Hello,
My job opened 401k for us back months ago almost a year. I always thought 401k was a retirement plan where they take some money from you paycheck and put it somewhere for you. Didn’t even know it goes into investing. Did some research recently and noticed that 401k is somewhat haram. I texted the HR and told them I don’t want anything to do with this and the suggestion I was given was to just set the percentage of contributions to zero so that money isn’t taken out of my check. But me being me, I noticed that my portfolio says 87 percent stocks and 13 percent bonds, so now that I set the contribution to zero what do I do? I heard just recently that bonds is haram. What happens to the money already there?
My job opened 401k for us back months ago almost a year. I always thought 401k was a retirement plan where they take some money from you paycheck and put it somewhere for you. Didn’t even know it goes into investing. Did some research recently and noticed that 401k is somewhat haram. I texted the HR and told them I don’t want anything to do with this and the suggestion I was given was to just set the percentage of contributions to zero so that money isn’t taken out of my check. But me being me, I noticed that my portfolio says 87 percent stocks and 13 percent bonds, so now that I set the contribution to zero what do I do? I heard just recently that bonds is haram. What happens to the money already there?