Sell the Legacy TNISA to fill up the New NISA?

[Tsumitate Wrestler]

... Paying into the void as it were.

I've never heard of it, and it would truly surprise me if someone temporarily working in the US, as in Japan, can get a Social Security (pension) refund if they leave the country after a few years. How about UK--is that possible?

With some limits, Japan allows that (generously, IMO). From reading about this, most of those leaving think of it as a 'bonus' or nest egg to help them get started somewhere else.

My comments were in reference to those in Japan, not abroad.

Deleted mistakes to prevent spreading misinformation.

I know nothing of the UK system or the US system sadly. In Canada all most pay if they make over $3500. Half you, half your employer.*

*Quebec is different, as in all cases.

[RetireJapan]

Those who pay in 39 1/2 years only get 75% etc.

Where do you get this from? Japan calculates pension based on number of months paid in, so once you have paid 120 each extra payment increases your pension slightly.

[Tkydon]

... Paying into the void as it were.

I've never heard of it, and it would truly surprise me if someone temporarily working in the US, as in Japan, can get a Social Security (pension) refund if they leave the country after a few years. How about UK--is that possible?

With some limits, Japan allows that (generously, IMO). From reading about this, most of those leaving think of it as a 'bonus' or nest egg to help them get started somewhere else.

My comments were in reference to those in Japan, not abroad.

Those who pay in 9 1/2 years of pension for example get nothing....
Those who pay in 39 1/2 years only get 75% etc.

I know nothing of the UK system or the US system sadly. In Canada all most pay if they make over $3500. Half you, half your employer.*

*Quebec is different, as in all cases.

Those who pay in 39 1/2 years get 474/480 or 98.75% of the full pension (Basic Pension or Base Portion) at 65...

There are several cases in which you would only get 75%:

If you have only paid in 360 months contributions
If you decide to take the pension before 65 - The actual percentage will depend on both the actual number of months contributions to the start of the pension and the discount factor for taking the pension early from that date... (1 minus the Discount Factor)
https://www.nenkin.go.jp/service/jukyu/ ... 21-01.html

[Tsumitate Wrestler]

Those who pay in 39 1/2 years only get 75% etc.

Where do you get this from? Japan calculates pension based on number of months paid in, so once you have paid 120 each extra payment increases your pension slightly.

Ooops I will go yell at my colleague then. Perhaps we should delete my misinformation in case it pops up on Google. Apologies.

I was told it was an over-the-line system/under-the-line in 10-year tranches. So if you hit 39 years, you are stuck at 360 months vs 480 months.

[RetireJapan]

Ooops I will go yell at my colleague then. Perhaps we should delete my misinformation in case it pops up on Google. Apologies.

I was told it was an over-the-line system/under-the-line in 10-year tranches. So if you hit 39 years, you are stuck at 360 months vs 480 months.

No worries. The Japanese system is much more user friendly than the UK, for example, as the latter deals in 'years paid in full', so you can have a bunch of incomplete years you don't get credit for. Japan by working in months, gives you credits for all your contributions.

[Bubblegun]

What adamu said.

Anyone living in Japan who is over 18 can open a NISA account.

Previously we had to stop because they became adults at 18, but couldn't contribute further to the NISA because they weren't 20.
So we can restart putting money into the NISA when they are 18/19?

[Oliver]

In English for a non native speaker, what does this mean?

“ This went in a different direction. If a student or someone on temp-disability, etc etc prioritizes Nisa over Nenkin I will not clutch my pearls. It is their financial future that is at stake.

I am talking about a year or two here or there though!

Many will end up getting stuck in the gulfs between 0-10/10-20/20-30/30-40 anyways. Paying into the void as it were.”

[Tsumitate Wrestler]

̶M̶a̶n̶y̶ ̶w̶i̶l̶l̶ ̶e̶n̶d̶ ̶u̶p̶ ̶g̶e̶t̶t̶i̶n̶g̶ ̶s̶t̶u̶c̶k̶ ̶i̶n̶ ̶t̶h̶e̶ ̶g̶u̶l̶f̶s̶ ̶b̶e̶t̶w̶e̶e̶n̶ ̶0̶-̶1̶0̶/̶1̶0̶-̶2̶0̶/̶2̶0̶-̶3̶0̶/̶3̶0̶-̶4̶0̶ ̶a̶n̶y̶w̶a̶y̶s̶.̶ ̶P̶a̶y̶i̶n̶g̶ ̶i̶n̶t̶o̶ ̶t̶h̶e̶ ̶v̶o̶i̶d̶ ̶a̶s̶ ̶i̶t̶ ̶w̶e̶r̶e̶.̶”̶

This was incorrect, please ignore it.

In English for a non native speaker, what does this mean?

“ This went in a different direction. If a student or someone on temp-disability, etc etc prioritizes Nisa over Nenkin I will not clutch my pearls. It is their financial future that is at stake."

Some people are excused (partly or fully) from paying nenkin for a period of time. If they were to pay into Nisa during this time, I would not personally be worried. However, they should not ignore paying nenkin in the long term.

Examples of temporary nenkin forgiveness -> Students, temporary disabilities, medical recovery, etc

[Oliver]

Okay, I got it! Thanks!

[beanhead]

Previously we had to stop because they became adults at 18, but couldn't contribute further to the NISA because they weren't 20.
So we can restart putting money into the NISA when they are 18/19?

At 18th birthday they get a new password forced on them (at least by Rakuten).
This year at least my offspring had an existing J-NISA when turning 18 so the first year they can start 'adult' NISA will be 2024.
In the future I guess this will not be an issue as there will be no more J NISAs.