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What happens to iDeCo accounts when you die?
Posted: Fri Sep 08, 2023 8:14 am
by RetireJapan
Well...
(very comprehensive write up of the frankly horrendous system for claiming a DC pension when the owner dies)
https://www.reddit.com/r/JapanFinance/c ... _benefits/
Re: What happens to iDeCo accounts when you die?
Posted: Fri Sep 08, 2023 11:03 am
by Deep Blue
That is a fantastic expanation, but My God, what an absolute mess of a system. Japan really should have a wholesale review of the entire inheritance system. I doubt this will happen in my lifetime though, and I'm planning on a few more decades yet.
Re: What happens to iDeCo accounts when you die?
Posted: Fri Sep 08, 2023 2:42 pm
by RetireJapan
Only option is to give away as much as possible before dying I guess
Re: What happens to iDeCo accounts when you die?
Posted: Fri Sep 08, 2023 2:59 pm
by Deep Blue
... and then try to die on time!
Re: What happens to iDeCo accounts when you die?
Posted: Fri Sep 08, 2023 10:29 pm
by Gareth
A bit of feedback - could you please put more information about the links you post rather than just a one word comment? Particularly if posting to Reddit. This post just looks like spam and it isn’t particularly enticing to click on the link… A one paragraph summary of what the article is about perhaps?
Re: What happens to iDeCo accounts when you die?
Posted: Sat Sep 09, 2023 12:07 am
by RetireJapan
Gareth wrote: ↑Fri Sep 08, 2023 10:29 pm
A bit of feedback - could you please put more information about the links you post rather than just a one word comment? Particularly if posting to Reddit. This post just looks like spam and it isn’t particularly enticing to click on the link… A one paragraph summary of what the article is about perhaps?
I thought the title was fairly descriptive, but fair enough.
Hoping to get permission to repost the whole thing to the blog
Re: What happens to iDeCo accounts when you die?
Posted: Sat Sep 09, 2023 12:28 am
by captainspoke
Gareth wrote: ↑Fri Sep 08, 2023 10:29 pm...
That sub, JapanFinance, is excellent, it's a big group but stays on topic, and several of the people who post there are nothing short of superb in their knowledge and presentation. I browse it all the time.
Re: What happens to iDeCo accounts when you die?
Posted: Sat Sep 09, 2023 10:18 am
by beanhead
captainspoke wrote: ↑Sat Sep 09, 2023 12:28 am
Gareth wrote: ↑Fri Sep 08, 2023 10:29 pm...
That sub, JapanFinance, is excellent, it's a big group but stays on topic, and several of the people who post there are nothing short of superb in their knowledge and presentation. I browse it all the time.
Stark is particularly knowledgeable.
Re: What happens to iDeCo accounts when you die?
Posted: Sat Sep 09, 2023 10:35 pm
by Wales4rugbyWC23
beanhead wrote: ↑Sat Sep 09, 2023 10:18 am
captainspoke wrote: ↑Sat Sep 09, 2023 12:28 am
Gareth wrote: ↑Fri Sep 08, 2023 10:29 pm...
That sub, JapanFinance, is excellent, it's a big group but stays on topic, and several of the people who post there are nothing short of superb in their knowledge and presentation. I browse it all the time.
Stark is particularly knowledgeable.
Stark the Banksy of Japanese finance- Who is he??
Going back to the original post- my non-Japanese spouse hates anything related to documents especially if it requires anything to be written in Japanese. I do not think she has registered her inkan yet. The spouses or family members who will be going through this process will also be grieving for a passed away member of the family, which makes it even a more challenging time. From what I understand in the UK pension pots are passed onto tax free to family members.
Re: What happens to iDeCo accounts when you die?
Posted: Wed Sep 13, 2023 1:17 am
by banders
Would the best idea be to cash in when you've finished paying and moving it to your taxable account at SBI or wherever (or NISA if you have spare)? Tax-wise I assume that'll be about the same as drawing down from iDeCo (?). Even if not, it'll be easy for your spouse to withdraw.
