RetireJapan

It took a couple months, but I got my wife enrolled in iDeCo. Limit is ¥23,000/month, but first contribution is double. It will automatically be deducted from her bank account.

Total won't be huge, but an extra ¥1-2 million in a tax-free account doesn't hurt.

I also started the paperwork for my son (still in uni).


There is a discussion in the forum that discusses this, but under the heading "NISA for non-working spouse".

viewtopic.php?f=4&t=1218

TJKansai wrote: ↑Wed Jun 16, 2021 7:15 am It took a couple months, but I got my wife enrolled in iDeCo. Limit is ¥23,000/month, but first contribution is double. It will automatically be deducted from her bank account.

Total won't be huge, but an extra ¥1-2 million in a tax-free account doesn't hurt.

I also started the paperwork for my son (still in uni).


There is a discussion in the forum that discusses this, but under the heading "NISA for non-working spouse".

viewtopic.php?f=4&t=1218

"A couple of months" this is basically "immediate" for the iDeCo gang. Well done!

Can you expand on the process when the applicant isn't working?
E.g. Pick a broker, get the paper application pack, leave all the employer stuff blank.. etc.

Moneymatters wrote: ↑Thu Jun 17, 2021 1:17 pm "A couple of months" this is basically "immediate" for the iDeCo gang. Well done!

Can you expand on the process when the applicant isn't working?
E.g. Pick a broker, get the paper application pack, leave all the employer stuff blank.. etc.

I'm pretty sure you select the type of iDeCo when you apply, and the broker sends you the appropriate paperwork. So the pack you get is different for kokumin nenkin, kousei nenkin, kyosai nenkin, or dependent spouse.

Moneymatters wrote: ↑Thu Jun 17, 2021 1:17 pm
"A couple of months" this is basically "immediate" for the iDeCo gang. Well done!

Can you expand on the process when the applicant isn't working?
E.g. Pick a broker, get the paper application pack, leave all the employer stuff blank.. etc.

She already had an SBI NISA account. As Moneymatters said, there is an option for students or non-working people to chose. We got the packet, sent it in a week later (in April) and now she is contributing. No employer means no employer delays, which perhaps sped up the process.

https://go.sbisec.co.jp/prd/ideco/about_simulation.html

TJKansai wrote: ↑Fri Jun 18, 2021 1:08 am

Moneymatters wrote: ↑Thu Jun 17, 2021 1:17 pm
"A couple of months" this is basically "immediate" for the iDeCo gang. Well done!

Can you expand on the process when the applicant isn't working?
E.g. Pick a broker, get the paper application pack, leave all the employer stuff blank.. etc.

She already had an SBI NISA account. As Moneymatters said, there is an option for students or non-working people to chose. We got the packet, sent it in a week later (in April) and now she is contributing. No employer means no employer delays, which perhaps sped up the process.

https://go.sbisec.co.jp/prd/ideco/about_simulation.html

Thanks. I'll go with SBI as I use them and I'm actually happy with their services.
Interesting the different limit for the Uni student.
https://go.sbisec.co.jp/prd/ideco-onlin ... de/013888/
I assume the reason it recommends against it is an assumption the student would be investing their own money.

Moneymatters wrote: ↑Fri Jun 18, 2021 2:10 am Interesting the different limit for the Uni student.
https://go.sbisec.co.jp/prd/ideco-onlin ... de/013888/
I assume the reason it recommends against it is an assumption the student would be investing their own money.

I'm guessing the student would need to be paying kokumin nenkin to have an iDeCo account? And most of them just apply for the exemption based on being in full-time education. Can they apply as a dependent instead? That might be interesting...

I've been encouraging my uni students to open tsumitate NISA accounts once they turn 20. Seems like the easiest option.

RetireJapan wrote: ↑Fri Jun 18, 2021 3:30 am

Moneymatters wrote: ↑Fri Jun 18, 2021 2:10 am Interesting the different limit for the Uni student.
https://go.sbisec.co.jp/prd/ideco-onlin ... de/013888/
I assume the reason it recommends against it is an assumption the student would be investing their own money.

I'm guessing the student would need to be paying kokumin nenkin to have an iDeCo account? And most of them just apply for the exemption based on being in full-time education. Can they apply as a dependent instead? That might be interesting...

I've been encouraging my uni students to open tsumitate NISA accounts once they turn 20. Seems like the easiest option.

My wife supports our saving and (my) investment strategies, but surprisingly she gave a thumbs down on starting the iDeCo for our son while he has no income. Tax-free savings is a good idea, but she worries about unpredictable returns in a flat market as inflation increases. She said it also sounded tricky switching from a student to employee plan. Of course it would probably be me funding it now, so we may move forward anyway.

I need to do some more research on this (all in Japanese, agghh).