What's an IRA and how does it work?
An individual retirement account (IRA) allows you to save and invest money for your retirement with tax advantages. A Roth IRA offers tax-free growth potential on after-tax contributions. For a traditional IRA, your investments have the opportunity to grow tax-deferred with before-tax and after-tax contributions.
Each year the IRS sets a maximum amount that you can contribute across all of your IRAs, including those outside of Robinhood Login. For 2022, the contribution limit is $6,000 for people under age 50, and $7,000 for people age 50 and over. In 2023, those limits will increase to $6,500 and $7,500. You can either make a new IRA contribution that counts towards your annual limit or rollover funds from another retirement account to reinvest.
Robinhood Retirement is reimagining IRAs by offering a 1% IRA Match on eligible contributions with no employer necessary. Robinhood Retirement is giving you a match of 1% of eligible contributions without needing to have an employer plan.
