CD Account Calculator

Understanding Certificates of Deposit

I have recommended CDs to dozens of people over the years as one of the safest ways to earn a guaranteed return on savings. A Certificate of Deposit is a straightforward financial product: you deposit money with a bank for a fixed period, and the bank pays you a guaranteed interest rate in return. When the term ends, you receive your original deposit plus all accrued interest.

CDs are issued by banks and credit unions (where they are called share certificates). They are insured by the FDIC (for banks) or NCUA (for credit unions) up to $250,000 per depositor, per institution, per ownership category. This insurance makes CDs one of the lowest-risk investment options available, on par with savings accounts and Treasury bills.

How CD Interest and Compounding Work

When a bank advertises a CD rate, they quote both the APR (Annual Percentage Rate) and the APY (Annual Percentage Yield). The APR is the base rate before compounding. The APY includes the effect of compounding and represents your true annual return. For a 5.00% APR compounded daily, the APY is 5.127%. For the same rate compounded monthly, the APY is 5.116%. The difference is small on a single CD, but it adds up on larger deposits and longer terms.

Compounding works by adding earned interest to your principal at regular intervals. Once added, that interest begins earning interest itself. The more frequently interest compounds, the more you earn. Daily compounding adds interest every day (365 times per year), monthly adds it 12 times per year, quarterly 4 times, and annually just once.

On a $10,000 CD at 5.00% APR for one year, the difference between daily and annual compounding is $12.67. On a $100,000 CD at 5.00% for five years, the difference grows to approximately $657. While these amounts may seem modest, they represent free money you earn simply by choosing a CD with more frequent compounding.

CD Terms and Rate Structures

CD terms typically range from 3 months to 5 years, though some institutions offer terms as short as 1 month or as long as 10 years. In a normal rate environment, longer terms pay higher rates because you are locking up your money for a longer period. A bank might offer 4.00% on a 6-month CD, 4.50% on a 1-year CD, and 4.75% on a 5-year CD.

However, the yield curve is not always normal. In an inverted yield curve environment, which has occurred several times in recent years, short-term rates may exceed long-term rates. In early 2024, many banks offered higher rates on 6-month and 1-year CDs than on 3-year or 5-year CDs. This happens when the market expects interest rates to decline, making banks reluctant to lock in high rates for long periods.

I always check rates across multiple term lengths before committing. Sometimes the best strategy is a shorter-term CD that you can reinvest at maturity, rather than locking into a longer term at a marginally higher rate. This calculator helps you compare the actual dollar returns across different terms so you can make an informed decision.

Early Withdrawal Penalties Explained

The primary trade-off with CDs is liquidity. In exchange for a guaranteed rate, you agree to keep your money deposited for the full term. Withdrawing early triggers an early withdrawal penalty (EWP), which is typically expressed as a number of months of interest.

Common penalty structures include: 3 months of interest for CDs with terms under 12 months, 6 months of interest for terms of 12 to 36 months, 12 months of interest for terms of 36 to 60 months, and 18 to 24 months of interest for terms beyond 5 years. These are general guidelines, and specific penalties vary by institution.

The penalty is calculated on the amount withdrawn, using the full interest rate of the CD. If you have a $10,000 CD at 5.00% and the penalty is 6 months of interest, the penalty is $10,000 times 5.00% divided by 2, which equals $250. If you withdraw after only 3 months of earning interest, you have earned approximately $125 but owe a $250 penalty. The $125 shortfall comes from your principal, meaning you receive less than your original deposit.

This calculator includes an early withdrawal estimator so you can see exactly what you would receive if you need to break the CD early. I recommend running this scenario before opening any CD to understand your worst-case outcome.

A Strategy for Balancing Rate and Liquidity

CD laddering is the most popular CD strategy, and I think it is one of the most underused tools in personal finance. The concept is simple: instead of putting all your savings into a single CD, you split it across multiple CDs with staggered maturity dates.

For example, with $50,000 to invest, you might create a 5-rung ladder: $10,000 in a 1-year CD at 4.50%, $10,000 in a 2-year CD at 4.65%, $10,000 in a 3-year CD at 4.75%, $10,000 in a 4-year CD at 4.80%, $10,000 in a 5-year CD at 4.90%. After one year, the first CD matures and you reinvest those $10,000 into a new 5-year CD at whatever rate is available. This process repeats annually, so you always have a CD maturing within 12 months (providing liquidity) while the bulk of your money earns longer-term rates.

The beauty of this strategy is that it smooths out rate fluctuations. If rates rise, your maturing CDs get reinvested at higher rates. If rates fall, you still have existing CDs locked in at the previous higher rates. Over time, the ladder averages out to a competitive return with regular access to funds.

When CDs Make Sense

I typically recommend CDs in several specific situations. If you have a large sum earmarked for a future expense with a known timeline (a down payment in 18 months, a tuition bill in 2 years, a planned renovation next year), a CD timed to mature near that date locks in a guaranteed return with no market risk.

CDs are also valuable as part of a broader portfolio allocation. Retirees and conservative investors who want a portion of their savings in guaranteed, FDIC-insured instruments often use CDs alongside bonds and money market accounts. The fixed return provides stability that balances the volatility of stock holdings.

In a high-rate environment, CDs become even more attractive. When CD rates exceed 4% to 5%, the guaranteed return competes meaningfully with historical stock market returns on a risk-adjusted basis. Locking in a 5% rate for 3 to 5 years provides certainty that no stock or bond fund can match.

When CDs Are Less Ideal

CDs are not the right choice if you might need the funds before maturity. The early withdrawal penalty can eat into or exceed your earnings, making a high-yield savings account (currently offering 4% to 5% at many online banks) a better option for emergency funds or uncertain timelines.

CDs also underperform during periods of rising rates. If you lock into a 4.50% CD for 5 years and rates climb to 6% within a year, you are stuck at the lower rate while new deposits earn more. This is where the laddering strategy helps, but it does not fully eliminate the risk.

Inflation is another consideration. If a CD pays 5% but inflation is 4%, your real return is only 1%. During periods of high inflation, the guaranteed nominal return of a CD may not preserve purchasing power. I Bonds, TIPS (Treasury Inflation-Protected Securities), and other inflation-linked products may offer better real returns in those environments.

Finally, CDs are not suitable for long-term growth. Over 20 to 30 years, the stock market has historically returned 7% to 10% annually. CDs, even at their best, rarely exceed 5% to 6%. For retirement savings with a long time horizon, CDs should be a complement to growth investments, not a substitute.

Comparing CDs to Other Low-Risk Options

High-yield savings accounts currently offer rates of 4.00% to 5.00% at online banks, with full liquidity (no penalties for withdrawal). If you do not need to lock in a rate, a savings account provides similar returns with more flexibility. However, savings account rates can drop at any time, while a CD rate is guaranteed for the full term.

Treasury bills (T-bills) offer government-backed returns with terms from 4 weeks to 52 weeks. T-bill rates are often comparable to or slightly higher than CD rates, and the interest is exempt from state and local income taxes. The trade-off is that T-bills require purchasing through TreasuryDirect or a brokerage, which is less convenient than opening a CD at your local bank.

Money market accounts offer check-writing privileges and debit card access with rates that are typically slightly below CD rates. They provide more flexibility than CDs but less than regular savings accounts at many institutions.

I Bonds from the U.S. Treasury offer inflation protection with a rate that adjusts semi-annually. The fixed rate plus inflation adjustment has made I Bonds extremely popular during high-inflation periods. The limitation is a $10,000 per person annual purchase limit and a 1-year lockup period, plus a 3-month interest penalty for redemption within the first 5 years.

$25,000 CD at 4.75% for 2 Years

Let us walk through a concrete example. You deposit $25,000 into a 2-year CD with a 4.75% APR, compounded monthly. The monthly rate is 4.75% divided by 12, which equals 0.3958%. Each month, your balance grows by this percentage.

After month 1: $25,000 plus $98.96 interest equals $25,098.96. After month 6: balance is approximately $25,596.48. After month 12: approximately $26,213.37. After month 18: approximately $26,840.85. At maturity (month 24): approximately $27,479.09. Total interest earned: $2,479.09. The APY is 4.862%.

If you needed to withdraw after 9 months and the penalty is 6 months of interest, the penalty would be approximately $593.75. Your balance after 9 months would be approximately $25,897.57. After the penalty: $25,303.82. Your net return would be $303.82, or about 1.22% annualized. That is significantly less than a savings account would have earned over the same period, which illustrates why you should only use CDs for money you are confident you will not need before maturity.

CD Interest Tax Implications

CD interest is taxed as ordinary income at your federal tax rate, plus state income tax where applicable. The bank reports interest to the IRS on Form 1099-INT. For CDs with terms longer than one year, the bank reports interest annually as it accrues, even though you cannot access it until maturity. This means you pay taxes on interest you have not yet received, which is an important cash flow consideration for large CDs.

If your CD earns $500 in interest and your combined federal and state tax rate is 30%, you owe $150 in taxes, reducing your net return to $350. On a $10,000 CD at 5.00%, the after-tax return at a 30% rate is effectively 3.50%. Always factor in your tax bracket when comparing CD returns to tax-advantaged alternatives like municipal bonds or Roth IRA contributions.

Some investors place CDs in IRAs (Traditional or Roth) to defer or eliminate the tax on interest. An IRA CD works identically to a regular CD but is held within the IRA wrapper. Interest grows tax-deferred in a Traditional IRA or tax-free in a Roth IRA. The trade-off is that IRA withdrawals before age 59.5 may incur a 10% penalty in addition to taxes.

Negotiating CD Rates

Many people do not realize that CD rates are often negotiable, especially at community banks and credit unions. If you have a large deposit ($50,000 or more), a long-standing relationship with the institution, or competing offers from other banks, you may be able to negotiate a higher rate. I have personally seen rate bumps of 0.10% to 0.25% simply by asking and presenting a competitor's offer.

Online banks typically offer higher base rates than brick-and-mortar banks because their lower overhead allows them to pass savings to depositors. In 2026, the gap between the best online CD rates and average brick-and-mortar rates is often 0.50% to 1.00% or more. This calculator helps you see exactly how much that rate difference costs in dollars over the CD term.

Brokered CDs vs. Bank CDs

Brokered CDs are sold through brokerage firms rather than directly by banks. They often offer competitive rates and can be purchased in a brokerage account alongside stocks, bonds, and mutual funds. One significant advantage is that brokered CDs can be sold on the secondary market before maturity, providing a form of liquidity that bank CDs lack. However, the sale price may be above or below your purchase price depending on current interest rates.

The FDIC insurance on brokered CDs works the same as bank CDs, up to $250,000 per issuing bank. Because brokered CDs come from many different banks, you can effectively get FDIC coverage on much larger sums by spreading across issuers. A $1,000,000 deposit could be spread across four banks at $250,000 each, all fully insured.

The downside of brokered CDs is that they often pay interest semi-annually rather than monthly, and early withdrawal is handled through a market sale rather than a penalty, which introduces price risk. If rates have risen since you bought the CD, selling it early means taking a loss. If rates have fallen, you might actually sell at a premium.

Modern CD Strategies for Maximizing Returns

Beyond basic laddering, several other strategies can help you get more from your CD investments. I want to cover each one in enough detail that you can decide which approach fits your situation.

The Barbell Strategy

Instead of a traditional ladder with evenly spaced maturities, a barbell strategy concentrates deposits at the short and long ends of the term spectrum. You might put 50% in 3-month CDs for near-term liquidity and 50% in 5-year CDs for maximum rate. This captures the highest available long-term rate while maintaining access to half your funds within 90 days.

The barbell works well when the yield curve is steep (long-term rates are significantly higher than short-term rates). If 3-month CDs pay 4.00% and 5-year CDs pay 5.50%, the 1.50% gap makes the long-term allocation worthwhile. In a flat or inverted yield curve, the barbell offers less advantage because the rate differential is minimal.

The Bullet Strategy

A bullet strategy involves buying multiple CDs at different times that all mature on the same date. This is useful when you are saving for a specific future expense. For example, if you need $50,000 for a home down payment in 3 years, you might buy a 3-year CD today, a 2-year CD in one year, and a 1-year CD in two years, all maturing around the same date.

The benefit is that early purchases lock in current rates (protecting against rate declines), while later purchases can take advantage of any rate increases. The combined return is a blended average that reduces timing risk compared to putting all $50,000 into a single CD at one point in time.

Bump-Up and Step-Up CDs

Some banks offer CDs with built-in rate increase features. A bump-up CD allows you to request a rate increase once during the term if the bank's posted rates have risen. A step-up CD automatically increases the rate at predetermined intervals (for example, 4.00% in year one, 4.50% in year two, 5.00% in year three).

These products provide partial protection against rising rates, but they come with lower initial rates than traditional CDs. A bump-up CD might start at 4.25% when a comparable traditional CD offers 4.75%. Whether the trade-off is worthwhile depends on your view of future rate movements. In my experience, these products are most useful when you expect rates to rise significantly but want the security of a CD rather than a variable-rate savings account.

Penalty-Free and Liquid CDs

No-penalty CDs let you withdraw your full balance before maturity without any early withdrawal charge. These typically offer rates 0.25% to 0.75% below standard CDs. On a $10,000 deposit for 1 year, the rate difference costs $25 to $75 in forgone interest. I consider this a reasonable insurance premium for the flexibility to move your money if better opportunities arise.

Liquid CDs allow partial withdrawals up to a certain percentage (usually 25% to 50% of the balance) without penalty. The remaining portion must stay until maturity. These are relatively rare but can be useful if you anticipate needing some but not all of your deposited funds.

Jumbo CDs and Their Rate Premium

Jumbo CDs require minimum deposits of $100,000 or more and typically offer rates 0.10% to 0.25% higher than standard CDs. On a $100,000 deposit for 1 year, that premium translates to $100 to $250 in additional interest. On longer terms or larger deposits, the premium adds up.

However, FDIC insurance limits mean that deposits above $250,000 at a single institution are not fully insured. If you have jumbo CD-sized savings, I recommend spreading across multiple institutions or using a deposit placement service like IntraFi (formerly CDARS) that automatically distributes your deposit across multiple banks, each within the $250,000 FDIC limit.

Current CD Rate Environment in 2026

As of March 2026, CD rates remain attractive by historical standards. Top-tier online banks are offering 4.25% to 5.00% on 12-month CDs, with some promotional rates exceeding 5.00%. Longer-term CDs (3 to 5 years) are generally offering 4.00% to 4.75%, reflecting market expectations that the Federal Reserve may begin easing rates.

This rate environment creates an interesting opportunity for CD investors. Short-term rates are still high, rewarding savers who have been patient. At the same time, there is a reasonable case for locking in current rates for longer terms before potential rate cuts reduce available yields. The right approach depends on your time horizon, liquidity needs, and view on rates.

I update my rate monitoring regularly and recommend checking rates at multiple banks before committing. Even a 0.25% rate difference on a $50,000 CD over 2 years translates to $250 in extra earnings. The calculator above makes it easy to quantify these differences so you can shop with confidence.

CD Calculator Methodology and Formulas

This calculator uses the standard compound interest formula to determine your CD's maturity value. The formula is: A = P times (1 + r/n) raised to the power of (n times t), where A is the maturity value, P is the principal (initial deposit), r is the annual interest rate (APR) as a decimal, n is the number of compounding periods per year, and t is the time in years.

For a $10,000 deposit at 5.00% APR compounded monthly for 2 years, the calculation is: A = $10,000 times (1 + 0.05/12) raised to the power of (12 times 2) = $10,000 times (1.004167) raised to the power of 24 = $10,000 times 1.10494 = $11,049.41. Total interest earned: $1,049.41.

The APY is calculated as: APY = (1 + r/n) raised to the power of n, minus 1. For 5.00% APR compounded monthly: APY = (1 + 0.05/12) to the 12th power minus 1 = 1.05116 minus 1 = 5.116%.

Early withdrawal penalty is calculated as: Penalty = P times r times (penaltyMonths / 12). Some banks calculate the penalty on the amount withdrawn rather than the initial deposit, and some use the accumulated balance rather than the original principal. This calculator uses the principal-based method, which is the most common approach.

The monthly growth schedule shows how your balance increases each month as interest is credited. For CDs with daily compounding, we calculate the daily accrual and aggregate it into monthly totals for readability. Each month shows the starting balance, interest earned that month, ending balance, and cumulative interest earned since the CD was opened.

CD Ladder Strategy for Maximizing Returns

A CD ladder is a technique where you divide your total investment across multiple CDs with staggered maturity dates. For example, instead of placing $25,000 into a single 5-year CD, you would invest $5,000 each into a 1-year, 2-year, 3-year, 4-year, and 5-year CD. When the 1-year CD matures, you reinvest it into a new 5-year CD. After five years, you have one CD maturing every year, giving you regular access to funds while earning the higher rates that longer terms typically offer.

I recommend the ladder approach for anyone who wants the safety and yield of CDs but is uncomfortable locking up all their savings for an extended period. The strategy provides liquidity every 12 months while capturing most of the yield advantage of longer-term CDs. During rising-rate environments, the annual reinvestment lets you capture higher rates sooner than a single long-term CD would. During falling-rate environments, your existing longer-term CDs continue earning the higher rates you locked in earlier.

CD Investment Scenarios by Deposit Size

I want to walk through several real-world scenarios at different deposit levels so you can see how CDs perform across a range of investment amounts. These examples use a 5.00% APR compounded monthly, which is representative of competitive rates available in early 2026.

$5,000 for 12 Months

A $5,000 CD at 5.00% APR compounded monthly yields $255.81 in interest after one year, bringing your total to $5,255.81. The APY is 5.116%. If you need to withdraw after 6 months with a 3-month interest penalty ($62.50), your net return is approximately $65.27 on $5,000. That is still better than most checking accounts but significantly less than the full-term return. For small deposits, the key question is whether the rate premium over a high-yield savings account justifies the reduced flexibility. At current rates, the gap between the best CDs and savings accounts is often just 0.25% to 0.50%, which translates to $12.50 to $25.00 on a $5,000 deposit over one year.

$25,000 for 24 Months

With $25,000 at 5.00% APR compounded monthly for 2 years, you earn $2,612.21 in interest for a maturity value of $27,612.21. The monthly interest grows from $104.17 in month one to $114.48 by month 24, demonstrating the compounding effect. If you needed to break the CD after 12 months with a 6-month penalty ($625.00), your net return drops to approximately $653.71. This is a meaningful amount, and for $25,000, I think locking in a 2-year rate makes sense if you have adequate liquid savings elsewhere for emergencies.

$100,000 for 36 Months

A $100,000 CD at 5.00% APR compounded monthly for 3 years produces $16,161.68 in interest, growing your balance to $116,161.68. The compounding effect is noticeable: in the first month, you earn $416.67. By month 36, you earn $483.33 per month. Over the 3-year term, compounding generates $661.68 more than simple interest would have produced. For deposits of this size, even small rate differences matter. A 0.25% higher rate on $100,000 over 3 years adds $779 in additional interest.

$250,000 for 60 Months

At the FDIC insurance limit of $250,000, a 5-year CD at 5.00% APR compounded monthly grows to $321,370.62. Total interest: $71,370.62. This represents a significant guaranteed return with zero market risk. The APY of 5.116% applied over 5 years demonstrates the power of compound interest on large balances over extended periods. However, keep in mind that $71,370.62 in interest is taxable as ordinary income, potentially pushing you into a higher tax bracket in years where a significant portion of the interest is reported.

Preserving Purchasing Power

When evaluating CD returns, I always encourage people to think in real (inflation-adjusted) terms. If your CD earns 5.00% and inflation runs at 3.00%, your real return is approximately 2.00%. On a $50,000 deposit, you earn $2,500 in nominal interest but only about $1,000 in real purchasing power. If inflation spikes to 5% or higher, your CD's real return could be zero or negative.

This does not mean CDs are a bad choice in inflationary environments. They still preserve your capital better than holding cash (which loses purchasing power at the full inflation rate). And unlike stocks or bonds, a CD cannot decline in nominal value. The guaranteed return provides certainty that has real value in uncertain economic times.

For investors concerned about inflation, I suggest combining CDs with inflation-protected products. Allocating 60% to 70% of safe-money savings into CDs and 30% to 40% into I Bonds or TIPS creates a portfolio that captures competitive nominal yields while maintaining some inflation protection.

International Perspective on CD Rates

CD rates in the United States are among the highest in the developed world as of 2026, reflecting the Federal Reserve's relatively high benchmark rate. In the European Union, where the European Central Bank's rates are lower, term deposit rates average 2.5% to 3.5%. In Japan, term deposit rates remain near zero. In the United Kingdom, fixed savings rates range from 3.5% to 4.5%. Australia offers rates similar to the US, in the 4.5% to 5.5% range.

For US residents, this means the current CD rate environment is historically favorable. The combination of competitive rates, FDIC insurance, and low minimum deposits makes CDs an accessible and attractive option for conservative investors. I recommend taking advantage of this environment while it lasts, as rates will eventually decline when the Federal Reserve shifts to an easing cycle.

How Long Will Current CD Rates Last?

The Federal Reserve's path forward depends on inflation, employment, and economic growth data. Most economists expect gradual rate cuts beginning in mid-to-late 2026, which would pull CD rates lower over the following 12 to 24 months. If you believe rates will decline, locking in current rates for 2 to 5 years captures today's high yields before they disappear.

Conversely, if you believe rates could rise further or stay improved, shorter-term CDs preserve your ability to reinvest at higher rates. The laddering strategy addresses this uncertainty by giving you exposure to multiple rate scenarios simultaneously. Regardless of your rate outlook, taking action now ensures you earn something meaningful on idle savings rather than leaving money in low-rate checking accounts.

Common Mistakes When Opening a CD

The most common mistake I see is not shopping around. The difference between the best and worst CD rates at any given time can be 1% or more. On a $50,000 deposit for 2 years, that is $1,000 in lost earnings. Spend 30 minutes comparing rates at online banks, credit unions, and brokerages before committing.

Another frequent error is choosing a term that is too long without considering liquidity needs. I have spoken with people who locked $30,000 into a 5-year CD and then needed the funds for a medical expense 8 months later. The early withdrawal penalty wiped out several months of interest. Before choosing a term, honestly assess whether you could need the money before maturity. If there is any chance, choose a shorter term or a no-penalty CD.

Failing to set a calendar reminder for the maturity date is another pitfall. Most CDs automatically roll over into a new CD at the bank's current rate, which may be lower than what you could get by shopping around. Set a reminder for one to two weeks before maturity so you can compare options and decide whether to roll over, withdraw, or move your money to a better offer.

Ignoring the tax impact is also common. If you are in a high tax bracket, a significant CD interest payout can create an unexpected tax bill. Plan for taxes on CD interest, especially on large deposits or multi-year terms where the tax is due annually on accrued interest, not just at maturity.

Finally, some people put too much of their savings into CDs, leaving insufficient liquid funds for emergencies. I recommend keeping 3 to 6 months of expenses in a high-yield savings account before allocating any surplus to CDs. This ensures you will not need to break a CD early and pay the penalty.

CDs in Retirement Planning

CDs play an important role in many retirement portfolios. Retirees often use a CD ladder to generate predictable income. A $500,000 ladder with five rungs of $100,000 each, staggered annually, provides $100,000 in accessible funds each year while the remaining $400,000 earns longer-term rates. At 5.00%, the ladder generates approximately $25,000 per year in interest, supplementing Social Security and other retirement income.

For retirees who rely on their savings for living expenses, the guaranteed nature of CD returns is particularly valuable. Unlike bonds, which can lose value when rates rise, or dividend stocks, which can cut payments during recessions, a CD's return is locked in from day one. This certainty helps retirees budget with confidence and sleep well at night knowing their income stream is guaranteed.

IRA CDs combine the tax advantages of retirement accounts with the safety of FDIC-insured deposits. A Traditional IRA CD defers taxes on interest until withdrawal, while a Roth IRA CD eliminates taxes entirely on qualified withdrawals. For retirees in lower tax brackets, converting Traditional IRA CDs to Roth IRA CDs during low-income years can create a pool of tax-free income for later use.

How to Choose the Right CD for Your Goals

The best CD for you depends on three factors: your time horizon, your liquidity needs, and your rate outlook. If you know exactly when you will need the money (a tuition payment in 18 months, a car purchase in 9 months), choose a term that aligns with that date. If you want flexibility, lean toward shorter terms or no-penalty CDs. If you believe rates will fall, longer terms lock in today's rates.

I also consider the institution's reputation and the ease of managing the account. Online banks often have the best rates but may lack branch access for in-person service. Credit unions may offer competitive rates to members with certain qualifications. Large national banks typically have lower rates but more convenient branch networks and better mobile apps. Weigh these factors alongside the rate when making your decision.

Use this calculator to model specific scenarios before you commit. Compare the maturity values across different terms, rates, and compounding frequencies. Factor in the early withdrawal penalty to understand your downside risk. The few minutes you spend here can translate to hundreds or thousands of dollars in better returns over the coming years.