Posted by: islamicfinancingnews | March 1, 2013

Islamic finance and your retirement years

islam-11 When you are planning your retirement years, it helps to have a basic understanding of both conventional and Islamic mortgages, including reverse mortgages that seem to be getting a lot of attention lately.

The 2008 economic crisis had a large impact on retirement savings and financial security as evidenced by a recent Sun Life Financial survey in which only 27 percent of working Canadians anticipate retiring at 66 years of age. This is a sharp decline from five years ago at the onset of the crisis when 51 percent expected to retire at the same age. Survey results show 32 percent of respondents anticipate working past normal retirement age in a part-time capacity, 26 percent expect to be working full-time, while the remaining 15 percent are unsure of their plans.

Financial experts point out there is both good and bad news from the survey results. The good news is people are living on average twenty years longer and need to think about their economic stability long after the traditional retirement age. The bad news is historically low interest rates make it more difficult for people to save in order to make their later years financially secure.

Talk to an Islamic finance lender who can discuss the different Sharia compliant financing options available to help you deal with your retirement plans.

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