Robinhood's New Retirement Accounts (IRAs) - Exposing the Truth

Our Rich Journey – Robinhood's New Retirement Accounts (IRAs) - Exposing the Truth - Robinhood is now advertising investors' ability to begin investing in IRAs on the Robinhood platform. Not only that, but Robinhood is incentivizing investors to contribute to these accounts by providing investors with a 1% match when they invest in an IRA with Robinhood. But . . . is there a catch? Is investing in IRAs with Robinhood a good thing OR is it something that you should be skeptical about? In this video, we discuss our thoughts on Robinhood's new retirement accounts!

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[Kush]

I dont think i could have gotten the number of shares Ive bought without using Robinhood. They made it very easy for me.

[Hooplamoopla]

I never got the feeling that robinhood is a game. The UI is easy to use and navigate and everything is organized perfectly. With other brokerages it feels like having to go thru layers and clutter just to do a simple task like transferring money into my account.

You can DCA daily and weekly/biweekly into stocks/ETFs that pulls money straight from your account that can be easily stopped at any time all in the app. And you can setup DRIP in the app. You can’t do that with these outdated brokerages unless it’s a monthly recurring investment into their index fund or you have to manually invest.

Robinhood has all these features that do allow for passive, consistent set/forget it type investing but people choose to look at the negatives.

Fidelity also uses payment for order flow and also halted trading with all these other brokerages during the GME short squeeze.

[kaiung]

Robinhood is dope. Better than the garbage banks that charge a high maintenance fee for no reason.

[JoseSanchez-tpzv]

I love Fidelity Customer Service. So professional and always assist with basic and more complex questions, very knowledgeable.

[JustSomePerson]

Robinhood is just so user friendly I'm doing it

[hr]

No days off everyone here is focused god bless us all. #stayfocuused

[Christian_Villanueva]

I think Robinhood is hugely underrated. I think it’s unfair to blame $HOOD for “gamifying” investments. Imagine a company being so good at what they do that they garnered a HUGE user base that the big established brokerages were forced to change the entire game. I have some bias as I both invest with Robinhood as well as invest in $HOOD. Again, it’s unfair to blame HOOD for doing what investors have always done, try to get rich quick. I think over the coming years HOOD will have a better image and will be a better brokerage. I guess we’ll see what happens!

[TheJeanean]

I’ve been using RH for a few years now. Idk what “constant alerts” y’all keep mentioning.

[KevinConwayChannel]

Keeping it simple! That is why I like your channel.

[DSkillz]

Hello from Houston, TX! As always, thanks for covering the latest with finance! So informative! Happy Holidays!

[RenzoPilot]

Good video, did you know you can invest ETF’s like Vangaurds s&p 500 index fund (VOO) and it’s Bonds ETF (BND) on brokerage and IRA accounts. It would be the same as investing in a mutual fund or index fund

[lowkeyIbes]

Well said. I currently use HOOD for my ETF & stock trading. I was curious to see if opening up a Roth IRA would be advantageous due to the 1% matches but after watching this video it wouldn’t really have much benefit as I would basically be investing in the same stocks & ETFs. Hopefully HOOD expands their platform & products even more as I enjoy using their app. Thank you for this information.

[theneverendinghighway]

I'm not going to open a Roth on Robinhood, but I do hope the 1% match does become popular enough that other brokerages explore it. I understand what you're saying, but if you focus on low cost ETFs, that extra $60 is $60 extra dollars every year into something like VTI or VOO. $60 more than every other brokerage in the world.

I do have a play account on Robinhood because I like to have a little fun with options and I think they have the best layout of any brokerage I've seen. But, it's just 5% of all my investments.

[krimstix]

For retirement, I'll stick with M1 Finance. However, my individual account (stocks) are in Robinhood, it's just way easier to buy shares from them

[jacqueleenzamora]

Merry Christmas and a Happy New Year from NY! Love you guys!

[prodcountryjames]

Thanks you guys, you just saved me from making a big mistake I will go with Vangaurd😂

[gloriamariadc]

RH has the best interface of any brokerage. Mindblowingly easy. If u can be responsible w/ a credit card, u can do RH responsibly. It's for the responsible. It's not a game.

[shaonghosh]

I don't have a retirement account with Robinhood. But the only con that I see with their retirement account is the absence of bonds. Retirees will be moving a lot of their assets to bonds as the are nearing retirement. I'm sure Robinhood will fix this eventually. All the other cons are really weak argument. I mean, saying that there were other brokerages that offered retirement accounts while Robinhood didn't is not a con. It *was* a con when Robinhood didn't offer a retirement account. Offering it doesn't make it a con. Equally weak is the argument that $60 is not a lot of money. It's free money, and it all adds up when you are compounding years over years. Even if you do not consider it to be a pro, it surely can't be a con. Yes, they were fined a huge sum of money, and that is a con, but that you have already discussed. Overall I see nothing wrong with it. If you can treat the account as a retirement account, and not start day trading on it, it's just another retirement account with a slightly higher annual limit than the rest. The bond issue is problematic though!

[qpdpd]

I believe the info told at 12:00 is incorrect now. I think they updated the terms and Roth IRA can now invest in etfs and bonds. Correct me if I’m wrong