[anonymous]

I was just curious as to what options Muslims have to retiring. I managed to save up a good chunk of money from working by saving up every week but, I don't want to work the rest of my life and since putting it into a savings account with interest would be haram, is there anything I can do with that money I have to help me towards retirement in any way? I don't have a 401k through my job, so my money is just sitting in a non interest bank account as keeping all that money in my house would be pretty risky.

 

[Simple_Person]

If i were you i would also buy some gold and silver, not all, but to be on the safe side. Why do i say this?

Within Islam currency can be gold, silver and certain types of goods. So paper doesn't really have value in Islam. So expect this paper to go high and go low. To even lose it's value within a few years or Allah knows best maybe even quicker. While gold and silver, will NEVER lose their value to zero. If US for example would say to us gold and silver have the value of some dirt in your hand..go to Canada and gold and silver still has value. While US dollar if it for example would lose it's value, going to another country it also has lost it's value.

That being said, the other thing also is, if governments had that amount of trust in paper money, they would NOT have gold reserves. If somebody backups themselves with something, means they don't trust something completely. Paper money is a Zionists invention that is from the last 100 years or so and since the 70's it isn't even attached to gold anymore. While in the past you could exchange your dollars for gold. Also do not trust digital currency, as it is being highly manipulated. If a investor puts in like a few million dollars, the value of the bitcoin for example goes up. Everybody suddenly buys also bitcoin and want to be part of the ride and thus the value going further up. When it has reached some height the investor just sells his bitcoin and has a profit from it.

I had bitcoins since 2013 (didn't really know much about currencies in general). I had like 2300 euros invested in so to say, but if i would sell them..i would have lost money over it. I waited for like 3 years to reach the height so i can get back my money without losing money over it, as i had gained some knowledge about the whole currency stuff during those years. Back in November 2016 i finally could withdraw my money. The small profit that i made of, i gave it away as sadaqa as i am not sure if that profit is haram or halal. So to be on the safe side..i just gave it away.

So don't get fooled what governments say, look at what they do.

 

[anonymous]

I actually read a lot about that and saw a few documentaries about the federal reserve among some other things and their connection to corruption/wars throughout history and the present.

I have a question about the investment in precious metals though. I'm not very savvy with financial stuff, so I'll give you a hypothetical.

Say I'm 40 years old with $100,000 USD in the bank. If I buy $50,000 worth of gold, how will this help me with retirement? The $50,000 I have in the bank won't be enough to get me by with expenses (food, bills, car/home repairs, etc), so I'd still have to work. The $50,000 worth of gold would just be sitting there since I can't use gold as currency and would only be good until I cash it in. Even if I could use the gold, I'd still have to have some form of income because even $100,000 in todays time is not enough to last (if we're using the example of 40 years old). Being single, I'm sure I could be frugal enough to stretch that out but, I can't see that amount of money lasting too long with a family.

My version of retirement is either having some form of an income (pensions come to mind) or by having a large amount of money saved up to last you. If I'm not mistaken, 401k through the employer is probably the most common form of retirement, so the pension isn't always an option.

 

[M.I.A.]

buy a house already... (im kidding, just an idea)

or a letting property..

it should become an asset rather than a liability.. a lot of homework will probably help you towards one rather than the other..

rent it out.

should keep you reasonably busy.. (its the new gardening.. probably)

and provide a return.

and could go someway to helping others.

thumbs up tm.


...hoarding money in is strictest form wont really benefit you..

its just like keeping it in the bank..almost.


although nothing is easy alhamdulillah..

maybe it is.. i dont know?

i find it very difficult to keep hold of staff.


im sure you will do just fine either way.

 

[Simple_Person]

I actually read a lot about that and saw a few documentaries about the federal reserve among some other things and their connection to corruption/wars throughout history and the present.

I have a question about the investment in precious metals though. I'm not very savvy with financial stuff, so I'll give you a hypothetical.

Say I'm 40 years old with $100,000 USD in the bank. If I buy $50,000 worth of gold, how will this help me with retirement? The $50,000 I have in the bank won't be enough to get me by with expenses (food, bills, car/home repairs, etc), so I'd still have to work. The $50,000 worth of gold would just be sitting there since I can't use gold as currency and would only be good until I cash it in. Even if I could use the gold, I'd still have to have some form of income because even $100,000 in todays time is not enough to last (if we're using the example of 40 years old). Being single, I'm sure I could be frugal enough to stretch that out but, I can't see that amount of money lasting too long with a family.

My version of retirement is either having some form of an income (pensions come to mind) or by having a large amount of money saved up to last you. If I'm not mistaken, 401k through the employer is probably the most common form of retirement, so the pension isn't always an option.

I have also lately been pondering about this whole issue. My conclusion so far has come to this. Remember, i am NOT a financial expert, but my eyes and ears are open and i follow path of logic and rationality.

First about gold investment, is not about to spend it, it is ONLY if something might happen, which MANY signs in the current world situation are pointing at, you still have something that doesn't lose it's value. You can also exchange it when needing money instead. If we look at the gold prices ..see url

http://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

In 1971 Nixon cut the dollar backed by gold standard and you can see the chart suddenly going up (gold gaining more value). We see it peaked around beginning of the 80's. From then it went downwards. A logical explanation is that people were skeptic at the first, but then they trusted paper money more. around june/juli 2001 suddenly it went up (as i suspect people knowing about 9/11 to happen, prior to the event self. There are documentaries that point this out, which one can conclude it was indeed a inside job besides other evidence) and it has been going up since then. The British pound has lost it's value tremendously since last year (Brexit outcome). British pound also back in 2014 had the average of (1 British pound = 1.66 dollar) and now they are at (1 British pound = 1.24 dollar) lost about 25% of it's value. The Euro has also lost it's value tremendously since 2014. I remember that back then it was (1 euro = 1.44 dollar) while now we are at (1 euro = 1.06 dollar). So the Euro has also lost about 25% of it's value since the last 2 years. THAT IS NOT something you can overlook.

With other words with the same money 2 years back being British pound or Euro, you could lets say with 100 euro or 100 British pound (to make it simple) buy 100 bread (1 pound/euro = 1 bread). Now you can only buy 75 bread with the same 100 Euro/British pound).

So that being said, what is my conclusion as i still haven't talked about it?. Well i came to one GOOD option, but that is not open for all the people. That option being, buy some land somewhere and start your own farm or something like that. This life, it really all is about food and shelter. The rest is just nonsense. Who needs a tv? (it is killing our mind and making us lazy). Who needs 24/7 electricity? A few hours a day is MORE than enough. Grocery store to buy food..are unnecessary as now a days food isn't food anymore..it is rather poison. So growing your own food. If you grow your own food, that covers A LOT of the expenses. What is left, you can even sell, as many people now a days want healthy food and are even prepared to spend more money on it. So that would even cover the income part to spend on house repairs. Solar panels/windmill or a creek with a turbine to generate electricity is also a option. However, like i said, this good option is not open for all of us.

Which leaves only 1 other option. That is to grow as much as possible your own stuff. Try to learn as much as possible to repair things with stuff you have laying around. What people through away as they see it as junk and garbage are valuable stuff that can be reused with another purpose. There are those plastic little bucket that Turkish yogurt is being sold in and that bucket you can use as sort of flower pot. Eggshells, are a valuable source of calcium and can be used to further enrich the soil you are growing food in. Coffee beans and tea leaves are rich in nitrogen to also enrich the soil as potatoes really need when growing them. Banana peels have a lot of potassium and other minerals. If you have a garden you can throw most of your garbage on them to create compost and enrich the soil with that. If you have a garden buy a few chicken chicks and have your own eggs. Buying flower at the grocery store and making your own bread is cheaper and healthier. Taking a shower with buckets of water, you use less water and you are even more clean, because you concentrate more on cleaning. Having a Islamic way of life..of eating less and never have your stomach full, saves also a lot of money. Not to forget when you are fasting.

I have slowly this last year being experimenting with a lot of those. About for example heating, i on purpose did NOT turn own the heating this winter. Not even once. I put on more clothes and i used a flowerpot heater with tealights (going to tweak this solution for the next winter). I looked what i saved in gas, ..if i go with this same way..i will save 87% on my gas bill. About electricity, (Computers use up the MOST electricity). Turn them on when needed and turn them off when not using it. So far, i am at 62% saved. As i suspect next year i will save even more. www.aliexpress.com you can buy cheap LEDlights. Good quality Chinese website. I shower every 2 days during the winter with buckets of water. I use a maximum of 24 liters of water. With 20 liters being warm (gas used to make it warm). While i remember it took me in the past about 100 liters to take a shower of 20 minutes. I now shower for 25-30 minutes with 24 liters of water and strangely i feel even more cleaner. Just with a bucket and a cup to pour it over my head . I absolutely do not even miss going back to using the shower head.

Flower pot heater: https://www.youtube.com/watch?v=b11dqKJrulk&index=16&list=WL

To achieve this second option better, it is best to go to a more warm climate with a garden. As you can grow much of your own stuff year around. About the job, there are jobs that you can work from home..like a web developer or something like that.