Will Robinhood Start Offering Retirement Accounts?

July 27, 2021

Every young generation rejects the practices of those that came before. It’s a tale as old as time — or at least as old as baby boomers not trusting anyone over 30. So I wasn’t surprised to read in last week’s featured story about a 24-year-old entrepreneur rebuffing his mother’s pleas that he open a retirement account. But I was disappointed. Why couldn’t he keep his cryptocurrency-funded CBD boutique and open a Roth IRA? Would that be so terrible? I think it’d be the best of both worlds: one foot in newfangled financial products and one in the old. There’s still plenty to be said for dollar-cost averaging into cheap index mutual funds. It’s not flashy, but it builds wealth over time. Perhaps young people will pay more attention to retirement accounts if the popular trading app Robinhood starts to offer them. The CEO said recently that the company was considering it. Learn more about the news in today’s edition.

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Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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