Estimate the growth of your Individual Retirement Account based on APY and contributions.
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$
%
Refer to current Truist CD or Money Market rates.
Estimated Projection
Total Principal Invested:$0.00
Total Interest Earned:$0.00
Future Account Balance:$0.00
function calculateIRA() {
// Get input values
var initialDeposit = parseFloat(document.getElementById('initialDeposit').value);
var monthlyContribution = parseFloat(document.getElementById('monthlyContribution').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var years = parseFloat(document.getElementById('yearsToGrow').value);
// Validation: Handle NaNs and empty fields by defaulting to 0 where appropriate
if (isNaN(initialDeposit)) initialDeposit = 0;
if (isNaN(monthlyContribution)) monthlyContribution = 0;
if (isNaN(interestRate)) interestRate = 0;
if (isNaN(years) || years 0 && r > 0) {
fv_contributions = monthlyContribution * (Math.pow((1 + r/n), totalMonths) – 1) / (r/n);
} else if (monthlyContribution > 0 && r === 0) {
fv_contributions = monthlyContribution * totalMonths;
}
var totalFutureValue = fv_initial + fv_contributions;
var totalInvested = initialDeposit + (monthlyContribution * totalMonths);
var totalInterest = totalFutureValue – totalInvested;
// Formatting Output
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2,
maximumFractionDigits: 2
});
document.getElementById('totalPrincipalDisplay').innerHTML = formatter.format(totalInvested);
document.getElementById('totalInterestDisplay').innerHTML = formatter.format(totalInterest);
document.getElementById('futureValueDisplay').innerHTML = formatter.format(totalFutureValue);
// Show results
document.getElementById('results').style.display = 'block';
}
Understanding Truist IRA Rates and Growth Potential
Planning for retirement is a critical component of financial health. Individual Retirement Accounts (IRAs) offered by institutions like Truist provide a tax-advantaged way to save for your future. Whether you are looking at a Traditional IRA, a Roth IRA, or an IRA CD, the growth of your funds is heavily dependent on the Annual Percentage Yield (APY) and the frequency of your contributions.
How This Calculator Works
This calculator allows you to estimate the future value of your Truist IRA by inputting your current savings, planned monthly contributions, and an estimated interest rate. While Truist rates can vary based on the product (such as specific CD terms ranging from 7 days to 10 years), this tool uses compound interest formulas to project how your money could grow over time.
Factors Affecting Your IRA Growth
Interest Rates (APY): The rate of return is the most significant factor in passive growth. Truist IRA CDs typically offer fixed rates for a set term, providing predictable growth. Money Market IRAs may offer variable rates.
Compounding Frequency: Most IRAs compound interest monthly or daily. This calculator assumes monthly compounding, which means your interest earns interest 12 times a year, accelerating your balance growth compared to simple interest.
Consistency of Contributions: Even modest monthly contributions can grow into substantial sums over decades due to the power of compounding.
Truist IRA Options to Consider
When inputting the "Estimated APY" into the calculator above, consider which Truist product aligns with your strategy:
Truist CD IRAs: These often provide higher, fixed interest rates in exchange for locking your money away for a specific term (e.g., 12 months, 5 years).
Truist Money Market IRAs: These offer more liquidity but may have lower or variable interest rates compared to long-term CDs.
Why Start Now?
Time is your greatest asset in retirement planning. By starting early, you allow the compound interest mechanism to work effectively. For example, the interest earned in year 20 of an investment is significantly higher than in year 1, even if the interest rate remains the same, because the principal base has grown larger.
Disclaimer: This calculator is for educational and estimation purposes only. It is not an official tool from Truist Bank. Actual rates, fees, and terms depend on the specific financial product selected and current market conditions. Please consult with a Truist financial advisor or visit the official Truist website for the most current rates and IRA terms.