The news following the mid-December meeting of the Federal Open Market Committee (FOMC) brought about what many predicted would have happened as far back as a year ago: after seven or so years of expansionary monetary policy, the Federal Reserve Bank (known simply as just The Fed) has decided to change course and introduce new policies to increase interest rates within the economy. While the coverage had dominated the media’s news cycle, many I have come in contact with have expressed bewilderment on a range of levels: Why did the Fed do this? Continue reading
You may not have a 401k plan or an IRA, but instead a more traditional pension. If this is the case, you are not alone, and like many other people are asking yourself:
Do I have to pay Zakat on my pension or retirement plans?
Investopedia defines a pension plan as:
A type of retirement plan, usually tax exempt, wherein an employer makes contributions toward a pool of funds set aside for an employee’s future benefit. The pool of funds is then invested on the employee’s behalf, allowing the employee to receive benefits upon retirement. Continue reading