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:

Make annual IRA contributions that count toward your limit

Transfer or roll over money from another retirement account. There is no limit to the amount you can transfer or roll over.

When you fund a Robinhood IRA with Robinhood Gold, we’ll give you up to a 3% boost—also called a match—on all annual contributions. That means we’ll add 3% on top of every $1 you contribute—up to the IRS contribution limits.

• To earn a 3% boost, join Robinhood Gold for a monthly fee and keep your membership for 1 year**.
• Without Gold, you’ll still earn a 1% match on all annual contributions, IRA transfers, and old 401(k) rollovers

Disclosures: **1 year starts from the date of your first contribution with a 3% boost.

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 a 3% match on annual contributions with Robinhood Gold or 1% without. All IRA transfers and old 401(k) rollovers earn 1%.

• To earn a 3%* boost: Join Robinhood Gold and keep your membership for 1 year**. Without Gold, you’ll still earn a 1% match.

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 1% match from transfers and rollovers . For example, if you transfer or roll over $1,000,000, we’ll give you $10,000 on top.

Read IRA match FAQs

Disclosures: **1 year starts from the date of your first contribution with a 3% boost.

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 how you’re funding your IRA:

If you’re making a regular annual contribution: Once your deposit is complete, you’ll usually get your IRA match money instantly. Keep your contributions in your IRA for at least 5 years to avoid the early IRA match removal fee.

If you’re transferring an IRA: 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*.

• Settlement happens when the securities are posted to the account and available to trade. Note that the match money is only available for securities that successfully transfer and settle and won’t be granted for securities that are rejected.

If you’re rolling over a 401(k): Once your 401(k) rollover completes, your IRA match will be calculated based on 1% of the total rollover amount.

Read IRA match FAQs

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:

• You’re only eligible to contribute to a Roth IRA if you make under a certain amount per year
• You contribute after-tax dollars. This means your contributions aren’t tax-deductible.
• You can withdraw contributions anytime with no penalties or fees
• If you withdraw earnings before you’re age 59½—and before you’ve owned your Roth IRA for at least 5 years—you may have to pay a 10% tax penalty
• You aren’t required to make a withdrawal after you reach a certain age

Learn more about Roth IRAs

With a traditional IRA:

• You generally contribute pre-tax dollars. This means you may be able to take a tax deduction for the amount you contribute—which could help you save on taxes each year.
• You can start withdrawing money without any penalties once you’re age 59½. You’re generally taxed on the amount you withdraw.
• If you need to make a withdrawal before you’re age 59½, you can—but you may have to pay a 10% penalty
• After you turn 73, you must withdraw a minimum amount each year from your traditional IRA to avoid tax penalties

Learn more about traditional IRAs

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 filing taxes as single or head of household and your modified adjusted gross income - MAGI is be under $161,000 for 2024
• You’re filing jointly as a married couple and your MAGI is under $240,000 for 2024

Learn more about Roth IRAs

You’re usually eligible for a traditional IRA if:

• You’ve earned any amount of income this year

Learn more about traditional IRAs

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:

• Want tax-free withdrawals in retirement
• Want to have access to your IRA money before retirement
• Expect to be in a higher tax bracket after you retire

A traditional IRA may be right for you if you:

• Want to potentially save on taxes this year
• Don’t expect to use any IRA money before retirement
• Expect to be in a lower tax bracket after you retire

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:

• A transfer is a movement of funds between 2 retirement accounts of the same type. For example, you can transfer eligible assets from an outside Roth IRA into a Robinhood Roth IRA.
• We’ll reimburse the IRA closing or transfer fee that the other brokerage might charge—up to $75 for transfers of $7,500 or more in equity, options, and cash assets, provided we receive proof of the charge.

When you roll over an old 401(k) to a Robinhood IRA, keep these details in mind:

• You’ll get a 1% match. Transfer or rollover any amount from another retirement account and we’ll add 1% on top, with no limit on the match dollars you earn. For example, if you transfer $1,000,000, we’ll give you $10,000 on top.
• You’ll be able to pick investments that work for you. Get a one-time recommended portfolio, pick your own stocks and ETFs, or both. Keep in mind that some investments offered in a 401(k) plan may not be offered in an IRA.

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:

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:

• Weekly, for a contribution initiated every Monday
• Twice-monthly, for a contribution initiated on the 1st and 15th of every month
• Monthly, for a contribution initiated on the 1st of every month
• Quarterly, for a contribution initiated on the 1st of January, April, July, and October

Set up recurring investments

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.

Learn more about retirement recommendations

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.

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.

No—they’re similar, but not the same.

Here are some key differences:

• A Robinhood IRA isn’t tied to any employer. You’ll get your Robinhood IRA match no matter how you’re employed.
• An IRA match doesn’t count toward your annual contribution limit. This means your match is extra money on top of your contributions.
• A 401(k) employer match is a contribution that an employer makes to an employee’s retirement account
• You can have both a 401(k) with an employer match and a Robinhood IRA with a match

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 contribute after-tax dollars.
• Your potential IRA earnings grow tax-free because you pay taxes upfront.
• You won’t pay any taxes when you make qualified withdrawals as long you’re age 59½ and have had your IRA for 5 years

You should also know:

• Your contributions aren’t tax-deductible.
• If you withdraw any earnings before you’re age 59½ or before you’ve had account for 5 years, you’ll likely have to pay penalties and taxes

Traditional IRA tax advantages:

• You generally contribute pre-tax dollars. This means you may be able to take a tax deduction for the amount you contribute—which could help you save on taxes each year.
• Your contributions and any potential earnings grow tax-deferred—because you usually pay taxes once you start making withdrawals

You should also know:

• You’re required to withdraw a certain amount every year once you’re age 73, or else you may have to pay a penalty
• If you have a 401(k) through an employer, you may have to deduct less than you would otherwise

To learn more about the tax advantages of IRAs, visit the IRS website or talk to a tax advisor.