I know someone in Sapporo who has lived off less than 50,000 per month for several years. Their rent is free but their utilities aren't. They are always looking for the cheapest food and clothes, never use the aircon, use very little heating in winter (just wear more clothes), and their idea of entertainment is long walks or rides, library books and internet. They don't socialise face-to-face much. The strange thing is that they are happy with this minimalist lifestyle. I wouldn't recommend it, but it seems it can be done here in Japan.
Japan pension
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Re: Japan pension
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Re: Japan pension
Tsumitate Wrestler wrote: ↑Tue Sep 24, 2024 1:14 amBasically they qualify for extremely subsidized housing, and the remainder on food and utilities. It is grim. Very high rates of poverty among Japanese seniors.beanhead wrote: ↑Mon Sep 23, 2024 11:16 pmFamilies support them, don't they?Wales4rugbyWC23 wrote: ↑Mon Sep 23, 2024 11:08 am
You could live off a British state pension in Japan, but I don't know how Japanese can live off just over 60,000 yen a month, and there are quite a few people especially elderly women in their nineties who do it.
Even without a mortgage or rent payment, 60,000 a month would be tough/impossible.
https://www.youtube.com/watch?v=C2ZrloHIN-Y
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Part-timers who make a "decent" income, can fall into this trap when they do not save/invest outside of base nenkin. A UK colleague of mind even laughed off the suggestion of trying for the UK class 2/3 pension as he would have to "pay" into the system.
He will have about 6-7 man a month ... if he works for 40 years cumulatively. One of his kids goes to a private school, and hes tapped out monthly.
He is on the same path.
Class 2 contributions, definitely an expat perk. You are laughing all the way to the bank. I tell all my uni colleagues, and I am just amazed how many of them aren't contributing. I know one guy who has a PhD, two MAs and a family and he still hasn't found out about it, even though I keep on telling him.
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Re: Japan pension
I'm 45, and mine shows what I can expect to receive as long as I keep paying in.RetireJapan wrote: ↑Sat Sep 21, 2024 5:15 am It depends on how old you are. I believe under 55 it is contributions so far and over 55 it is if you continue paying in.
But it should be written on the statement.
Investments:
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新NISA (SBI) eMaxis Slim All Country ✓
Japanese pension (kosei nenkin) ✓
UK pension (Class 2 payer) ✓
Company DB scheme ✓
iDeCo (Monex) eMaxis Slim All Country ✓
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Japanese pension (kosei nenkin) ✓
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Re: Japan pension
Would you look at that. 45 is a “special” year like 35 and 59.Roger Van Zant wrote: ↑Tue Sep 24, 2024 7:48 amI'm 45, and mine shows what I can expect to receive as long as I keep paying in.RetireJapan wrote: ↑Sat Sep 21, 2024 5:15 am It depends on how old you are. I believe under 55 it is contributions so far and over 55 it is if you continue paying in.
But it should be written on the statement.
It’s detailed on the link I posted.
https://www.nenkin.go.jp/service/nenkin ... kibin.html
I was too eager to help i neglected to thoroughly read the link i posted and share the most salient points. Consider me suitably admonished.
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Re: Japan pension
It's all good.Moneymatters wrote: ↑Tue Sep 24, 2024 12:09 pmWould you look at that. 45 is a “special” year like 35 and 59.Roger Van Zant wrote: ↑Tue Sep 24, 2024 7:48 amI'm 45, and mine shows what I can expect to receive as long as I keep paying in.RetireJapan wrote: ↑Sat Sep 21, 2024 5:15 am It depends on how old you are. I believe under 55 it is contributions so far and over 55 it is if you continue paying in.
But it should be written on the statement.
It’s detailed on the link I posted.
https://www.nenkin.go.jp/service/nenkin ... kibin.html
I was too eager to help i neglected to thoroughly read the link i posted and share the most salient points. Consider me suitably admonished.
I don't really pay much heed to the annual postcard anyways, since I can log in and check my estimated final pension via the Nenkin portal site any time I like.
Investments:
Company DB scheme ✓
iDeCo (Monex) eMaxis Slim All Country ✓
新NISA (SBI) eMaxis Slim All Country ✓
Japanese pension (kosei nenkin) ✓
UK pension (Class 2 payer) ✓
Company DB scheme ✓
iDeCo (Monex) eMaxis Slim All Country ✓
新NISA (SBI) eMaxis Slim All Country ✓
Japanese pension (kosei nenkin) ✓
UK pension (Class 2 payer) ✓
Re: Japan pension
Based on this link the cut-off where you see different predictions seems to be 50, rather than the 55 mentioned elsewhere in this thread.Moneymatters wrote: ↑Sat Sep 21, 2024 7:45 am
I might be wrong. But on the basis you are 50-59 I think the estimate is based on you continuing to contribute as you do now until age 60.
https://www.nenkin.go.jp/service/nenkin ... kibin.html
Aiming to retire at 60 and live for a while longer. 95% index funds (eMaxis Slim etc), 5% Japanese dividend stocks.
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Re: Japan pension
Gosh! Let me get right on this!beanhead wrote: ↑Wed Sep 25, 2024 11:03 amBased on this link the cut-off where you see different predictions seems to be 50, rather than the 55 mentioned elsewhere in this thread.Moneymatters wrote: ↑Sat Sep 21, 2024 7:45 am
I might be wrong. But on the basis you are 50-59 I think the estimate is based on you continuing to contribute as you do now until age 60.
https://www.nenkin.go.jp/service/nenkin ... kibin.html
Oh. I didn’t mention 55. Maybe quote some of the people that did or I’ll need break out my Marvin the paranoid android impression. “Here I am. Brain the size of..” well. Ok maybe that was a poor analogy but you get my point..
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Re: Japan pension
Yes, correct, it was not you. You provided a very helpful link which explains that simulations before 50 and after 50 are different.Moneymatters wrote: ↑Wed Sep 25, 2024 11:26 amGosh! Let me get right on this!
Oh. I didn’t mention 55. Maybe quote some of the people that did or I’ll need break out my Marvin the paranoid android impression. “Here I am. Brain the size of..” well. Ok maybe that was a poor analogy but you get my point..
Aiming to retire at 60 and live for a while longer. 95% index funds (eMaxis Slim etc), 5% Japanese dividend stocks.
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Re: Japan pension
Er, that was me I thinkbeanhead wrote: ↑Fri Sep 27, 2024 7:27 amYes, correct, it was not you. You provided a very helpful link which explains that simulations before 50 and after 50 are different.Moneymatters wrote: ↑Wed Sep 25, 2024 11:26 amGosh! Let me get right on this!
Oh. I didn’t mention 55. Maybe quote some of the people that did or I’ll need break out my Marvin the paranoid android impression. “Here I am. Brain the size of..” well. Ok maybe that was a poor analogy but you get my point..
Will remember the correct age going forward! (me in three years)
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Re: Japan pension
I'd be interested in this Class 2, but I think most of us are not eligible (Japan pension).Wales4rugbyWC23 wrote: ↑Tue Sep 24, 2024 3:57 am Class 2 contributions, definitely an expat perk. You are laughing all the way to the bank. I tell all my uni colleagues, and I am just amazed how many of them aren't contributing. I know one guy who has a PhD, two MAs and a family and he still hasn't found out about it, even though I keep on telling him.