Robinhood Retirement Review (After 500 Days)
Robinhood recently added retirement accounts with IRA and roth IRAs. After 500 days I give my honest review with the the features and benefits, using the app, and if I still recommend the app after a year and half of using it.
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Timestamps
0:00 - Intro to Robinhood Retirement Account
0:18 - Background to Robinhood Retirement Account
0:50 - Features & Benefits to Robinhood Retirement Account
2:47 - Using Robinhood Retirement Account App
3:31 - Do I Still Use Robinhood Retirement Account?
4:05 - Outro to Robinhood Retirement Account
In a thorough exploration spanning 500 days, I've dissected and tested Robinhood's retirement account. In this candid review, we'll dive into the app's interface, scrutinize its features, and address the burning question – is Robinhood's retirement account still worth recommending?
Robinhood, renowned for its commission-free trading since 2013, took a leap forward last year by introducing retirement accounts. Users can now seamlessly open an IRA or Roth IRA directly on the app or transfer existing retirement accounts, complete with an alluring 3% bonus for those making the switch. This move positioned Robinhood as a versatile platform catering to the evolving needs of long-term investors.
Robinhood's retirement account introduces groundbreaking features, including a 3% bonus on new deposits into IRAs – a move as revolutionary as its zero-commission trades in the early days. What sets it apart is the additional 3% bonus for transferring external accounts, making it an enticing option for consolidation. The ability to trade options within a retirement account, alongside features like fractional shares, dividend reinvesting, and overnight trading, elevates Robinhood above competitors, setting new standards in the industry.
The user interface for Robinhood's retirement account mirrors the simplicity found in its taxable trading accounts. The familiar layout allows for effortless navigation, providing transparency in displaying account values and executing trades. This user-friendly design distinguishes Robinhood from competitors like Vanguard or Chase. The platform's commitment to a seamless user experience, coupled with the transparency of potential bonuses upon depositing funds, enhances its appeal.
After 18 months of intensive testing, the answer to the crucial question – do I still use Robinhood's retirement account – is a resounding YES! Beyond the allure of bonuses, the platform's ease of use, unique features, and the convenience of consolidating accounts within a single app make it a clear winner. The free money from deposits and transfers serves as a delightful bonus, reinforcing my commitment to this feature-rich investment platform.
#RobinhoodIRA #robinhoodinvesting #robinhood #robinhoodstocks
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