Is an IRA good
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Month | Beginning Balance | Contribution | Interest | Ending Balance |
---|---|---|---|---|
1 | $20,000 | $100 | $29 | $20,129 |
2 | $20,129 | $100 | $29 | $20,258 |
3 | $20,258 | $100 | $29 | $20,387 |
4 | $20,387 | $100 | $29 | $20,517 |
5 | $20,517 | $100 | $30 | $20,647 |
6 | $20,647 | $100 | $30 | $20,776 |
7 | $20,776 | $100 | $30 | $20,906 |
8 | $20,906 | $100 | $30 | $21,037 |
9 | $21,037 | $100 | $30 | $21,167 |
10 | $21,167 | $100 | $31 | $21,298 |
11 | $21,298 | $100 | $31 | $21,429 |
12 | $21,429 | $100 | $31 | $21,560 |
13 | $21,560 | $100 | $31 | $21,691 |
14 | $21,691 | $100 | $31 | $21,822 |
15 | $21,822 | $100 | $32 | $21,954 |
16 | $21,954 | $100 | $32 | $22,086 |
17 | $22,086 | $100 | $32 | $22,217 |
18 | $22,217 | $100 | $32 | $22,350 |
19 | $22,350 | $100 | $32 | $22,482 |
20 | $22,482 | $100 | $33 | $22,614 |
21 | $22,614 | $100 | $33 | $22,747 |
22 | $22,747 | $100 | $33 | $22,880 |
23 | $22,880 | $100 | $33 | $23,013 |
24 | $23,013 | $100 | $33 | $23,146 |
25 | $23,146 | $100 | $33 | $23,280 |
26 | $23,280 | $100 | $34 | $23,414 |
27 | $23,414 | $100 | $34 | $23,548 |
28 | $23,548 | $100 | $34 | $23,682 |
29 | $23,682 | $100 | $34 | $23,816 |
30 | $23,816 | $100 | $34 | $23,950 |
31 | $23,950 | $100 | $35 | $24,085 |
32 | $24,085 | $100 | $35 | $24,220 |
33 | $24,220 | $100 | $35 | $24,355 |
34 | $24,355 | $100 | $35 | $24,490 |
35 | $24,490 | $100 | $35 | $24,626 |
36 | $24,626 | $100 | $36 | $24,761 |
37 | $24,761 | $100 | $36 | $24,897 |
38 | $24,897 | $100 | $36 | $25,033 |
39 | $25,033 | $100 | $36 | $25,169 |
40 | $25,169 | $100 | $36 | $25,306 |
41 | $25,306 | $100 | $37 | $25,442 |
42 | $25,442 | $100 | $37 | $25,579 |
43 | $25,579 | $100 | $37 | $25,716 |
44 | $25,716 | $100 | $37 | $25,853 |
45 | $25,853 | $100 | $37 | $25,991 |
46 | $25,991 | $100 | $38 | $26,128 |
47 | $26,128 | $100 | $38 | $26,266 |
48 | $26,266 | $100 | $38 | $26,404 |
49 | $26,404 | $100 | $38 | $26,542 |
50 | $26,542 | $100 | $38 | $26,681 |
51 | $26,681 | $100 | $39 | $26,819 |
52 | $26,819 | $100 | $39 | $26,958 |
53 | $26,958 | $100 | $39 | $27,097 |
54 | $27,097 | $100 | $39 | $27,236 |
55 | $27,236 | $100 | $39 | $27,376 |
56 | $27,376 | $100 | $40 | $27,515 |
57 | $27,515 | $100 | $40 | $27,655 |
58 | $27,655 | $100 | $40 | $27,795 |
59 | $27,795 | $100 | $40 | $27,935 |
60 | $27,935 | $100 | $40 | $28,076 |
With a higher initial investment, you will be better off in the long-term as you will earn interest on a larger amount from the start, with your contributions compounding over time. The obvious impediment, however, is the short-term affordability. But if you can comfortably afford to have a higher investment, without jeopardizing other savings and your emergency fund, your wallet will ultimately thank you.
Original Initial Investment | Increased Initial Investment | |
---|---|---|
Initial Investment | $20,000 | $22,000 |
Monthly Contribution | $100 | $100 |
Total Contribution | $6,000 | $6,000 |
Total Interest | $2,076 | $2,257 |
Ending Balance | $28,076 | $30,257 |
Interest Gain | - | $181 |
Ending Balance Gain | - | $2,181 |
The more you contribute to your annuity plan, the faster interest will grow and higher will be your ending balance.
Original Contribution | Increased Contribution | |
---|---|---|
Initial Investment | $20,000 | $20,000 |
Monthly Contribution | $100 | $110 |
Total Contribution | $6,000 | $6,600 |
Total Interest | $2,076 | $2,102 |
Ending Balance | $28,076 | $28,702 |
Interest Gain | - | $26 |
Ending Balance Gain | - | $626 |
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