Ongoing Promotion Through April 18th: Get rewarded with a 1% match on every dollar from outside accounts added to an IRAincluding IRA and 401(k) transfers. Dont miss out on extra money for your retirement!
When talking about retirement and helping ensure you are financially secure in your later years, Individual Retirement Arrangements (IRAs) are a great way to prepare for the future. Simply put, IRAs allow you to make tax-deferred investments to provide financial security when you are ready to retire.
Typically retirement investments are available through employers in 401(k) programs or IRAs through banks or brokerage firms. 401(k) accounts feature automatic contributions for retirement funds that are initiated with an employer and the employer sometimes provides a match. A match is an additional contribution made by an employer on top of what the employee puts into the program. IRAs are more personalized and unique. IRAs are initiated by an individual and most IRAs do not offer a match. Two options for IRAs are a traditional IRA and a Roth IRA.
A traditional IRA means that contributions may be tax-deductible. Withdrawals are taxed at your tax rate when you retire. In other words, with traditional IRAs, you may not pay taxes on your earnings or contributions until you have started taking minimum distributions at age 73. The 2023 limit for traditional IRA investment is $6,500, for those under the age of 50". Deductibility of contributions is contingent on a number of factors, such as whether you have access to an employer retirement plan, and income level.
Contributions to a Roth IRA are not tax-deductible but eligible withdrawals, including capital gains, are tax-free. The benefit of a Roth IRA is that since youre contributing after-tax dollars, eligible withdrawals are not taxed in retirement. For 2023, the total contribution also cannot be more than $6,500 for those under the age of 50.
Hypothetically, if you needed to dip into your IRA accounts before retirement there are some things to consider. With Roth IRA accounts, if youre under 59 1/2, you are subject to taxes and penalties on the earnings portion of the withdrawal. There is also a five-year holding period requirement. For traditional IRA contributions, if you withdraw before age 59 1/2, you are subjected to a 10% federal penalty tax plus regular income tax.
One major benefit of an IRA is that you have the freedom to select from thousands of investment options.Robinhood Offers A 1% Match Retirement Plan With No Employer Needed
Robinhood Financial LLC. HOOD has the only IRA with a 1% match that requires no employer. Both traditional and Roth IRAs are available.
With Robinhood, individuals no longer have to be tied to an employer to get a contribution match for a retirement fund. This can be helpful for both self-employed individuals or people who work for employers that do not offer 401(K) programs. Robinhoods IRA is also great for anyone who wants another separate option from their employer and greater control over their investment.Key Features Robinhood matches 1% on every eligible dollar contributed up to the annual contribution limits. Limitations apply, see restrictions below.* Robinhood provides a one-time custom recommended portfolio, if you need help getting started, or you can build your own or even do a bit of both. Custom ETF portfolio recommendations are based on a series of questions that analyze appetite for risk and desired age for retirement.
The platform offers the ability to trade certain options strategies for eligible users without commission or per-contract fees** in your IRA. Depending on the account type, any potential retirement earnings have tax-deferred or tax-free growth potential
The addition of Robinhood Retirement to the platform can be a valuable tool to help build toward retirement. Robinhood aims to empower investors everywhere, no matter their investment level, with retirement account offerings that help build toward a more solid financial future.
Featured Photo by Austin Distel on Unsplash
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
*You must have earned (wage) income in order to contribute to an IRA. The ongoing 1% match is only applicable to annual contributions made to the IRA from an external source, up to the applicable IRS limits. Contributions must come from an external account and must be held in the Robinhood IRA for at least five years to avoid the possibility of a withdrawal fee. See the Match FAQ for more information: https://robinhood.com/us/en/support/articles/ira-match-faq/ **Other fees may apply. View Robinhood Financials fee schedule at rbhnhd.co/fees.
Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 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 customer with a Robinhood brokerage account in good standing.
Options trading entails significant risk and is not appropriate for all investors. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Customers should consider their investment objectives and risks carefully before investing in options. Supporting documentation for any claims, if applicable, will be furnished upon request.
All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker-dealer.
Energy bills are to rise again next year, according to a respected forecaster.
Costs from January to March are projected to rise another 1% to £1,736 a year for the average user, according to research firm Cornwall Insight.
The energy price cap, which sets a limit on how much companies can charge per unit of electricity, is also expected to rise, costing typical households an extra £19 a year.
After the latest hike, there were hopes of a fall in the new year, but volatile wholesale gas and electricity markets are still above historic average costs.
Prices have gone up due to supply concerns arising from Russia‘s war in Ukraine, and maintenance of Norwegian gas infrastructure.
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But spring is expected to herald a reduction as is October 2025, Cornwall Insight said.
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‘Energy prices make me depressed’, pensioner Roy Roots said in August
Every three months energy regulator Ofgem revises the cap based on wholesale costs.
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The official January price cap announcement will be made on Friday.
It comes as millions of pensioners lost their automatic winter fuel allowance payment after the government means-tested the benefit.
Meanwhile, Cornwall Insight’s principal consultant Dr Craig Lowrey warned “millions” of households won’t heat their homes to “recommended temperatures, risking serious health consequences” with bills on the rise.
“With it being widely accepted that high prices are here to stay, we need to see action,” he said, suggesting options like cheaper rates for low-income homes, benefit restructuring, or other targeted support for the vulnerable “must be seriously considered”.
The energy price cap system is being reviewed by Ofgem with possible changes to the standing charge coming over the next year.
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Masked burglars have stolen farm vehicles from the Windsor Castle estate while members of the Royal Family are believed to have been asleep nearby.
Two men scaled a 6ft fence on the night of 13 October and used a stolen truck to break through a security gate, The Sun first reported.
The pair then fled with a pick-up and a quad bike that were stored in a barn.
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But the Prince and Princess of Wales, along with their three children George, 11, Charlotte, nine, and six-year-old Louis were believed to have been in their home, Adelaide Cottage, on the estate, according to The Sun.
The family moved there in 2022.
In a statement, Thames Valley Police said: “At around 11.45pm on Sunday 13 October, we received a report of burglary at a property on Crown Estate land near to the A308 in Windsor.
“Offenders entered a farm building and made off with a black Isuzu pick-up and a red quad bike. They then made off towards the Old Windsor/Datchet area.
“No arrests have been made at this stage and an investigation is ongoing.”
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The UK is braced for “disruptive snow” as yellow weather warnings cover large parts of the country until Tuesday – with the Met Office saying there is the “potential” for the alerts to be “escalated”.
The forecaster has warned up to 20cm of snow may accumulate in the worst affected areas as the country experiences its “first taste of winter”.
The Met Office has also told people to expect ice, cold temperatures and wintry showers this week.
A yellow warning for snow and ice is in place for much of the north of the country – covering areas in the East Midlands, Yorkshire, Wales and the north of England – from 7pm on Monday night to 10am on Tuesday morning.
Those in the impacted areas have been told power cuts are possible and mobile phone coverage might be affected.
The Met Office has said there is a “slight chance” some rural communities could be cut off and that bus and train services may be delayed or cancelled.
People are also warned to be careful not to slip or fall on icy surfaces.
The Met Office has said there will be bright spells across northern and eastern areas throughout today, but rain in the south and west will gradually spread northeastwards and turn to snow over northern hills.
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Tom Morgan, Met Office meteorologist, said: “We could see some disruptive snow in the Pennine regions, in particular, the Peak District as well, especially Monday night, but we could well see some impacts lasting on until Tuesday morning’s rush hour.
“Even down to lower levels, we could well see some snow as well, so quite a bit of disruption possible by Tuesday morning, and then the week ahead is likely to stay cold nationwide, a windy day on Tuesday, and then winter showers through the week ahead.”
Mr Morgan said that despite a “mild” start to the month, the cold conditions are more typical of “mid-winter to late-winter”.
“What we can say is that it’s going to be very cold for the time of year, there will be widespread overnight frosts, and a few locations where there’s snow on the ground,” he continued.
Meanwhile, a yellow snow and ice weather warning that came into force at 4pm on Sunday will end at 11am this morning.
The warning covers the northern tip of Scotland and people there have been told there may be icy patches on some untreated roads, pavements and cycle paths.
The Met Office has said there is “potential” for both yellow warnings to be “escalated”.
In southern England, a typical maximum temperature for this time of year is 11C (52F), but daytime highs for the week ahead are forecast to be around 5C (41F), while some parts of Scotland will reach “only just above freezing”, Mr Morgan said.
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The meteorologist said the public can best prepare for the wintry weather by checking their cars are suitable for icy and potentially snowy conditions and to take extra supplies including food, blankets and a fully charged mobile phone with them on journeys.
He added there were “likely” to be changes to the weather warnings in the coming days, and that “winter flurries” could be seen in the south of England later in the week.
Despite the cold conditions, the “whole of the UK” will enjoy more sunshine this week, the meteorologist added.
He said: “There’ll be some snow showers in the peripheries of the UK, particularly northern Scotland, and down the east and the west coast, but if you live inland and you live in the south, there’ll be lots of sparkly blue skies on the most days through Tuesday to Friday.”
It comes as a cold weather alert issued by the UK Health Security Agency, which was introduced at 9am on Sunday, will be in place until 9am on Thursday.
It covers a large area of England, north of Northhampton. The alert is triggered when there is a risk that healthcare services might face extra pressure and is designed to prepare those who are “particularly vulnerable” and “likely to struggle to cope”.