Not a recommendation to transfer or rollover. You generally have 4 options for what you can do with a 401(k) from a former employer. There are pros and cons to each that you should consider. For more information, please visit Robinhood’s Help Center. 3% match requires Robinhood Gold (subscription fee applies). Keep Gold for 1 year and the IRA for 5 years. Other terms apply.
It’s easy to fund from outside accounts, transfer an existing IRA, or roll over an old 401(k). You’ll get 1% on top, no matter how much you transfer. Or with Robinhood Gold, you’ll get 3% (rollovers and transfers get 3% until April 30).
For illustrative purposes only.
If you have a 401(k) already, you can still open an IRA and invest even more for your future (up to $6,500 for 2023, $7,000 for 2024). Robinhood is the only place that adds extra money on every dollar you deposit.
Limitations apply to both types of retirement accounts. Please see the IRS's IRA Deduction Limits for more information.
An individual retirement account (IRA) allows you to save and invest money for retirement with tax advantages.
We offer 2 types of IRAs: Roth and traditional. A Roth IRA offers tax-free growth potential on after-tax contributions. With a traditional IRA, your investments have the opportunity to grow tax-deferred and you may be eligible for a tax deduction on your contributions.
Each year, the IRS sets a maximum amount that you can contribute across all of your IRAs. This includes IRAs outside of Robinhood. For 2024, the contribution limit is $7,000 for people under age 50, and $8,000 for people age 50 and over.
You can add money to your IRA in 2 ways:
Also, keep in mind you can still contribute to your IRA for 2023 until April 15, 2024.
When you fund a Robinhood IRA with Robinhood Gold, we’ll give you up to a 3% boost—also called a match—on all contributions. That means we’ll add 3% on top of every $1 you contribute, including transfers and rollovers*—and there’s no limit on the amount we’ll match.
Disclosures:
*3% match rate on transfers and rollovers lasts until April 30, 2024. After this date, the match rate on transfers and rollovers for Gold members is 1%.
**1 year starts from the date of your first contribution with a 3% match.
You must have earned (wage) income in order to contribute to an IRA. The funds that earned the match must be kept in the account for at least five years to avoid a potential Early IRA Match Removal Fee. For more information, visit the IRA Match FAQ.
Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59½ may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions.
The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.
All investments involve risk and loss of principal is possible.
The IRA match is extra money that we add to your account every time you make a contribution. You’ll earn between 1% and 3% extra for every $1 you contribute, including 401(k) rollovers and IRA transfers—and there’s no limit on the match you can earn.
If you’re under the age of 50, your IRA contribution limit for 2024 is $7,000, and If you’re over the age of 50, it’s $8,000.
Keep in mind that the match money you earn isn’t counted toward your annual contribution limits—and there’s no limit on what you can earn in match from rollovers and transfers. For example, if you transfer or roll over $1,000,000, we’ll give you $30,000 on top.
Disclosures:
*3% match rate on rollovers and transfers lasts until April 30, 2024. After this date, the match rate on rollovers and transfers for Gold members is 1%.
**1 year starts from the date of your first contribution with a 3% match.
The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. For more information, visit the IRA Match FAQ.
This is not a recommendation on any investment or investment strategy.
You’ll usually get your IRA match right away. The exact amount of time depends on the type of contribution you’re making:
If you’re transferring an IRA: If you initiate a transfer by April 30, 2024, we’ll give you a 3% match if you’re a Gold member. Once your transfer completes, your match amount is calculated based on the match percent of the total of the transferred cash plus transferred securities and options*.
Each type of IRA has unique benefits. You can have a Roth or traditional IRA even if you already have a 401(k).
With a Roth IRA:
With a traditional IRA:
Disclosure:
This is not investment or tax advice.
To decide which IRA is right for you, first find out your eligibility:
You’re typically eligible for a Roth IRA if:
You’re usually eligible for a traditional IRA if:
If you’re eligible for both types of IRAs, you may want to consider whether you want tax benefits now or in the future.
A Roth IRA may be right for you if you:
A traditional IRA may be right for you if you:
Disclosure:
This is not investment or tax advice
Yes, you can transfer another IRA or roll over old retirement accounts, like a 401(k) or 403(b), into a Robinhood IRA.
When you transfer another IRA to your Robinhood IRA, keep these details in mind:
When you roll over an old 401(k) to a Robinhood IRA, keep these details in mind:
A rollover is a non-taxable way to transfer money from an old 401(k) into an IRA. A rollover is just 1 of several actions you can take with your old 401(k). Learn more about rollovers and transfers
Disclosures:
*Offer lasts until April 30, 2024. After that, you’ll still get 1% on rollovers and transfers, with no limit on the match you can earn.
**1 year starts from the date of your first contribution with a 3% match.
This is not a recommendation to roll over.
A rollover is not your only option for an old 401(k). You generally have 4 options for what you can do with a 401(k) from a former employer. There are pros and cons to each that you should consider. This isn’t tax advice. Consult a tax professional to understand your unique situation. For more information, visit Robinhood’s Help Center or FINRA’s site.
Yes! With a Robinhood IRA, it’s simple to set up automatic—or recurring—contributions. You can choose a schedule that works for you:
You can choose from thousands of stocks and ETFs to invest in within your IRA. You can either pick your own investments or get a one-time recommended portfolio.
Disclosures:
Investors should consider the investment objectives, risks, and charges and expenses of any Exchange Traded Product (ETP), including any Exchange-Traded Fund (ETF) and any Exchange-Traded Note (ETN), carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the ETP and should be read carefully before investing. For a current prospectus, customers should visit the relevant ETP's details page to access a link to the prospectus.
This is not investment advice, nor a recommendation of any specific asset or strategy. For specific questions, consult a professional.
All investments involve risk and loss of principal is possible.
Recommendations are one-time only. Any additional investment is at your sole discretion. Retirement recommendations aren’t available in Massachusetts at this time. Learn more about Retirement recommendations.
If you’re not sure where to start, don’t worry—we’ve got you covered. Just open the Robinhood app and answer a few questions about your investing needs and retirement goals, and we’ll give you a one-time portfolio recommendation.
Our retirement recommendations are point-in-time, which means you can only invest in a recommended retirement portfolio once and we won’t continue to monitor your portfolio.
Disclosures:
Investors should consider the investment objectives, risks, and charges and expenses of any Exchange Traded Product (ETP), including any Exchange-Traded Fund (ETF) and any Exchange-Traded Note (ETN), carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the ETP and should be read carefully before investing. For a current prospectus, customers should visit the relevant ETP's details page to access a link to the prospectus.
This is not investment advice, nor a recommendation of any specific asset or strategy. For specific questions, you should consult a professional.
All investments involve risk and loss of principal is possible.
No—they’re similar, but not the same.
Here are some key differences:
Keep in mind that limitations apply to both types of retirement accounts. To learn more, read the IRS's IRA Deduction Limits.
We offer 2 types of IRAs: Roth and traditional. Each has special tax advantages.
Roth IRA tax advantages:
** You should also know:**
Traditional IRA tax advantages:
You should also know:
To learn more about the tax advantages of IRAs, visit the IRS website or talk to a tax advisor.