NEW YORK (AP) — Robinhood, the company that blazed onto Wall Street after turning millions of novices into investors by making trading fun, is now setting its sights on a more staid corner of the industry: saving for retirement.
Robinhood is promising to match 1% of eligible contributions that customers put into their IRA. That could mean up to $65 for someone who contributes the maximum allowed $6,500 to an IRA next year. People aged 50 and over can contribute up to $7,500 in 2023.
A retirement program is something that Robinhood’s customers have long been requesting, Tenev said. And it’s something that could significantly boost Robinhood’s bottom line. Total U.S. retirement investments totaled $33.7 trillion this summer, according to the Investment Company Institute. They account for 31% of all household financial assets. IRAs make up the biggest single chunk of that, at $11.7 trillion.Growth for Robinhood has slowed sharply since its popularity took off through the pandemic. Its stock has fallen roughly 45% this year and is below $10 after hitting a peak above $70 shortly after its stock-market debut in the summer of 2021.
But the meme-stock craze has since calmed. So, too, has crypto trading, another big source of revenue for Robinhood.
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