Robinhood Aims to Help Independent Workers Retire With Free Money Match

Investing

Published: March 1, 2024 2:20 pm

Last Updated: March 7, 2024 4:34 pm

When you think about retirement funds and savings plans, you might immediately consider employer-backed initiatives companies offer as perks to their W-2 employees — but what about independent workers? Do individuals working for companies like GrubHub and Taskrabbit have to suffer the financial consequences of working for themselves, unable to invest in a sufficient retirement fund? Not anymore.

As more professionals are embarking on self-employment journeys, American financial services company Robinhood is paving the way for independent workers to put aside money — and have it matched — for their retirement. According to a recent press release, the company is launching Robinhood Retirement For Independent Workers, which aims “to give everyone a way to invest in their futures.” This initiative proposes a solution to many solo professionals’ financial woes. Through this plan, the company will provide all types of workers with the necessary financial tools to help them invest in their futures.

Robinhood partners with Gopuff, GrubHub, and Taskrabbit

Gopuff, GrubHub, and Taskrabbit are partnering with Robinhood to deliver retirement accounts to their independent workers.

Robinhood is partnering with Gopuff, GrubHub, and Taskrabbit to pave a path to retirement savings for those who don’t have access to traditional retirement accounts or corporate matching programs, according to Steven Quirk, chief brokerage officer at Robinhood. Through this initiative, independent professionals can navigate this uncertain economic climate and foster a sense of security that many independent workers lack.

While working flexible schedules and exploring income opportunities on your own terms are great perks of self-employment, many shy away from such endeavors due to the lack of retirement opportunities available. In fact, over 50% of independent workers feel they lack effective access to retirement and savings plans. Robinhood Retirement For Independent Workers will bridge that gap and ensure every type of worker receives the same financial perks.

Robinhood Retirement’s free money match

While there are some types of retirement savings plans available for independent workers, these plans are not typically matched by a company or person other than the sole contributor.

Many independent workers will choose to invest in an IRA (Check out Robinhood’s IRAs here), Solo 401(k), SEP IRA, SIMPLE IRA, or another retirement savings plan. However, these individuals must fully fund their own accounts rather than having an employer match their contributions.

Through Robinhood’s retirement accounts, independent workers at Gopuff, GrubHub, and Taskrabbit will receive a free boosted match from Robinhood Retirement — up to 3% for the first year. Additionally, they’ll access financial counseling from GreenPath Financial Wellness, a nonprofit organization that supports individuals as they fulfill their financial goals.

Robinhood Retirement launched back in January of 2023, and Robinhood Retirement For Independent Workers will now begin rolling out to Gopuff, GrubHub, and Taskrabbit independent workers. Robinhood expects to add more partners to its program in the future.

If you’re curious about any other part of the Robinhood process, check out this page: a regularly updated list of all our Robinhood guides, news coverage, and lists of benefits.

Travel Cards Are Getting Too Good To Ignore (sponsored)

Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.

We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.

It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.

We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.