Retirement plan
Question
When I started working, I took out an educational plan for my children. However, they misinterpreted my plan for a retirement plan. Am I allowed to use the money from this retirement plan even though the intention was for an educational plan?
Answer
The capital amount can be used. The excess must be given out in charity. If the account was for the children before they could come of age then this wealth will belong to them.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
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