Retirement Reimagined: SoFi Invest Matches 1% of Eligible IRA Contributions

SoFi is determined to help you get your money right, now and in the future. To help you reach your retirement goals faster, SoFi Invest¹ is reimagining IRAs by offering a 1% IRA Match on all eligible contributions². That means you’ll get a match of 1% on every eligible dollar contributed (no employer plan needed!).

SoFi knows everyone’s needs and goals are different, so by matching your IRA contributions, we’re helping you achieve those goals whether you already have an employer retirement plan, are self-employed or have specific investment preferences. We know retirement planning can feel intimidating or imagining your own retirement can feel impossible, and this is just one way we’re helping you along your journey to financial independence.

What Is an IRA?

An individual retirement account, or IRA, is a savings account that is used to put away money for retirement, potentially grow funds through investment, and often get tax breaks. There are different types of IRAs, but the most common are:

•  A traditional IRA, where your investments have the opportunity to grow tax-deferred with before-tax and after-tax          contributions. 

•  A Roth IRA, which offers tax-free growth potential on after-tax contributions.

Each year the IRS sets a maximum amount that you can contribute across all of your IRAs, (including those outside of SoFi). For 2023, the contribution limit is $6,500 for people under age 50, and $7,500 for people age 50 and over. 

Why an IRA?

When it comes to retirement planning, IRAs have long been popular as you can invest in a range of assets which can lead to faster growth than a regular savings account. 

With your IRA, you can be as conservative or aggressive as you want when choosing your investments, depending on your risk tolerance and goals. 

What dollars are eligible for the 1% match?

You can earn the IRA Match on all new IRA contributions from outside accounts. Additionally, only new contributions through ACH will be eligible as well. 

Going for your goals

The SoFi Midyear Investor Report³ found that more than half of investors report feeling they haven’t invested enough at this point in their lives. Specifically, Gen X’ers feel the most underinvested, followed by Millennials and Gen Z. 

Potentially adding onto that anxiety, two-thirds of investors believe we are currently in a recession, with younger investors far more likely to hold this belief. Of those investors that don’t think we’re in a recession yet, nearly half don’t think we’ll enter recession in the next 18 months, while a quarter believe we’ll be in one by this time next year.

With investors feeling anxious around their investment totals so far and the economic landscape, SoFi Invest offering a 1% match on IRA contributions can make starting planning for  investment goals and retirement less intimidating by helping bolster accounts to empower you to reach your financial goals.

Don’t have a SoFi IRA account yet? Set one up here to put your money to work towards  your retirement goals.

 

DISCLOSURES

1. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).

Automated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser.

2. Earn a bonus (as described below) when you transfer investments from another brokerage firm into a taxable SoFi Invest Active brokerage or Active retirement account (Traditional, Roth, or SEP IRA). Bonus amounts are based on the total net dollar amount (incoming transfers less outgoing transfers) of settled transfers from another brokerage to an individual SoFi Invest account during each calendar month. Bonuses will be paid within 14 days of the last day of the month in which the transferred assets settled in your SoFi Invest account. Bonuses will be paid into the same account you transferred investments into. Transfers into multiple accounts may not be combined. Assets are required to remain in your SoFi account for 180 days. SoFi reserves the right to recoup up to the bonus amount from any withdrawals that take place prior to the 180-day period. SoFi also reserves the right to change or terminate this promotion at any time without notice. Important Tax Information: The value of the reward you receive may constitute taxable income. SoFi Securities LLC may issue a Form 1099 (or other appropriate form) to you that reflects the value of the reward. Please consult your tax advisor. SoFi Securities LLC and its affiliates and associates do not provide tax advice.

Please see https://www.sofi.com/acatoffer for amount chart

We do not accept mutual funds. These funds would need to be liquidated prior to initiating an ACAT with SoFi. Please contact your brokerage firm to complete this action, prior to submitting an ACAT.

We do not accept cryptocurrency transfers, and we do not accept stocks that trade on OTC, Pink Sheets, and/or most low-priced securities. Check our Invest platform for any associated stocks you may be interested in transferring – if they appear in SoFi Invest, they are eligible to be transferred to us.

If you transfer a brokerage account with total asset value over $5,000 through the ACAT system, SoFi will reimburse up to $75 of ACAT Fees from your outgoing brokerage firm.

Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC, (“Sofi Securities). Clearing and custody of all securities are provided by APEX Clearing Corporation.

 

3. The SoFi Invest Midyear Investing Report findings are based on an online survey of 3,448 consumers conducted by SoFi Invest in the U.S. between June 30 – July 10, 2023.

 

Leave a Comment