On Monday evening, February 12th, the National Commercial Bank of Anguilla (NCBA) launched its new and improved website, as well as a unique new NCBA product which has come to be called the WRAP, the acronym for Wealth Retirement Advantage Plan.
The concept behind the WRAP is that it is a simplified approach to making it easy and convenient for one to save towards his or her retirement years during the years of work, by systematically “saving” a specific amount each month over a period of a fixed number of years, in order to develop the proverbial “nest egg” before retirement kicks in.
In introducing the new innovative product, NCBA’s Former CEO, Mrs. Sharmaine Vaughan, said, “The reason why we have developed this product, WRAP, is because we want to educate and sensitize persons to the importance of long term saving and building long term wealth, especially for their retirement. So we saw it fit to develop a product geared towards long term savings.”
She said she would like people to consider this question: “How many EC$100 notes or how many US$100 notes will you need to retire comfortably?”
She stressed that it is to be considered whether one would need US$20,000, US$30,000, US$40,000, US$50,000, US$100,000 or US$500,000 or whatever amount to retire comfortably. “What is that nest egg amount?” she asked.
She noted that based on various employment policies, retirement ages would vary. Some people may retire at 60, while others would retire at 65. She observed that Social Security schemes across the region seem to be rather unstable, and so the pension age for Social Security retirement benefits is increasing. Therefore, she recommended that persons seriously consider opening a WRAP account with NCBA which will enable them to provide for a more secure financial future upon their retirement.
The WRAP product at NCBA enables one to make monthly contributions of a minimum of EC$100 or US$100 into a retirement savings account. The minimum age required to open a WRAP account is 18 years, and the maximum age is 55 years. This maximum age is stipulated at 55 because the minimum maturity period for the WRAP account is 10 years, and typically age 65 is currently the maximum age for retirement. Persons can choose to have deductions made from their salaries to facilitate their monthly contributions.
WRAP savings can be redeemed upon retirement by way of a lump sum payment. The retirement age may be optional at age 55 to 65.
The Former CEO was passionate about persons seriously considering opening a WRAP retirement account that would enable then to avoid living a life of lack in their latter years of life. She said that with the soundness of a strong financial footing now, NCBA is now poised to grow from strength to strength and anyone depositing into a WRAP account can be assured that their money is safe and would be available when retirement age is reached.
Further information on NCBA’s WRAP account can be accessed by calling 1-264-497-2101 or 1-264-497-2571.
The dynamics and functionality of NCBA’s new and improved website were explained at the February 12th launch by Mr. Shamar Gaskin, the company’s website host.
