Personal Finance for Residents of Japan
https://www.retirejapan.com/forum/
Moneymatters wrote: ↑Wed Jan 31, 2024 10:07 am
Now then.... Does anyone want to attempt the sit/stand test and report back?
https://www.washingtonpost.com/lifestyl ... story.html
Warning: First attempt may be humbling..
https://youtu.be/IzYftUVNDbw?si=Hm9UadvsGZac99ka
Good question
I was at the pension office yesterday and I saw a chart that told you how much EXTRA you would get by delaying. If you delay until the age of 66 you get 8.4% more. If you delay until you are 75 the increase is 84%. Figure out how long you expect to live to find out if you will make back the pension money you lost during the years you did not get a pension.goodandbadjapan wrote: ↑Thu Oct 26, 2023 2:08 am There have been a few mentions on these boards about delaying taking a pension and therefore increasing the amount you get. Quick question: if you didn't think you would need to take pension until, say ten years after you are entitled, do you think delaying would be a better option than taking it when you can and just throwing the money into investments? I suppose it all depends on how long you might live, but to have ten years worth invested and (hopefully) accumulating until you are 75 or so seems quite attractive.
Before 65Silversurfer wrote: ↑Sat Mar 16, 2024 12:27 pmI was at the pension office yesterday and I saw a chart that told you how much EXTRA you would get by delaying. If you delay until the age of 66 you get 8.4% more. If you delay until you are 75 the increase is 84%. Figure out how long you expect to live to find out if you will make back the pension money you lost during the years you did not get a pension.goodandbadjapan wrote: ↑Thu Oct 26, 2023 2:08 am There have been a few mentions on these boards about delaying taking a pension and therefore increasing the amount you get. Quick question: if you didn't think you would need to take pension until, say ten years after you are entitled, do you think delaying would be a better option than taking it when you can and just throwing the money into investments? I suppose it all depends on how long you might live, but to have ten years worth invested and (hopefully) accumulating until you are 75 or so seems quite attractive.
I started paying at 22, so by paying voluntarily after 60 I will hit 40 years (assuming they don't raise it to 45 soon)Roger Van Zant wrote: ↑Thu Mar 21, 2024 1:07 am I wonder if anyone on this forum is actually on course to pay the full forty years of contributions?
I started when I was thirty or so, so I am on course to pay in thirty years' worth of contributions (kouseinenken, in my case).
You'd have to start paying in at twenty in order to have a full whack by sixty, and most of us on here weren't even in Japan when we were twenty years-old.
I check my online pension forecast every once in a while, and I am projected to get about 110,000 yen per month in retirement.
So glad I have the UK state pension to back me up, otherwise I'd be screwed.
I now know why I see so many elderly here shuffling around the malls waiting for the bentos to be marked down every evening.
If they don't continue to take Kosei Nenkin Contributions when you reach 60 (if still in full time employment), you'll be able to pay voluntary contributions for an additional 5 years into the Basic Pension (See links above). You would have to visit the local Pension Office any time after the day before your 60th. birthday to arrange voluntary contributions.Roger Van Zant wrote: ↑Thu Mar 21, 2024 1:07 am I wonder if anyone on this forum is actually on course to pay the full forty years of contributions?
I started when I was thirty or so, so I am on course to pay in thirty years' worth of contributions (kouseinenken, in my case).
You'd have to start paying in at twenty in order to have a full whack by sixty, and most of us on here weren't even in Japan when we were twenty years-old.
I check my online pension forecast every once in a while, and I am projected to get about 110,000 yen per month in retirement.
So glad I have the UK state pension to back me up, otherwise I'd be screwed.
I now know why I see so many elderly here shuffling around the malls waiting for the bentos to be marked down every evening.