Zakat and savings

[BoldNewSomali]

I just read somewhere that one has to pay zakat on their savings such as a 401k. I know some really middle class people who are getting along in age and have saved as much as $850k to a million in their 401k. While that may seem like a lot, it isnt enough when adjusted for inflation and the avg. life expectancy.

So for example, a 59 year old county child protective service worker making $65,000 a year with $850k in a 401k amount would have to pay $21,250 per year? Is that calculation correct?

[Showqi]

Brother Nuur is the one who can answer your question, I hope he is reading your Thread.

[Blessed]

Ask a mufti scholar. Amja online are pretty good and US based, they usually respond within a week. The basic principle of Zaka is that savings and gold held for a year long period are zakatable.

[Mario B]

^ Good reply.