Others are skeptical whether the relatively small dollar amounts at stake will amount to a positive behavioral shift, and wonder if it's more a marketing effort to stand out amid ample competition.
A 401 match is generally structured as a share of employee contributions. Let's say a worker saves 6% of their annual salary in a 401; an employer might match 50% or 100% of that dollar total, up to a federal limit. But there are some key differences in how the match works. A typical 401 match is generally a percentage of a worker's compensation, while Robinhood's is a share of an investor's contribution.to an IRA, per federal rules. Investors age 50 and over can contribute an additional $1,000.director of retirement savings at The Pew Charitable Trusts
andrewrsorkin This thread is hilarious. I transferred to Fidelity and won't look back 😂 good luck $HOOD 👍 you got me started but I had to say my goodbyes. Much respect.
andrewrsorkin 🖕🏿
andrewrsorkin No way. I've already transferred my portfolio to Fidelity. Way more secure and professional. 1% 🤷 we mind as well be bargaining basis points
andrewrsorkin These guys are shysters, reminds me of their 3% savings account that never launched in 2019.
andrewrsorkin Robinhood $HOOD participates in SIPC, so any IRA account would be insured up to $500K.
andrewrsorkin Remember when you use a service for free you are the product.
andrewrsorkin Nope
andrewrsorkin So now they want us to lose our life's savings AND our retirement. Just looks like they're laying the foundation for yet another pyramid scheme. 😕 And for all those reasons... ImOut
andrewrsorkin 🦍 says no.
andrewrsorkin 1% 🤣
andrewrsorkin Seems like an SBF sort of deal
andrewrsorkin Can it be trusted in this day and age?
andrewrsorkin How about you give me my money back from screwing me over with GME trading?
andrewrsorkin Pass
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Robinhood wants to be your retirement fund, offering a 1% matchRobinhood, a stock-trading app that became a favorite of the 'meme-stock' crowd during the pandemic, has a new proposition: Open an Individual Retirement Account with the service and it will match 1% of the funds customers contribute. Yeah no thanks ! We haven't forgot how they took the buy button away and screwed everyone over Yeah no thanks ! We haven't forgot how they took the buy button away and screwed everyone over AT least tell the whole story CBS. The crime syndicate Robinhood wants that money to stay at Robinhood for 5 years. No thanks. Just another Ponzi scheme
Source: CBSNews - 🏆 87. / 68 Read more »
Robinhood Wants Your Retirement MoneyThe brokerage, which rose to prominence during the meme-stock craze, is now offering tax-advantaged retirement accounts. Ridiculous. Insanity. and Reckless. ANYONE who is working on a retirement plan and is including Robinhood in their plans deserves to be homeless. Why not just go to Sam Bankman Fried and give him your money...oh wait...people did. No, Thanks! I trust the shady man on the corner over Robinhood.
Source: WSJ - 🏆 98. / 63 Read more »
Robinhood launches IRA retirement plans for gig economy workersAutomatic paycheck transfers, contribution matching and other retirement saving tools are often not available to gig economy workers, said Steph Guild, Robinhood’s head of investment strategy. Gig workers make up as much as 40% of the U.S. workforce. Will they be advising we put all our retirement savings into the latest memestock? Next FTX in happening Well he did buy Twitter for 44 billion. Bills ain’t cheap. 🤣
Source: MarketWatch - 🏆 3. / 97 Read more »
Robinhood takes on retirement in search for more growthNEW YORK (AP) — Robinhood, the company that blazed onto Wall Street after turning millions of novices into investors by making trading fun, is now setting its sights on a more staid corner of the industry: saving for retirement. 'We look forward to siphoning the wealth of our customers for years to come' Nobody trust Robinhood I wouldn't trust this company with 10 dollars.
Source: AP - 🏆 728. / 51 Read more »
Robinhood goes after retirement fundsHow does a retail brokerage stop its customers from leaving when the markets turn south? By giving them a retirement product designed to last for decades.
Source: axios - 🏆 302. / 63 Read more »
CONSUMER CATCH-UP: Metallica warns fans of impostor crypto scams, Robinhood launches IRAs on appIn this edition of Consumer Catch-Up, metal legends Metallica warn their fans of impostors pretending to stream their new album to lure them into a cryptocurrency scam, and investment app Robinhood announces new retirement accounts for customers.
Source: abc7newsbayarea - 🏆 529. / 51 Read more »