Checklist

This is the information I was able to glean from the meeting and excellent presentation by Aslam Merchant. Hopefully this will be helpful in organizing some of the stuff:

  • Organize your websites for accounts and passwords into one document stored in a safe location.
    1. Use password managers like LASTPASS to manage your passwords for you.
    2. Encrypt the document
  • Educate yourself and your spouse on how the SA pension plan works
  • What is the PRE-TAX fund and what is your retirement fund?
  • Why is it important to take the lump sum?
    1. The annuity stops when both husband and wife are dead and children left with nothing.
    2. The annuity is not worth a lot if you die early.
    3. You get a better rate of return on a lump sum in a Trust Fund.
  • Do you have a TRUST FUND set up. I will gather information on this soon, inshaAllah, and update it Here.
  • When can you take monthly installments from your Retirement funds? At age 55, but you cannot have ANY other income on your SSN or you face a stiff penalty.
  • What are the tax ramifications of taking it lump sum? Link Here Soon.
  • What is the ZAKAT due on the funds you take out? A topic on which wars were fought.
  • Do you have an Islamic Will and does it conform to your resident state/country?
    1. How much do your children inherit?
    2. How much can you pass on to your kids without the “inheritance” tax.
  • What charities can you contribute your time to now and later? Link Here Soon.

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