Kojin Nenkin (private individual pension)

[Kanto]

Thanks for all your replies. Very helpful.

I understand the limitations of this product now. I've still decided to do it, but with a smaller amount than the example I first detailed.

So I'll have full UK state pension, 3/4 Japan state pension, 26 years of fuka nenkin, 4 million yen kojin nenkin, 6 months of cash saved, and am about to get cracking on iDeCo and Nisa. How does that sound?

Any plan that makes both you and your partner feel happy and secure is a good plan. Sounds like you have things figured out.

- Saving is always the #1 way to prepare for the future. So it is definitely sound.

- Life insurance is essential to have if one is supporting dependants.

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- I would probably set up my iDeco asap. Contributions are calculated monthly, so if you do not contribute each month, you lose that contribution amount.

- You have an entire year to fill up your NISA so that is less of a priority.

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- Personally, I would have chosen. Term life insurance, iDeco, Tsumitate NIsa, and then begin investing in my taxable account. I understand your choices, however!

[RetireJapan]

Thanks for all your replies. Very helpful.

I understand the limitations of this product now. I've still decided to do it, but with a smaller amount than the example I first detailed.

So I'll have full UK state pension, 3/4 Japan state pension, 26 years of fuka nenkin, 4 million yen kojin nenkin, 6 months of cash saved, and am about to get cracking on iDeCo and Nisa. How does that sound?

Sounds good. Your UK pension and nenkin will provide a monthly income floor. Hopefully this will pay the bills each month. Your kojin nenkin and cash savings will provide an emergency fund. And your iDeCo and NISA will pay for the good things in life. If you max both of those out you should end up very comfortable indeed

[Clueless]

Many years ago--maybe around 25, I signed up for this type of savings--paying 6800 yen a month. It matures next year and I will get 600,000 yen a year for 10 years. I can delay the start of the payment if I want (which I will probably do, because I plan to continue working until I'm 70). In the end, I barely noticed the money leaving my bank account every month. I think this was a very good move for me.

[RetireJapan]

Many years ago--maybe around 25, I signed up for this type of savings--paying 6800 yen a month. It matures next year and I will get 600,000 yen a year for 10 years.

That is a remarkeably good deal. So you paid just over 2m yen (over the 25 years) and will received 6m. I haven't seen anything like that recently, so perhaps the interest rates (and thus the payouts) were better in the past?

[Clueless]

Yes, my current insurance lady was suitably impressed when she brought the paperwork for me to fill out to collect. I think I got in at the tail end of the bubble economy years.