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.
- Use password managers like LASTPASS to manage your passwords for you.
- 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?
- The annuity stops when both husband and wife are dead and children left with nothing.
- The annuity is not worth a lot if you die early.
- 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?
- How much do your children inherit?
- 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.