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New Robinhood Product Aims to Grab Your Retirement Dollars (1)

Dec. 7, 2022, 9:18 PM

Online brokerage Robinhood and its gamified trading app is going after retirement accounts.

The fintech company launched its first retirement offering Tuesday, allowing a small number of existing customers to open IRA accounts on its platform and starting a waitlist for others.

Robinhood Retirement, aimed at gig-economy workers, will match 1% of a customer’s contributions up to the allowed limit (in 2023, that’s a total of $6,500 for savers under age 50). Users need to keep the funds invested for five years to avoid a possible fee upon withdrawal.

In a faint echo of the brokerage app’s referral program, which rewarded users with fractional shares of ...