Simple Q&A - iDeCo

[adamu]

I haven't opened an iDeCo yet because I don't know how long I plan to stay in Japan.

However, if I do open an iDeCo and I do decide to leave Japan in the future, would I be able to close it and get all the money back? I've read that we cannot take any money until we actually reach retirement age.

There are some conditions where you can withdraw, but they are quite restrictive, so unless you are sure I'd stick with NISA. See https://retirewiki.jp/wiki/IDeCo#Lump_sum_withdrawal

[Adamakin86]

Are direct hire ALTs classed as 公務員など or 会社員など？

[adamu]

Are direct hire ALTs classed as 公務員など or 会社員など？

Not sure. They are both class 2 but I think the key point is whether you pay into 厚生年金 or a 共済組合, as it determines the maximum amount you can contribute.

[Adamakin86]

Are direct hire ALTs classed as 公務員など or 会社員など？

Not sure. They are both class 2 but I think the key point is whether you pay into 厚生年金 or a 共済組合, as it determines the maximum amount you can contribute.

Thanks as always for replying. Now this might get confusing. I pay 厚生年金 but 共済組合 for health insurance.

[Tkydon]

Are direct hire ALTs classed as 公務員など or 会社員など？

Not sure. They are both class 2 but I think the key point is whether you pay into 厚生年金 or a 共済組合, as it determines the maximum amount you can contribute.

Thanks as always for replying. Now this might get confusing. I pay 厚生年金 but 共済組合 for health insurance.

In this case, the health insurance part does not apply for iDECO eligibility, only the Kosei Nenkin.
Depending on your actual contributions, you would probably be able to contribute Y23,000 to iDECO, but you would have to confirm with your proposed iDECO Provider, who will check your eligibility and inform you of the actual max amount you qualify for.

[adamu]

You would have to confirm with your proposed iDECO Provider, who will check your eligibility and inform you of the actual max amount you qualify for.

Actually what happens is that you get your employer to fill out this form, which determines your limit. Then you submit that to the iDeCo provider. The provider gives you the form during the application process.

If you are kyosai instead, it's this form and the montly limit is ¥12000.

This is also covered on the wiki: iDeCo contribution limits.

[RetireJapan]

ALTs and other teachers usually get their shakai hoken through a kyosai. A few years ago kyosai nenkin was merged into kosei nenkin, so paying kosei nenkin doesn't tell you which limit you will have on iDeCo.

I wish the government would stop using job descriptions to explain this

[adamu]

According to the forms, it needs to be a "long term" kyosai member for the 12,000 limit to apply. I'm not sure what a long term member is, though.

[RetireJapan]

According to the forms, it needs to be a "long term" kyosai member for the 12,000 limit to apply. I'm not sure what a long term member is, though.

That is a good point. Looking back at my nenkin records from when I was a JET ALT and a contracted BOE employee, I was paying into kosei nenkin (not kyosai nenkin, which did still exist back then) so maybe non-permanent employees are treated differently?

On the other hand, when I was contracted at the university, I was in the kyosai

[Darren]

I decided to set up my iDeco account with SBI the other day. However, each time I'm about to input my bank information, the error message below shows up. I've tried redoing the entire process from the beginning four times already at different times of the day, but with no luck. Does anyone know what I might be doing wrong? Thanks!

掛金引落口座登録のお手続きが中断されました。

お手数ですが最初からやり直して下さい。