You have a Future....We have a Plan!
Whether you are 20, 25, 30, 35, it’s never too early to start thinking about your retirement. The earlier you start saving and taking advantage of the 7% per annum premium interest rate offered on the Member Retirement Account (MRA), the better off you will be.
Start building now for your golden years with an MRA from your Credit Union and help fill the gap left by Social Security and pensions.
The MRA is:
Premium interest rate of 7% per annum on any amounts saved
Compound Interest. (Interest earns interest )
Use investments as loan collateral at NCCU and elsewhere
Affordable and easy to open. Start with only $5.00
Contribute whenever you want and whatever you can afford or
Contribute regularly through payroll deduction or standing order
A recent payroll slip will need to be presented for deposits of $1000.00 and over
No late payment penalty
No policy lapse
Access to full value of the MRA at age 55 (if held for five years)
All NCCU members can open MRA accounts up until the day of their fiftieth birthday. Visit any of our five (5) Branches with your birth certificate and complete a short MRA application form.
Click here to view the MRA application. You can fill in the application in advance and bring it along with you to the Member Services Department.
Consider payroll deduction or a standing order for regular deposits to your MRA.
Overseas Members
To open from overseas, simply print the application form (see above) and complete. The form is to be notarised and sent to an NCCU Branch along with notarised copies of your birth certificate (or other document which confirms your date of birth).
The MRA is not a life insurance policy and there is no surrender value before age 55.
It does not require members to save regularly and will not lapse.
You can put in a fixed amount monthly, a small amount whenever you can, or a lump sum annually. Annual deposits must not exceed your regular annual income after income tax and social security deductions.A recent payroll slip will need to be presented for deposits of $1000.00 and over. And we can help put an MRA to work for you by processing a monthly payroll deduction at no cost to you.
Members residing overseas can send deposits by personal cheque, bank draft or international money order.
Start as soon as you begin working and any time after, up to your fiftieth (50th) birthday.
Withdrawals are not encouraged because the account is designed to provide you with income after retirement.
The MRA can be pledged as collateral against a loan at NCCU or elsewhere, to the extent of the cash value at the date of pledging.
To settle, you must be an account holder for a minimum of five years and must reach the age of 55 to receive the special premium interest rate of 7% per annum compounded.
At 55, a member who has had an MRA for 5 years will be entitled to the full value of the MRA. On death, the balance of the MRA will be paid to the member’s benficiary or estate, unless disposed of by will.
See below how much you can set aside by starting to save early for your retirement.
Estimated funds available at Age 55(EC$)
Columns A assumes $50, Columns B $100 and Columns C $200 contributed monthly at a rate of 7% per annum. For illustrative purposes only. actual balances may vary slightly.
| Starting Age |
A
Deposits ($50/ month)
|
A
Estimated Fund Balance at 55
|
| 25 |
$18,000 |
$58,825
|
| 35 |
12,000 |
25,530 |
| 45 |
6,000 |
8,604 |
| 50 |
3,000 |
3,581 |
| Starting Age |
B
Deposits ($100/month) |
B
Estimated Fund Balance at 55 |
| 25 |
$36,000
|
$117,651
|
| 35 |
24,000 |
51,060 |
| 45 |
12,000 |
17,208 |
| 50 |
6,000 |
7,163 |
| Starting Age |
C
Deposits ($200/month) |
C
Estimated Fund Balance at 55 |
| 25 |
$72,000
|
$235,302 |
| 35 |
48,000 |
102,120 |
| 45 |
24,000 |
34,417 |
| 50 |
12,000 |
14,325 |
|
Savings 