Running out of retirement income a common financial fear – NDB Wealth
“Running out of money in retirement, too much debt and managing money day-to- day are the main financial worries for most people. Nine out of 10 people have real concerns about how long their money will last once they give up work. A further eight out of 10 fear they will never have enough savings to give up work when they reach the age of retirement,” says Ms. Christina Wesley, Financial Advisor with NDB Wealth.
NDB Wealth additionally provides a number of very simple, introductory products, such as “Money Market Funds,” which will help you plan better and facilitate a smooth entry into the world of wealth management. NDB Wealth allows you to maximise your savings and income beyond the limitations of traditional banking, by initiating clients into high performance instruments such as money market funds. For example, NDB Wealth’s money market funds offer safety, anytime withdrawal and high rates of return in comparison to traditional savings accounts. Ms. Wesley also went on to add, “What’s really unique about NDB Wealth’s Money Market accounts is that your earnings are credited to your account daily.”
To get you started, NDB Wealth suggests the following, six-point plan to help you manage your money more effectively: 1. Set a strict budget; 2. Regularly review finances to identify any wasted money; 3. Look at cutting unnecessary spending and luxuries; 4. Maintain a record of actual spending to compare against the budget; 5. Reconcile bank and credit card statements against spending records; and 6. Devise a savings plan, even if the amount is only a small amount a month.
Further, the “My Wealth Plans” section of the NDB Wealth website (ndbwealth.com/my-wealthplans) can even point you to pre-designed, “Build your own plan” savings plans geared towards kids, women, families, retirement, etc.