Introducing Robinhood Retirement For Independent Workers

Robinhood was founded on the belief that everyone should have access to the financial system. A growing number of people are moving away from the usual 9-5, shifting towards freelancing and side hustles to make a living. But traditional systems haven’t caught up – more than 50% of independent workers don’t feel that they have effective access to retirement and savings plans. It’s why we launched Robinhood Retirement in January 2023 and why we’re launching Robinhood Retirement For Independent Workers today: to give everyone a way to invest in their futures.

Robinhood Retirement For Independent Workers will kick off with three inaugural partners: Gopuff, Grubhub, and Taskrabbit. Gopuff is a leading Instant Commerce platform, bringing thousands of everyday products to customers in minutes. Grubhub is a leading U.S. food ordering and delivery marketplace that connects customers with their favorite merchants and offers its independent delivery workers the freedom to earn on their terms.  Taskrabbit is a leader in the gig economy for home services, providing their independent workers with access to work opportunities that help them earn a meaningful income on their terms.

“Robinhood Retirement For Independent Workers brings us closer to our goal of giving everyone the financial tools they need to invest in their futures. Together with our first partners Gopuff, Grubhub, and Taskrabbit, Robinhood will now be able to offer a path to retirement savings for people who don’t have access to traditional retirement accounts or corporate matching programs,” said Steven Quirk, Chief Brokerage Officer of Robinhood.

Through the program, Gopuff, Grubhub, and Taskrabbit’s independent workers will receive the following through Robinhood: 

• Easy Onboarding: Gopuff, Grubhub, and Taskrabbit independent workers will receive access to a higher match rate from Robinhood Retirement automatically–  so it’s easy for them to begin investing for retirement. 
• Access to Robinhood Retirement and a Boosted Match: Robinhood Retirement is the only IRA that rewards customers with extra money on top of every deposit. Through the program, independent workers will receive a boosted match ranging from 1-3% for the first year. 
• Financial Counseling via GreenPath Financial Wellness: GreenPath Financial Wellness is a trusted nonprofit that helps people reach their financial goals. Gopuff, Grubhub, and Taskrabbit’s independent workers will receive unlimited access to a dedicated phone hotline for all their financial questions.  

“Amid an uncertain economic climate, it’s become more difficult for Americans to save and plan for their futures,” said Daniel Folkman, SVP of Business at Gopuff. “So, as we continue to invest in and enhance the delivery partner experience, we’re proud to be among the first companies working with Robinhood to bring Gopuff delivery partners access to important retirement planning tools so they can improve their financial well-being.” 

“Grubhub empowers our delivery partners to work and earn how and when they choose. With a Robinhood Retirement account, now they can bring that financial freedom and flexibility with them into the future, no matter where their life takes them,” said Dave Tovar, Grubhub’s Senior Vice President of Communications and Government Relations. 

“We’re thrilled to begin offering these new perks to our community of Taskers,” said Morgan Courtney, Director of Tasker Success at Taskrabbit. “Taskrabbit is proud to support Taskers all year long on our platform by giving them consistent access to work opportunities that help them earn a meaningful income on their terms. By implementing Robinhood’s new Retirement For Independent Workers program, we’ll now be able to offer Taskers the ability to own their financial futures, as well.”

Robinhood Retirement For Independent Workers will begin rolling out to Gopuff, Grubhub, and Taskrabbit’s  independent workers soon. We expect to add additional partners to the program in the future. 

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Disclosures: 

Taskrabbit, GreenPath, Gopuff, Grubhub and Robinhood are all separate and unaffiliated, and are not responsible for one another’s policies, services, or opinions.

The funds that earned the match must be kept in the account for at least five years to avoid a potential Early IRA Match Removal Fee. For more information, see the IRA Match FAQ. 

The 1-3% match is offered exclusively by Robinhood Financial and is subject to special terms. For more information, please refer to the Robinhood Self-Employed IRA Contribution Match Terms & Conditions.

You must have compensation (wage income) in order to contribute to an IRA. Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions. 

The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.

All investments involve risk and loss of principal is possible.

Robinhood Financial LLC (member SIPC), is a registered broker dealer. Robinhood Securities, LLC (member SIPC), is a registered broker dealer and provides brokerage clearing services. All are subsidiaries of Robinhood Markets, Inc. (‘Robinhood’).

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