Robinhood Announces New Retirement Offering, Includes 1% Match – No Employer Needed

Robinhood (NASDAQ:HOOD), a social investment platform that combines traditional and digital assets, has announced a new retirement offering.

According to a blog post, Robinhood Retirement is available today via a waitlist that provides a 1% match minus an employer.

In traditional retirement services provided via an individual’s job, some employers will provide a match as an employment perk. Robinhood is the first financial service firm to provide a match (albeit small) without the participation of an employer.

Robinhood noted that many gig workers do not benefit from retirement offerings that include contributions from employers. The company notes that currently, 40% of the USA’s total workforce is designed as operating in the gig economy.

Robinhood provides investors options for IRA investing (including Roth IRAs) in stocks and ETFs.

Robinhood has surged in popularity during COVID lockdowns, encouraging a new generation of investors to participate in markets. The rise of crypto trading boosted activity on the platform – something that has declined in recent months.

Robinhood has been offering new services in recent months to cater to a more risk-averse investor, including a higher interest rate saving option with Robinhood Gold – that currently pays 3.5% on cash balances.

By providing an IRA option, Robinhood offers a new service for more long-term focused investors.

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