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I am approaching retirement and have concerns ... (14) |
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icforumadmin 
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Joined: 15 February 2005 Status: Offline Points: 1056 |
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 Topic: I am approaching retirement and have concerns ... (14)Posted: 22 September 2023 at 9:50am |
 I am approaching retirement, and have concerns about paying my zakat. All of my adult life, I have paid my zakat as 2.5% of my saved assets. However, I am ...
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Mughees
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Male Islam Joined: 05 April 2024 Location: Pakistan Status: Offline Points: 78 |
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Posted: 22 April 2024 at 6:40am |
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Zakat is an important pillar of Islam, and it is obligatory on certain types of wealth once it reaches the nisab. Assess your savings and determine how much of it is necessary for you retirement and daily expenses. Continue calculating zakat based on the value of your savings and assets that are zakatable. Look into retirement accounts or other savings plans that can help you manage your finances during retirement. Since your situation involves retirement and long-term financial planning, it is advisable to consult with a qualified Islamic scholar who can guide you more in determining how to calculate your zakat in a way that is fair and reasonable given your circumstances.
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