AI Legalese Decoder: Calculating Your ‘Fat’ Retirement Funds Required for Tokyo Living
- August 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Concerns for Luxurious Retirement in Tokyo
Hey folks,
I am curious about your opinions on the amount required for a luxurious retirement in Tokyo. Picture a stunning condominium in the upscale neighborhoods of Ebisu or Hiroo, indulging in fine dining establishments (not necessarily Michelin-starred), driving around in a European luxury SUV, and enrolling your children in an American international school.
My wife and I are dual income, no kids (DINKs) residing in the United States, and we have diligently saved with the aspiration of achieving financial independence in order to sustain a high-end lifestyle in Tokyo.
Currently, my rough estimate stands at around $5-7 million for this objective. However, I would greatly appreciate your input on whether this estimate is reasonable, or if it might be too high or low.
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****** just grabbed a
I think you’re both understimating the equity returns you’d get from a $5mm portfolio and overestimating how expensive Tokyo is.
Is one of you a Japanese citizen? Or do you plan to work here with a path to PR?
If you have $7 million, that would be 980 million yen at a 140 exchange rate. Taking a 4% withdrawal, that would be 39.2 million per year, or 3.26 million per month. LetÔÇÖs say you live in one of the most expensive apartments in Ebisu. How about [this](https://myhome.nifty.com/rent/tokyo/meguroku_ct/detail_ebc675cd36313432aa8c55890e1ec5d2/?psId=d455cc006f328c16a718ec96fe3a5193e362afdaa80fcc9427384bd7df5952d6) apartment for 1.65 million per month, so 1.6 million remaining. LetÔÇÖs have you leasing a Lamborghini Urus for 5 years and no down payment, [here](https://corp.vfj.co.jp/lbf/simulation/index.php?message=&miscellaneous=0&down_payment=0&bonus=0&residual=14%2C260%2C000&Installments=2&rate=1.79&page=3&rate_code=2&txt_Installments=5&default_rate_special=1.79&car_model_root=Urus&car_model_t=Urus_S&tax_amount=921%2C480&vehicle_tax=65%2C500&basic_rate=0&hidden_message=&special_flg=1&car_price=28520801) for 320,000 per month: 1.28 million remaining. LetÔÇÖs send your kids to [Tokyo international school](https://nisai-british-onlineschool.com/blog/area/tokyo/amp/) for 2.63 million per year, 220,000 per month. LetÔÇÖs also give you two kids. 840,000 remaining. LetÔÇÖs say you spend 400,000 on various living expenses. That would give you 440,000 per month to blow on restaurants.
Sounds like a pretty lavish lifestyle to me!
You said DINKs, but then you mentioned international schools. The answer depends massively on whether or not you’ll be supporting kids in this lifestyle. Say you have two kids; that’s about ┬Ñ5M a year just for school. Then you’ll need a much bigger home. Small luxury mansions in the fancy neighborhoods are plenty, but big ones are rare and push up the cost dramatically, so maybe another ┬Ñ5M a year in additional housing costs (on top of what you’d pay for a couple’s home).
So I’d estimate at a minimum you’re adding ┬Ñ10M (post-tax) in costs if you have kids, and that’s not counting activities and lessons, taking them out to these dinners, the cost they add to travel, etc.
If you’ve got imported European SUV money, you’ve got taking a taxi anytime you want money (but without the shaken and insurance hassle).
Driving one of those down the roads here is the fastest way to show that you have no common sense. Get something that actually fits the roads and can handle the corners if you must drive (which you don’t need to here). The percentage of import cars that you see doing a 3 to 7 point manoeuvre to turn a corner off the main roads is ridiculous.
The definition of “luxury” is in the eye of the beholder, but we spend with no worries and live comfortably in central Tokyo. Over the past few years, our expenses have been in the range $25,000/month (after tax) with 2 kids in US colleges which we fully fund. While in international school in Tokyo, monthly spending was about $18k a month (less for education, but bigger house). I think we (just a couple – after kids are independent) can live totally worry-free for 15k a month. Your costs would totally depend on how much you pay for travel and how often, and how nice your apartment is (we pay about $6,000/month but $10,000 or even $20,000+ a month is easy enough to find if thats what floats your boat) and how much you want to go to high end restaurants ($300-$500/person for Michelin 2 star level) which we do maybe once a month.
Spending a ton on a luxury car in Tokyo is not for us. They are hard to navigate in the tiny streets, traffic is godawful, they is often no parking or it’s very hard to fit your car in the space. Our car is purely for going skiing, hiking, or traveling outside Tokyo. If you love fancy cars and just want to sit in it for fun, go ahead and buy one (for cash – not leased of course) if you have the money, but driving it in Tokyo is going to be unpleasant and stressful.
So if you have enough assets to kick off, say $15-30k/month (after taxes remember), I would say, thats the range of costs to live worry-free, buy basically whatever you want (assuming your wants are not totally ridiculous), travel well a couple times a year, and rent a nice place in one of the best neighborhoods in Tokyo.
It could be, or it might be way too low depending on your answers to the following.
At age will you retire? 40? 50? 60? 70? It makes a huge difference in how much money you will need.
Are you talking in todays dollars, or future dollars? If your retirement is pretty far off, it makes a big difference. In about 25 years, the dollar will probably have half the buying power it has now.
If you haven’t lived in Tokyo (or other metropolitan city like NYC) before and are basing your idea of luxury on US suburbs, you may need a lot more money or have to reduce your idea of luxury. Considering you are looking to get a European SUV for Ebisu/Hiroo area, I think you may not have a feel for life in Tokyo yet.
You mention American international schools for kids. Do you mean you will retire before your kids are out of the house? As others have mentioned, this will be a big expense.
You might want to familiarize yourself first with inheritance and gift taxes in Japan, especially if youÔÇÖre a high net worth individual. Once youÔÇÖre a PR holder with tax residency in Japan youÔÇÖll be taxed on worldwide assets.
I think you have a fine plan. YouÔÇÖd just want to adjust the house /condo for income. Sky is the limit there. You could also rent – like get a place in a Homat with parking for your lambo and itÔÇÖs like what $15k or $20k a month usa money.
This is cringe.
Without more info and much more analysis, if you have enough to retire in LA, SF, NYC then you have enough to retire in Tokyo. In my opinion while some things are cheaper in Japan vs the US (restaurants), some things are more expensive in Japan (housing per sq ft, particularly in central Tokyo). Biggest factors to solve for will be residency, language assimilation, healthcare, and if you ok with living a Japanese lifestyle.
Really easy with 7 mil.
YouÔÇÖd need at least 1 million yen a month of disposable income (after tax), 2 to be really comfortable. So thatÔÇÖs 24 million yen a year post tax.
Not impossible on 5 bucks but not a given either. Depends entirely what / how you invest and your citizenship.
This is such a stupid question, more is always better, and itÔÇÖs so circumstantial, exchange rate can go either way, where you park your money, do you need to pay for your visa (i.e. make a business). This is overall very unproductive question, whatÔÇÖs true now may not be true when you retire (you didnÔÇÖt give age and when you retire)
You came to Reddit for wealth management advice? ÒüêÒüêÒüêÒüêÒüêÒÇéÒÇéÒÇé
$6 million (average of your “$5-7 million” figure ) is totally fine for an ultra-lavish lifestile in Tokyo. One would have a hard time spending (on average) $100,000 month, but **you** could afford it so long as you plan on dying within five years. ƒæì
In my experience it would be very difficult to spend more than 70,000 USD a year.
No amount of money would buy you the same amount of space
Do you want kids or are you planning to DINK forever? In either case, if you have 5m invested, you’re looking at about 3000 (lower bound, roughly, including currency fluctuations) per month. I spend about this amount of money per month for a 1LDK and eating out and such with no wife and no kids and no car (you don’t need a car in Tokyo). I don’t live in Hiro-o, but somewhere with similar rents.
Maybe. But you or your wife would need to have a job. Especially if you plan to get a kid. Alternatively, consider reducing some spending, but that’s upto y’all.
the japan taxes will decimate your bank account. have you even glanced at the tax rates when you get into the higher income brackets? stay in the usa
a penny
Why would you want to retire in Tokyo?
appearance would be a problem first place. Asian countries are not used to immigrants like the States. Just saw two businesses dressed young lady with perfect RP accent been refused a table at a restaurant, for their appearances apparently. Try Malaysia or Singapore and former common wealth places.
5-7 million is reasonable. I think your biggest expense will be your house. You can’t get a mortgage in Japan unless you have a job there.