Quick questions about a retirement plan for 20y/o
Posted: Tue Aug 17, 2021 12:35 pm
Hey everyone. I hope these basic questions aren't too stupid too ask.
General info:
- I'm around 25 y/o,
- No investment/ financial planning experience so I am hoping for a simple, stable plan.
- From New Zealand (so no issues as a US citizen when it comes to investments)
- I've been in Tokyo for 4 years and planning to retire here.
- JLPT N2
- Steady career path (y400,000+ per month at the moment). I can probably save around Y100,000 for monthly investment payments (for now).
- Accounts with JP Post Bank and Rakuten Credit card.
- I have around 2-3 mill yen saved up that i'm ready to do something with from here.
From what I understand from this website and a few others, there are few simple things to start with:
- iDeco
- NISA
- High interest savings accounts (likely an online option) that can get around 2-3%
- Using Rakuten to invest in Index funds/ EFAs for long term 20-30 year investing.
- Purchasing individual stocks over the years, when the situation is right.
With that in mind, I have a few questions that will sound quite stupid:
1) Are Nisa and iDeCo simple to set up and manage? i.e do I have many choice to consider when setting it up?
2) Is Rakuten sufficient for buying the best ETF/index funds for my future, or would I be best to use another company/broker?
3) What is the best high-interest savings account.
4) Are there any recommendations on the general way to implement this plan? What should I start with and what has the most benefit?
I really hope this is OK to ask. I really appreciate the help.
General info:
- I'm around 25 y/o,
- No investment/ financial planning experience so I am hoping for a simple, stable plan.
- From New Zealand (so no issues as a US citizen when it comes to investments)
- I've been in Tokyo for 4 years and planning to retire here.
- JLPT N2
- Steady career path (y400,000+ per month at the moment). I can probably save around Y100,000 for monthly investment payments (for now).
- Accounts with JP Post Bank and Rakuten Credit card.
- I have around 2-3 mill yen saved up that i'm ready to do something with from here.
From what I understand from this website and a few others, there are few simple things to start with:
- iDeco
- NISA
- High interest savings accounts (likely an online option) that can get around 2-3%
- Using Rakuten to invest in Index funds/ EFAs for long term 20-30 year investing.
- Purchasing individual stocks over the years, when the situation is right.
With that in mind, I have a few questions that will sound quite stupid:
1) Are Nisa and iDeCo simple to set up and manage? i.e do I have many choice to consider when setting it up?
2) Is Rakuten sufficient for buying the best ETF/index funds for my future, or would I be best to use another company/broker?
3) What is the best high-interest savings account.
4) Are there any recommendations on the general way to implement this plan? What should I start with and what has the most benefit?
I really hope this is OK to ask. I really appreciate the help.