What will your retirement look like when you're ready? Are you saving enough? At what rate do you need your account to grow to meet your goals? What kind of income expectation is realistic?
Find the IRA Calculator That Works Best For You.
An IRA calculator can help you make some educated assumptions about your retirement. One place to start is with the AARP Retirement Calculator. This tool will take you step-by-step through a basic calculation process, taking into account expected social security benefits and projected lifestyle to determine if you are saving enough to meet your goals.
You also can find a variety of free online IRA calculators at Money-Zine.com to help you answer specific questions. For example, their retirement calculator allows you to determine if the rate at which you're saving will meet your retirement income needs. Or use the retirement fund balance calculator to estimate your fund's balance at retirement, given a fixed annual contribution and expected annual return. Another Money-Zine IRA calculator will estimate your total annual income performance, with and without inflation. Yet another allows you to compare a Roth IRA versus a traditional IRA in terms of annual income.
Projecting your savings at retirement is an important part of setting realistic savings goals today. And if you find that you need additional savings to fill a gap in your retirement efforts—or if you'd just like to earn a great annual percentage yield (APY) on your savings—Ally Bank offers a variety of certificates of deposit (CDs) for your IRA, at some of the most competitive rates in the country. You can rest easy knowing your deposits are FDIC-insured up to the maximum allowed by law. We'll even help you take advantage of rising CD rates. With our Raise Your Rate CDs, you have the option of a one-time rate increase if our Ally 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our Ally 4-Year CD rate goes up.
Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, member FDIC