RetireJapan

This evening, I was out with a few friends, four of us in total. Two of us pay into the Japanese and U.K. state pensions plus ideco/nisa but the other two don’t at all, despite being eligible. They say that they don’t believe there’ll be a pension in 20 years so they don’t pay it and they don’t trust the Japanese government with investments. When I further inquired about their future income streams, they said they don’t need them because they doubt they’ll live beyond 60.

I felt like I was nagging when I tried to challenge their views. Does anyone else have frustrating friends and how have you dealt with it? I don’t want to nag, but I also don’t want destitute friends in 20/30 years….

Very similar experience, and what is even more unbelievable is the educational level of these two pension non-believers I know, one of them went to Cambridge University and the other guy has two masters degrees and a Phd.

Edit: The Cambridge University non-believer is not the founder of this site.

Wales4rugbyWC23 wrote: ↑Wed Nov 29, 2023 10:33 pm Edit: The Cambridge University non-believer is not the founder of this site.

I have found that it is impossible to cold sell personal finance.

I try, all the time, but fail.

People have to be interested. Usually they become interested when something changes (a life event, losing their job, something like that).

All you can do is mention what you are doing and wait for them to ask.

I have a friend in Sendai and I've been nagging him to open NISA and iDeCo for over ten years now -FAILURE.

My best friend in the UK works for an investment bank as a risk analyst, every time I see him I try to get him to invest his ISA in the stock market -FAILURE.

My cousin works in London, I have GIVEN him money to invest -FAILURE.

Gareth wrote: ↑Wed Nov 29, 2023 2:52 pm they don’t believe there’ll be a pension in 20 years

Gareth wrote: ↑Wed Nov 29, 2023 2:52 pm they don’t trust the Japanese government with investments

Gareth wrote: ↑Wed Nov 29, 2023 2:52 pm they don’t need them because they doubt they’ll live beyond 60.

The first two points are irrelevant given the third

No man knows how many his days will number, but Charlie Munger just passed away 34 days short of his 100th. birthday.

They say that the first person to live to 150 is alive today...

https://longevity.stanford.edu/underest ... etirement/

For longevity, as with investments, past performance may not be indicative of future results...

RetireJapan wrote: ↑Thu Nov 30, 2023 12:01 am
All you can do is mention what you are doing and wait for them to ask.

THIS!

After a period of acting like a preacher, I have turned to this. I state what I am doing and for what kind of goals in different conversations and let things be. Unless someone asks or I know they are also interested and involved in similar activities.

adamu wrote: ↑Thu Nov 30, 2023 12:58 am

Gareth wrote: ↑Wed Nov 29, 2023 2:52 pm they don’t believe there’ll be a pension in 20 years

Gareth wrote: ↑Wed Nov 29, 2023 2:52 pm they don’t trust the Japanese government with investments

Gareth wrote: ↑Wed Nov 29, 2023 2:52 pm they don’t need them because they doubt they’ll live beyond 60.

The first two points are irrelevant given the third

I mean, I have to agree with Adamu here.

They have far more serious issues and probably should invest in counseling of some sort. This sort of fatalism is pretty self-destructive.

Try to make some progress in this area. If they can start seeing a future for themselves, they may start preparing for that future.

They have the ability to take control over this part of their lives but refuse. What more can you do?

I told every Brit I know in Japan about voluntary NI contributions. Some looked into it and decided to do it, others did not. Their life, their choice.

I was treated to some food and booze recently by a chap I had preached to about NISA and iDeCo. He was very grateful for the gentle nudge I gave him.

The problem of planning for retirement is, you don't know how long retirement will be...

https://www.newretirement.com/retiremen ... am-sharpe/

https://www.barrons.com/articles/willia ... 1573837934

https://rismat.stanford.edu/

https://web.stanford.edu/~wfsharpe/RISMAT/