RetireJapan

I am enrolled in PMAC and also have an Ideco account with SBI, paying the 12,000 yen per month automatically.
I have set-up the payments to be paid through my bank account, so post-tax, but I get reimbursed during the annual tax adjustment through my organization.

It was pretty simple to set-up, I had to confirm some information with HR, but I had no issues setting it up.
Definitely looking forward to the increase to 20,000 yen this year though!

Got the docs from Rakuten and sent them back for checking (1-2month wait )

I'm wondering when the limit goes up to 20,000, if we'll have to submit these forms and wait all over again to adjust the amount withdrawn from our bank account each month (or withheld by employer for whoever is able to do it that way)

linkthe2nd wrote: ↑Wed Jan 31, 2024 12:12 am Got the docs from Rakuten and sent them back for checking (1-2month wait )

I'm wondering when the limit goes up to 20,000, if we'll have to submit these forms and wait all over again to adjust the amount withdrawn from our bank account each month (or withheld by employer for whoever is able to do it that way)

September, we heard...

Tkydon wrote: ↑Wed Jan 31, 2024 4:13 am
September, we heard...

As noted in an earlier post, the new limit takes effect on December 1, 2024 (the mistaken September date seems to come from date the revised law was promulgated: September 1, 2021).

Precise calculations vary by entity, but the PMAC figure used to arrive at the new limit (an estimate was announced on page 5 of their Summer 2022 newsletter) is such that PMAC members will be able to contribute the allowable maximum of 20,000 yen per month.

ClearAsMud wrote: ↑Wed Jan 31, 2024 11:48 pm

Tkydon wrote: ↑Wed Jan 31, 2024 4:13 am
September, we heard...

As noted in an earlier post, the new limit takes effect on December 1, 2024 (the mistaken September date seems to come from date the revised law was promulgated: September 1, 2021).

Precise calculations vary by entity, but the PMAC figure used to arrive at the new limit (an estimate was announced on page 5 of their Summer 2022 newsletter) is such that PMAC members will be able to contribute the allowable maximum of 20,000 yen per month.

Thanks for the clarification.

suntori wrote: ↑Tue Jan 02, 2024 2:16 am
It was pretty simple to set-up, I had to confirm some information with HR, but I had no issues setting it up.

Hi guys, newbie here. Thanks so much for the wealth of knowledge. Setup a Rakuten securities IDeco account and at the same HR stage.
My question is, did you have to submit the form to HR or did you just call to get it from them. Dreading making the 2hrs plus trip to my uni if it's something I can easily do by phone. Thanks in advance.

mcpaullibra wrote: ↑Sun Feb 25, 2024 10:41 pm

suntori wrote: ↑Tue Jan 02, 2024 2:16 am
It was pretty simple to set-up, I had to confirm some information with HR, but I had no issues setting it up.

Hi guys, newbie here. Thanks so much for the wealth of knowledge. Setup a Rakuten securities IDeco account and at the same HR stage.
My question is, did you have to submit the form to HR or did you just call to get it from them. Dreading making the 2hrs plus trip to my uni if it's something I can easily do by phone. Thanks in advance.

I had to explain iDeCo to my uni office (I applied the first day it became available to kyosai members, so I think I was the first person in my university to get it )

You'll have to give them the form you get from Rakuten, but you should be able to post it to them (and have them post it back) if you are not on campus regularly.

Thanks so much. That's exactly what I'm going to do.