You might think tax season is just about the paperwork, but also it’s a chance to bolster your financial future. Contributing the maximum to your retirement fund may reduce your taxable income if you qualify and can help grow your investments over time, especially with the added boost from Robinhood’s IRA match. Best of all? You still have plenty of time to take advantage of these opportunities and make this tax season work in your favor.
Think of retirement contributions like a snowball tumbling down a hill — the earlier you start it rolling, the larger it grows. Through the power of compound returns, your early investments have decades to grow and delaying could cost you thousands in missed retirement funds.
Plus, if you contribute before the tax deadline, you may be able to reduce your taxable income and take advantage of potential traditional IRA benefits.
Want to take your retirement strategy even further? With a subscription to Robinhood Gold for $5 a month, you get access to enhanced features designed to boost your investing potential. Plus, you can earn a 3% match on IRA contributions with Robinhood Gold and earn a bonus of up to $420 if you max out your 2024 IRA contributions by April 15 and then stack on your 2025 contributions. And if you don’t want to join Robinhood Gold, non-Gold customers still benefit from a 1% match on contributions and retirement account transfers.
Thanks to their unique tax advantages, traditional and Roth IRAs can accelerate your retirement investments’ growth.
How?
Traditional IRA contributions may be tax deductible, which could reduce your taxable income in the present while your earnings grow tax-deferred until you withdraw. Or you can choose a Roth IRA for tax-free growth, where you set aside after-tax income, meaning you won’t pay taxes on qualified withdrawals in retirement.
Both options provide a powerful way to grow your funds while taking advantage of tax benefits, making them an attractive option for your retirement plans.
It’s normal to have multiple retirement accounts from past employers, but this can lead to the added stress of managing scattered investments and tracking various statements. By consolidating your accounts into a single IRA, you can simplify your financial planning and gain a clearer view of your progress toward your retirement goals.
You’ll love the potential benefits, too, like streamlined asset allocation and tax advantages. Plus, with everything in one place, you can more easily fine-tune your contributions, keep your investments balanced and avoid the risk of losing track of old accounts.
Robinhood makes consolidation even more rewarding. By transferring or rolling over your existing accounts into an IRA with Robinhood Gold, you can earn an unlimited 2% match on all retirement account transfers until April 30. For example, if you roll over $100,000 from old 401(k) accounts from previous employers into a single IRA with Robinhood Gold, you would earn an extra $2,000 to boost your retirement funds.
However, make sure that consolidation is the right move for your situation. Transferring your accounts to a new provider could mean changes in investment options, account features or fees. As always, consult with an investment adviser or tax professional before consolidating.
While setting aside money is important, successful retirement planning hinges on the right strategies to drive growth and stay on track. Modern retirement tools can simplify investing, provide personalized insights and ensure your contributions are working as hard as you are.
Whether it’s automating contributions, managing multiple accounts or exploring diverse investment strategies, smart tools help you make informed decisions and avoid common pitfalls.
Robinhood offers a suite of features designed to keep you ahead in your retirement planning. The platform’s intuitive design makes it easy to consolidate accounts, monitor investments and explore options trading in a tax-advantaged account. However, options trading is available for qualified traders only. See additional disclosure below.
Tax season offers a unique opportunity to strengthen your financial future by maximizing your retirement contributions and taking advantage of the tax benefits of IRAs. By starting early and leveraging smart retirement tools, you can build a flexible, effective plan that adapts to life’s changes and helps you stay ahead.
With Robinhood Gold, you can enhance your investments with a 3% match on contributions and an unlimited 2% boost on retirement account transfers, all while managing and consolidating your accounts in one easy-to-use platform.
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