
What happens in New NISA stays in New NISA... as they say...

C. Can I still invest in this Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco while opening the New 2024 style NISA separately?

Yes
Though as others have said...

D. Is there another method or way to deal with this that I don`t know about?

Though I have a minor background in university-level finance classes -- understanding this system and how to navigate it is difficult for me -- I hope to get some guidance -- thank-you in advance.

Leave the iDeCo doing what it is doing and add New NISA - Tsumitate for regular Inputs, or Growth Portion for Lump Sum Inputs...

[beanhead]

C. Can I still invest in this Nomura Asset Planning Fund -- (DC/Tsumitate NISA) 2040 inside my iDeco while opening the New 2024 style NISA separately?

Yes, C.

I'm more curious why you chose the Nomura Asset Planning Fund though, do you know what its fees are and have you compared it to an alternative low cost index fund?

Seems to be over 0.4%
https://www.nomura-am.co.jp/fund/pros_gen/Y2400062.pdf