Ideco Contributions increase

[Jamesblacktokyo]

Good news that we can continue to contribute to an IDECO until we begin claiming a Japanese pension, so potentially until 69 years of age.

[RetireJapan]

Oooh, is that a new change? Do you have a source?

[Jamesblacktokyo]

https://www.jimin.jp/news/policy/209630.html

[IloveJapan]

I’m over the moon at this news, as I said in own thread. It gives people the chance to build up a sizeable portfolio and decent source of retirement income which, market permitting, will rise with inflation.

This is a significant piece of news for everyone, but especially for British people who face a frozen state pension.

[beanhead]

This is a significant piece of news for everyone, but especially for British people who face a frozen state pension.

You do understand that it is only frozen once you start taking it, don't you?
And that most people here who will receive the UK state pension will also receive at least a partial Japanese pension as well.

The negativity just seems out of whack with reality to me.

[RetireJapan]

https://www.jimin.jp/news/policy/209630.html

A page number maybe?

Just asking because the current limit to pay into iDeCo is 65 as long as you are paying nenkin. Not sure where 69 would come into it -you don't have to take iDeCo until 75 at the moment (nor nenkin if you want to delay taking it).

[IloveJapan]

I read a Nikkei article that said the period for permitted contributions will be extended from under-65 to under-70 years old. This is in line with the government’s push for companies to make efforts to employ people till age 70.

[Tony]

This post on reddit summarizes the new reforms, with mention of category 2 pension holders getting a raise to 62,000yen for ideco ... so maybe good news for private school teachers!

[Wales4rugbyWC23]

This is a significant piece of news for everyone, but especially for British people who face a frozen state pension.

You do understand that it is only frozen once you start taking it, don't you?
And that most people here who will receive the UK state pension will also receive at least a partial Japanese pension as well.

The negativity just seems out of whack with reality to me.

In the lottery of life, as an expat Brit in Japan receiving a UK state pension and Japanese state pension, you have already won first prize. (praying for no pension totalization agreements between the UK and Japan) Trying also to get my spouse signed up for the UK pension and strongly encouraging my teenager children to get their National insurance numbers!!!!

[RetireJapan]

This post on reddit summarizes the new reforms, with mention of category 2 pension holders getting a raise to 62,000yen for ideco ... so maybe good news for private school teachers!

Private school teachers are kyosai members, along with public servants, doctors, etc. I haven't seen a single mention of them so far. I suspect that they will not see a further increase beyond the 12,000 -> 20,000 they got from this month.

Would love to be wrong on that!