How much 💹 is needed to retire in Japan?

[Oliver]

By the way, Ben from RJ has a consulting service. It may be worth spending a bit of money with him to help organize your thoughts.

Good morning!
Thank you everyone for your many replies and recommendation! All very welcomed! Albeit mentally taxing. The good news is that I am not as stupid as I thought and I have been doing most of the things that you all have recommended to me.
I would appreciate someone sending me a link to the RJ consulting services.

[RetireJapan]

It's here: https://www.retirejapan.com/coaching/

But you've already heard everything I would say to you here. You wouldn't get any extra information from coaching, but some people find it useful as a push to get started or an accountability thing.

I am similar, in that I find it easier to get things done when someone is waiting for them

[beanhead]

The good news is that I am not as stupid as I thought and I have been doing most of the things that you all have recommended to me.

That is good news.

Providing for 4 kids must be tough. Just make sure that you don't spend all your energy and money giving them what they need and neglect yourself and your wife in retirement.
Unless you can rely on your children (and their future spouses) to take care of you when you need it.

[Tkydon]

Good food for thought!
As always very helpful information!
Thank you very much!

In your case, assuming you currently have a limited budget due to high outgoings, it would probably be to your advantage to concentrate on Tax Reduction strategies first; iDECO for your Pension and Furusato Nozei to just save some tax...

You can start small, but START NOW! We are on the verge of the best investment opportunity for the next Decade, and you will want to take advantage of that future growth!

Open an iDECO and commit as much as you can. It does not have to be the Max Allowance at this time. Your allowance will depend on the Pension arrangements at your employer.

Assuming you have been subject to Tax Withholding from your salary by your employer throughout the year, iDECO and Furusato Nozei will provide you with a Tax Refund at the Year End Adjustment Nenmatsu Chosei or Tax Filing Kakutei Shinkoku, for excess funds withheld over your actual final Tax Bill, at your Marginal National and Reconstruction Income Tax rate. (The more you earn, the greater the refund; 5.105%, 10.21%, 20.42%, 23.483%, 33.693%, etc..) You can think of this as an additional little savings program through the year, and this refund can then be reinvested...

If your wife was to get a part-time job, You can maximize the Tax advantage by setting up iDECO for your wife. Your wife will have a maximum allowance of Y23,000 per month, Y180,000 per year. This means she could earn that amount and get all the tax back on her contributions at the end of the year. That's a maximum Tax Saving benefit of about Y27,000 per year, or just over one month's contributions for free.

The good news is Kids eventually graduate for University and when they do, you'll have a lot more money to save every month. Don't let yourself get used to having and spending that money. Keep putting it away as if you were still paying for college... At that time, increase the amount you contribute to your iDECO to the Max Allowance available to you.

(Now or Then) If you have any excess funds, you can contribute to a Tsumitate NISA for yourself, and for your wife.
Tsumitate NISA does not give you a Tax Refund. You make the contributions from Income that has already been taxed.
You would be able to contribute to the Max Allowance of Y400,000 per year per person, or Y33,330 per month. (or Y1,200,00 per year for a Full NISA)
However, when you take the money out, it will be Tax Free, and you could withdraw funds if you needed money before retirement (weddings, births of grandchildren, etc..)

On the subject of your budget for your retirement plan, of course, you won't be paying school fees forever, so you do not need to factor them into your retirement spending plan Your kids will be independent and you will only need to budget for your and your wife's living expenses.
But, it is not a bad idea to over-estimate what you might need in your planning, and under-estimate what returns you might make on your investment as unexpected shit happens ;-( Be conservative.

And Get Started!