With Robinhood Retirement, you’ll receive an extra 1% added to your IRA account on eligible contributions up to the annual contribution limit. However, if you’re a Robinhood Gold subscriber, the IRA match is actually 3%. You must stay subscribed to Gold for one year after your first Gold match to keep the full Gold match. Robinhood offers both traditional IRAs and Roth IRAs. IRA transfers and rollovers from old 401(k) accounts are also eligible for the 1% match. Note that contributions coming from your Robinhood brokerage account or spending accounts are not eligible. According to Robinhood’s website, once you make a contribution, you should be able to instantly see the match in your account. Robinhood’s IRA match does not count toward your annual IRA contribution limit. Doing the math on the match and contribution limits, a $7,000 yearly contribution would earn up to a $70 match each year, or $210 with Robinhood Gold. An $8,000 annual contribution earns up to an $80 match on top of your contributions, or $240 with Robinhood Gold. You can keep your match if you’ve kept eligible contributions in the IRA for at least 5 years. If you withdraw money from the IRA before 5 years and your remaining balance is the same or higher than your deposit amount that earned the IRA match plus the match amount, the match is yours. Robinhood may charge an early IRA match removal fee if the remaining balance is lower. To play it safe, try to avoid withdrawing money from your IRA. Instead, turn to an emergency savings account if you need to access cash for an unforeseen circumstance.
- Pros: No management or commission fees; IRA match available, which is uncommon for IRA accounts; Customizes users’ recommended portfolios around user responses to a questionnaire; Traditional IRA and Roth IRA accounts available; SPIC coverage of up to $500,000
- Cons: Limited investment options; Retirement investment recommendations are not available to residents of Massachusetts