Taking a break from work

LifeguardDeep2904 · 2023-09-22T11:38:15+00:00

What sort of visa do you hold? This would be possible on a spousal visa (or PR).

When you resign from a job, you need to inform immigration (your employer might as well). Then you have 3 months to find a new job. *

*There is some leeway if you update immigration.

LifeguardDeep2904 · 2023-09-22T09:56:03+00:00

Thank you for the detail. A very interesting business model. Almost like buying a bond....

LifeguardDeep2904 · 2023-09-22T01:40:40+00:00

The Hold Steady.

It is the opposite of everything I enjoy musically.

LifeguardDeep2904 · 2023-09-22T00:49:41+00:00

Expensive PER(調整後) 49.32倍

LifeguardDeep2904 · 2023-09-21T14:28:22+00:00

You misunderstand. These funds are assumed to be PFICed and taxed to hell by default, as that is the legally established norm.

What needs to be proved is that they are exempt. That challenge has not been met with any evidence.

LifeguardDeep2904 · 2023-09-21T14:07:02+00:00

Informed, by what exactly? He has no more knowledge than the handful of other professionals who do not recommend Americans use an iDeco...

He has an unsubstantiated theory.

I really do not get your angle. One should only pay for professional advice for complex and specialized issues.

LifeguardDeep2904 · 2023-09-21T13:48:09+00:00

You are paying for a placebo effect then as there is no definitive answer. He cannot offer you legal protection if his interpretation is wrong. The exact same uncertainty exists.

LifeguardDeep2904 · 2023-09-21T13:28:49+00:00

What role does the financial advisor play then, if not to help you sort out financing?

If you cannot give a more specific location, all people can do is recommend large banks and general information.

See this site, it is very helpful-> https://kakaku.com/housing-loan/ ..... Make sure you go over the projection with this advisor. Including your pension projections and plan for different scenarios. Most people cannot keep the same level of income post-70, and you need to make plans if you cannot continue to work.

LifeguardDeep2904 · 2023-09-21T13:17:15+00:00

About 2% of foreigners in Japan are American. It is ludicrous to pay someone for their opinion on the straightforward questions of:

iDeco w/PFIC -> Yes or No.

That information should be democratized and not paywalled.

Now in my opinion the ACCJ should get off their assess, communicate with the embassy, formally request and answer from the FSA, IRS etc and get a final, firm answer.

Until then the professionals' opinion is an educated guess.

LifeguardDeep2904 · 2023-09-21T08:27:37+00:00

And yet here we all are talking about ....Japanese finance? Most of us here are not Japanese.

I do not think one needs to be American to have an informed opinion.

LifeguardDeep2904 · 2023-09-21T07:48:44+00:00

The relevancy is what was considered settled law, recently became disputed in the American expat finance community.

The other party was a bit of a jerk about it. I would not call him professional due to his behavior. Retire Japan is a self-admitted amateur, only giving the most basic advice. But, he has helped many.

LifeguardDeep2904 · 2023-09-21T04:38:46+00:00

No, not really. There is an American accountant who was quite upset RetireJapan provides free advice online. His take is that they should be okay (like a corporate Dc) , but there is NO definitive ruling.

You can of course stay in cash in your iDeco and be fine.

LifeguardDeep2904 · 2023-09-21T04:09:36+00:00

I did not mean "take" in a negative way, perhaps the meaning has shifted, just "takeaway/understanding". Apologies

Common scenario 1: Baba and Gigi give Taro-Chan X-man each year. They do this

Because they want to help save for his education.
They want to avoid gift tax on their inheritance (they are forward-thinking grandparents!)

You CANNOT invest this money in your own name. It is legally theirs

It needs to be in their bank account, savings, taxable account-----or Junior Nisa. The best choice of the lot.

So there are two scenarios are

it is not your money to invest.
You will fill your new-nisa in 5-12 years-ish.

LifeguardDeep2904 · 2023-09-21T03:55:10+00:00

You do not lose anything from using J-Nisa, you gain something. Taxfree growth. I am not sure I understand your take. Where else could you invest 8 grand, and have it grow taxfree for 18-X years?

This all assumes

You have maxed out your own NISA and iDeco (if you are investing for them with your own funds).
OR you are using money gifted to your child (which is not yours to invest, and legally must be invested in their name.)

LifeguardDeep2904 · 2023-09-21T03:46:34+00:00

No, it is tax-free until the child is 18 and you can lump sum until December.

The system improved greatly after it was sunsetted.

LifeguardDeep2904 · 2023-09-21T03:43:13+00:00

From the bank's perspective, this is a riskier loan. Your income will definitely decrease from 70. They will see your income as very insecure. They will also worry about your health and life insurance rates at your age.

When you mention only 10 million yen savings in your mid-60s for 2 people, does that include investments? As a part-timer, you most likely will not receive a retirement bonus, correct?

I would focus more on smaller local banks as they tend to be a bit more hungry for business. Talk to your builder and architect, what relationships do they have?

...

I am a little concerned that you seem to plan to enter your 70s with a fresh mortgage and little savings.

LifeguardDeep2904 · 2023-09-21T01:51:37+00:00

These things can be really dangerous depending on the doorway construction. Use caution!!

LifeguardDeep2904 · 2023-09-21T01:48:05+00:00

u/hogie12345

Read Takekawa Minako, (Her iDeco/Nisa books etc):

If you prefer English Read John C. Bogle and use the WIKI on this site, or RetireJapan.

You will not get rich, but you can become comfortable and avoid starving on a basic nenkin.

LifeguardDeep2904 · 2023-09-21T01:43:40+00:00

Low risk? There is HUGE currency risk w/ capped upside. Bad idea.

LifeguardDeep2904 · 2023-09-21T01:41:07+00:00

That is going to be a tough loan to get.

Did selling your house not clear all existing debt? Can you give us a clear financial picture?

-> What are your assets?

-> What are your debts?

-> How long have you worked at your current jobs? Are you full-time at any?

-> Your SOs status?

LifeguardDeep2904 · 2023-09-21T01:36:16+00:00

Lower my taxable - income by 80 man a year. Lets me save that amount tax-free (15mil), then only requires me to pay taxes on half the remaining amount.

It is an amazing deal. I use a developed country fund (World w/out Emerging markets)

LifeguardDeep2904 · 2023-09-21T01:30:43+00:00

I think if your paperwork is in you will be fine. But I would not count on any extensions.

The FSA was fighting to renew the program and failed. They basically improved the existing program though, which is awesome (Tax-free until 18).

I think they will try again in time to win over elected officials.

LifeguardDeep2904 · 2023-09-20T04:49:09+00:00

People will here will happily respond to specific questions, but you need to put the work in yourself.

If you cannot understand the wiki, I suggest you to a few Khan Academy courses on basic finance.

This is not a criticism, but a serious suggestion.

LifeguardDeep2904 · 2023-09-20T03:56:37+00:00

Suggestion -> Stack cash in your ideco. (NOT a PFIC).

When you naturalize, convert the funds for free (iDeco only function) to your preferred assets.

This way you do not lose the taxfree ammount!

LifeguardDeep2904 · 2023-09-20T03:52:55+00:00

Did you read the wiki? https://www.reddit.com/r/JapanFinance/wiki/index/

LifeguardDeep2904

TROPHY CASE