Robinhood preparing to launch IRA with 1% match

[quickfeet]

"This morning, the investing app Robinhood announced the launch of its latest product: Robinhood Retirement. Starting today, users will be able to join the waitlist for Robinhood Retirement which will allow them to open an individual retirement account (IRA) and choose between a traditional or Roth IRA to begin saving for retirement.

Robinhood’s IRA product offers a 1% match from Robinhood on every eligible dollar contributed to the account, meaning that for the first time, savers who aren’t currently benefiting from an employer match (like gig workers) can grow their retirement savings.
Those who join the waitlist now can expect to receive access to the product on a rolling basis, until the product becomes fully available for all users in January 2023."

Robinhood extends 1% IRA match to rollovers

If you're not prioritizing saving for retirement, here's your reason to start.

fortune.com

 

[ChicagoFats]

Robinhood sold their customers out.

 

[Rube Reaper]

Now imagine if a secure entity did this, like a government, instead of some greedy capitalist Ponzi scheme….

We could have such a nice world if it weren’t for capitalism.

 

[22*43*51]

Now imagine if a secure entity did this, like a government, instead of some greedy capitalist Ponzi scheme….

We could have such a nice world if it weren’t for capitalism.

Charles Ponzi was a brilliant financial strategist.

Show some respect.

 

[Rebarcock.]

Robinhood sold their customers out.

Yeah I'd never trust them. If they did a 3% I'd consider it not not a measly 1%

 

[hmt5000]

They gotta get Sam Bankman Fried his cash somehow yo!

 

[MalO]

Robinhood is hemorrhaging money and this is a last-ditch attempt to get an influx of new cash.

Targeting people's retirement funds like this should be criminal.

 

[Old Glory]

I'm curious to see how this will work. You are only allowed $6,500 of IRA contributions for next year. If I make that full contribution amount, Robinhoods 1% will put me over the limit and I am penalized.