Acorns, the savings and investing app for everyday Americans, has announced a key product update.
In a note shared with CI, Acorns mentioned that Later Match is “a recently launched feature that offers a 3% and 1% IRA match on new contributions for people using the Premium and Personal Plus tiers.”
Acorns explained that this update is “aiming to help people achieve their retirement goals more easily.”
Here’s how Later Match works when you invest in your Acorns Later retirement account:
Acorns Premium subscribers reportedly “get a 3% IRA match on new contributions to their Acorns Later retirement account, so if you contribute $7,000 to your Later account, you can get a $210 match.”
Acorns Personal Plus subscribers “get a 1% IRA match on new contributions to their Acorns Later retirement account, so if you contribute $7,000 to your Later account, you can get a $70 match.”
In order to keep the % match, you must keep the funds “invested for four years.”
This launch is especially timely “with so many Americans concerned about their financial security.”
Acorns’ recent 2024 Money Matters Report found “that only 35% of Americans think they will be more financially secure next year than they are currently.”
Later Match will offer an incentive to “help people take control of their finances and start saving for retirement early.”
Noah Kerner, CEO at Acorns, said:
“Our product, Acorns Later, makes it easy to automate your retirement savings and now we’ve taken it up a level with a 3% match on all new contributions if you’re a Premium Tier subscriber. I hope that everyone is taking advantage of a 401k matching program and this gives you yet another way to grow your savings, compliments of Acorns.”
As noted by its management, Acorns is how everyday consumers “save & invest for the long term.”
To date, customers have invested “over $19 billion with Acorns, much of it in spare change.”
By putting the tools of wealth-making in everyone’s hands, Acorns has “become the largest subscription service in U.S. consumer finance, serving over 10 million everyday Americans.”
Customers get automated investing “in diversified portfolios, a simple retirement product, a bank account that helps people spend less to invest more, and bonus investments from 20k brands.”
Plus, everyday Americans can easily “invest in their kids and get money news they can use, all from the same app.”
