Hi Mustachians,
Came across this information today on Robinhood's new matching program. With no cap on matching, why wouldn't everyone just move their IRA balances over and take advantage of the 3%? Their website language is below as well as the direct link:
https://robinhood.com/us/en/support/articles/ira-match-faq/What’s the IRA match?
The IRA match is an extra 3% match on annual contributions with Robinhood Gold or 1% without.
All IRA transfers and old 401(k) rollovers earn 1%. And for a limited time, Gold members can get a 3% match on all IRA transfers and old 401(k) rollovers. Check out Robinhood IRA Transfers Gold Match for details.
Keep in mind, the match isn’t counted toward your annual contribution limits, and there’s no limit on the match amount you can earn.
Previously, you got matched on every external dollar you contributed. Now, you get matched on any amount from contributions, IRA transfers, or old 401(k)s. We’ll add 1%. No cap.
The IRA contribution limits set by the IRS for 2023 are:
$6,500 if you are under age 50, which means you can earn up to $65 extra (or $195 with Robinhood Gold)
$7,500 if you are age 50 or over, which means you can earn up to $75 on top of your contributions (or $225 with Robinhood Gold)
The IRA contribution limits set by the IRS for 2024 are:
$7,000 if you are under age 50, which means you can earn up to $70 extra (or $210 with Robinhood Gold)
$8,000 if you are age 50 or over, which means you can earn up to $80 on top of your contributions (or $240 with Robinhood Gold)
Curious on your thoughts...
