This year iDeCo accounts became available to dependent spouses, some company workers enrolled in corporate DC schemes, and... public servants!
I am one of the latter, so years after first getting excited about iDeCo I finally got to open my own account this year.
According to this article, the number of new iDeCo accounts being opened in Japan has really accelerated this year. The numbers still seem really low to me. Lots of people who should have accounts don't know enough to open one.
You can learn about iDeCo on our iDeCo page.
So what does my account look like after nine months of contributions? I am paying in the maximum 12,000 yen a month, but would happily put away ten times that if they would let me ;)
As you can see in the screenshot above, I have paid in 103,848 yen so far (I'm guessing this is 108,000 yen net, minus the initial setup fee and the monthly fees). The balance is currently 114,254. Not bad for a few months, although I have even higher hopes for this account over the next 20-30 years.
My income taxes, local inhabitant taxes, and pension/health insurance contributions have all been reduced accordingly automatically, as the iDeCo contributions are taken directly from my paycheck.
I'm struggling to understand how a 10,406 yen gain is 21.61%, but I'm sure they are using some kind of formula that makes sense to someone ;)
I haven't changed my initial allocation of 50% world stocks, 30% emerging market stocks, and 20% Japanese stocks. You can see the details in my Application Success post.
So, so far so good. The iDeCo account seems to be working as advertised.
How about you? Did you open an iDeCo account yet? How are you finding it?