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sumu, your company dont have retirement plan that you buy?

here we have called retirement. when you reach 55 you can retire and get 85% your salary until you die.

Sumubaridi wrote:

Machiavelli2 wrote:Even if you have children, why rely on them financially? They will be raising young families and need every penny they earn, Have you heard about superannuation? Contribute to it now and retire in your 60''s and enjoy the remaining years of your life while earning similar wages and lifestyle before you retired through your superannuation.

Waa maxay superannuation? Interest earning?

Ina Adeer, I think in the United States, you guys call it Retirement Plan or something like that, but here it is called superannuation. It is a private retirement plan/pension fund that the employer is forced to contribute certain percentage of your wage and you add a percentage of your wage. The sum of both parties contribution is guaranteed by the government. Additionally, the firm that manages it will invest on your behalf. You can choose the industry which you might want to invest it. Say, you want to receive in retirement more than you are currently earning, you could be eligible for a salary sacrifice, which you put a huge chunk of your wages into the fund. it is great for couples earning double wages. If the person wants a riba or non-riba investment portfolio/shares, it is their choice. It could be more cleaner and halal than the Public Benefits (ceeydha).

Hyperactive wrote:sumu, your company dont have retirement plan that you buy?

here we have called retirement. when you reach 55 you can retire and get 85% your salary until you die.

Not the Company but the country have what we call 401K. You cannot collect it until you are 67 years. Why would I want to stay in this country until I am 67 years old. I want to go back in the coming 4 years when I finish my MBA. but I need some sort of a career that I can do when I am old. I don't want to sit at home doing nothing. Something fun that is not physical or hazardous.

I think that the safest occupation is working in a university. You'll get a stable job, good pension and the ability to mentor the younger generation. I have been in the US for over 20 years and have mentored at least 25 kids who are now well paid accomplished professionals.