Personal Finance for Residents of Japan
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No Ideco lifetime limits are there? They could also a bit more generous, 68,000 yen a month hardly anything to write home about. I think the personal pension limit in the UK is 40,000 pounds a year.
Most independent contractors cannot get close to filling the 68,000 pot. Furthermore a 100,000 monthly tsumitate Nisa is well beyond most workers ability to fill.Wales4rugbyWC23 wrote: ↑Tue Mar 12, 2024 12:03 amNo Ideco lifetime limits are there? They could also a bit more generous, 68,000 yen a month hardly anything to write home about. I think the personal pension limit in the UK is 40,000 pounds a year.
Given that Ideco does not get any employer contribution unlike kosei nenkin I think I would rather see pension allowances to be more generous than those available for NISA. This is the case in the UK where pension allowance is 40,000 pounds and ISA allowance is 20,000 pounds annually. There are very few areas where I think the UK does better than Japan. However, pension provision in the UK is defiantly one of the areas where UK is miles ahead of Japan. Just compare the two state pensions.Tsumitate Wrestler wrote: ↑Tue Mar 12, 2024 12:35 amMost independent contractors cannot get close to filling the 68,000 pot. Furthermore a 100,000 monthly tsumitate Nisa is well beyond most workers ability to fill.Wales4rugbyWC23 wrote: ↑Tue Mar 12, 2024 12:03 amNo Ideco lifetime limits are there? They could also a bit more generous, 68,000 yen a month hardly anything to write home about. I think the personal pension limit in the UK is 40,000 pounds a year.
I doubt we'll see expansion.
Remember, the killing of the J-Nisa was a politically motivated as it was seen to favor "rich" families. The FSA fought to keep it.
Further expansion is likely to be received poorly by most Japanese people as it will be seen, perhaps rightly, as a policy to favor the wealthy.
60,000 yearly into a private pension? How many people meet that threshold in the UK? The mean "annual pre-tax salary" is around £28,000 ".Wales4rugbyWC23 wrote: ↑Tue Mar 12, 2024 12:03 am
Given that Ideco does not get any employer contribution unlike kosei nenkin I think I would rather see pension allowances to be more generous than those available for NISA. This is the case in the UK where pension allowance is 40,000 pounds and ISA allowance is 20,000 pounds annually. There are very few areas where I think the UK does better than Japan. However, pension provision in the UK is defiantly one of the areas where UK is miles ahead of Japan. Just compare the two state pensions.
So you are not contributing to the British state pension? if you think it is not a model for others to follow....Tsumitate Wrestler wrote: ↑Tue Mar 12, 2024 8:42 am60,000 yearly into a private pension? How many people meet that threshold in the UK? The mean "annual pre-tax salary" is around £28,000 ".Wales4rugbyWC23 wrote: ↑Tue Mar 12, 2024 12:03 am
Given that Ideco does not get any employer contribution unlike kosei nenkin I think I would rather see pension allowances to be more generous than those available for NISA. This is the case in the UK where pension allowance is 40,000 pounds and ISA allowance is 20,000 pounds annually. There are very few areas where I think the UK does better than Japan. However, pension provision in the UK is defiantly one of the areas where UK is miles ahead of Japan. Just compare the two state pensions.
I was thinking about the public system. I had no idea there were such massive allowances for private contributions. Very favorable to high income earners.
The UK public system is an unfunded PAYG system that is hogtied politically to the triple-lock system. It is not sustainable, nor is it a model for others to follow.
Invest offshore, done that, got the T-shirt and I would say most of my profit was taken away by exorbitant fees. Give me an index fund in a Ideco or NISA wrapping any day of the week.Deep Blue wrote: ↑Tue Mar 12, 2024 12:33 pm Unfortunately Japanese Government is bust, they can’t afford to let us keep our income, needs to be confiscated at punitive rates and impose all sorts of heinous taxes. Fortunately as an expat I can save and invest offshore to avoid the worst of these but I feel that if Japan reduced its top end rates they’d end up with a greater tax take in the end.
