Investment platform Robinhood is giving US savers a chance to sign up for its retirement services.
From 6 December, savers have been able to be on a waiting list for Robinhood’s retirement investment account without the need of an employer.
Investors will receive access on a rolling basis over the following weeks, with full availability in January.
Robinhood said: “People are relying on themselves. They’re taking on gig work, side hustles and building their own companies. Tools that can make it easier to save for retirement – such as automatic transfers from a paycheck or contribution matching – are often not available to the gig economy – which makes up as much as 40% of America’s total workforce.
“With Robinhood Retirement, earnings can grow either tax-free or tax-deferred, which means customers will save on taxes while saving for their future – an added tax benefit even if they already have a 401k elsewhere.”
Robinhood retirement account holders will be able to:
- Customers can choose to invest in stocks and ETFs through either a traditional IRA or Roth IRA.
- Customers can build a custom portfolio through its in-app recommendations, by choosing their own investments, or a mix of both;
- After contributions, customers will have access instantly to their funds to start investing, up to $1,000 (£821, €952).