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Oct
09
2023

1% Match IRA

By | 1_Web_Invest | Comments Off on 1% Match IRA

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1% IRA Match

This year, aspire to
retire a millionaire.

With a 1% IRA match on rollovers and contributions1 – plus the power of compound returns-investing $7K a year for 40 years could put you on the path to retiring a millionaire.2


Get a 1% match


2The S&P 500 Index return does not include the reinvestment of dividends or account for investment fees, expenses, or taxes, which would reduce actual returns.

1Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.

IRA 1% contribution match concludes on April 30th, 2025

Find the right fit for your investing style.

When it comes to managing your IRA with SoFi, you’ve got options. Choose the approach that best fits your goals, comfort level, and how involved you want to be.

  • Self-Directed IRAs
    (HANDS-ON)

    Take control of your investment choices. With a self-directed IRA, you pick your own stocks, ETFs, and funds. Ideal if you enjoy researching investments and want a hands-on role in managing your portfolio.
    Provided by SoFi Securities LLC.


    Open a Self-Directed IRA

  • Automated IRAs
    (HANDS-OFF)

    Prefer a more hands-off approach? Our automated option uses SoFi’s robo advisor to build and manage a portfolio for you based on your goals, timeline, and risk tolerance. It’s a smart, convenient, and keeps your investments on track.
    Provided by SoFi Wealth LLC.


    Open an Automated IRA

SoFi doesn’t provide tax or legal advice. Individual circumstances are unique.
Consult with a qualified tax advisor or attorney about your specific needs.

The power of
compound returns.

It’s all due to one simple, yet powerful, idea: The longer your money stays in market, the more you could earn. Why? Because you’re getting returns on both your original contribution, plus the interest earned year over year.

Let’s walk it out: If you invest $7K in an IRA that returns 7%—the historical rate of return for the S&P 500 Index—you could earn $490 in returns the first year. The following year, you could earn 7% on $7,490, which is $524, bringing your overall balance to $8,014. In year three, you could earn 7% on $8,014, and so on.2

Making the max annual IRA contribution could help you reach millionaire status in retirement. Add our 1% match on top, and you’re retiring in style.


Get a 1% match

Are you investing enough to retire in style?

Use our calculator to see how much you need to invest each year to reach your retirement goals.3

How our retirement calculator works.

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This calculator projects your retirement savings by considering your current balance, annual contributions, and the rate of return on your investments. This is for educational purposes and is based on hypothetical assumptions that may not reflect actual performance.

The projected amount is in today’s dollars, meaning it reflects the purchasing power of your savings in terms of today’s cost of living, after adjusting for inflation. It also assumes those amounts are in pre-tax dollars, meaning taxes on these funds will be paid when you withdraw them in retirement.



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See what a 1% IRA match on rollovers1 can do for you.


Begin rollover

1Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer.


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Is your 401(k) collecting dust? Roll it over with a 1% match.

Abandoned 401(k) accounts exceed $1.65 trillion—don’t let yours be one of them. Roll over your 401(k) into a SoFi IRA and get a 1% match on every dollar.1

Don’t have a SoFi IRA? Open an account to get started—otherwise, begin the rollover process now.


Contribute now






Begin rollover

1Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer.


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Here’s how it all works:


An individual retirement account (IRA) gives you tax advantages when it comes to saving and investing money for your retirement. With a traditional IRA, your investments have the opportunity to grow tax-deferred with before-tax contributions. A Roth IRA offers tax-free growth potential on after-tax contributions.


Each year, the IRS sets a maximum amount that you can contribute across all of your IRAs, including those outside of SoFi. For 2024 and 2025, the contribution limit is $7,000 for people under age 50, and $8,000 for people age 50 and over. SoFi will match all contributions up to the annual limit at 1%.1


There is no limit to what you can roll over from your 401(k) into a SoFi IRA. Plus, the sky’s the limit on our match offer! However, you must roll over a minimum of $20K to be eligible for the 1% match. 1

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There’s always more to learn.

Everything you never thought you needed to know about Retirement Planning.












Learn more

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FAQs


What is an IRA match and how does it work?

The IRA Match is an extra 1% that SoFi adds to your IRA for making contributions and rollovers. It does not count toward your annual contribution limits. The pay-out amount for the 1% contribution match is calculated based on the total amount deposited minus any withdrawals, up to the annual contribution limits.

For example, if you deposit $3,000 into your IRA and withdraw $1,500, your 1% match will be $15 on the net deposits in your account.

To receive the 401(k) rollover match, you must roll over a minimum of $20,000 via our partner, Capitalize. There is no cap or limit.



What are IRA contribution limits for 2024 and 2025?

The IRS sets annual IRA contribution limits. The contribution limit for 2024 and 2025 is $7,000 for people under age 50, which means you can earn up to $70 extra with SoFi’s 1% match. For people age 50 and over, the limit is $8,000 which means you can earn up to $80 extra with SoFi’s 1% match.


What is a 401(k) rollover?


A 401(k) rollover involves transferring the funds from your 401(k) retirement account into another tax-advantaged retirement account, such as an Individual Retirement Account (IRA). This process helps maintain the tax-deferred status of your retirement savings without incurring immediate taxes or penalties.

When leaving a job, you have several options for handling your 401(k):

–Roll Over to an IRA: Offers more investment choices and potentially lower fees. Can be a traditional IRA or a Roth IRA, depending on your 401k contribution structure.
–Roll Over to a New Employer’s 401(k): Consolidates your retirement savings into one account. May offer the convenience of automatic payroll contributions and potentially higher contribution limits. Not all employers accept rollovers, so check with your new employer first.
– Leave the Funds in the Old 401(k): Keeps the funds in the current plan, which might be beneficial if the plan has good investment options or lower fees. You cannot make new contributions to this account, and managing multiple accounts can be cumbersome.

–Cash Out the 401(k): This option can incur significant tax implications and penalties, especially if you are under age 59½. It is typically only advisable in extreme circumstances where immediate cash is necessary.


Is the SoFI IRA Match the same as an employer’s 401(k) match?


The SoFi IRA Match and employer 401(k) match both offer matches on retirement investments, but they aren’t the same. For starters, the IRA Matches do not count toward your annual contribution limit. Also, you don’t have to work for SoFi to earn an IRA Match. In contrast, a 401(k) employer match is a contribution that an employer makes to an employee’s retirement account. It is possible to have both an employer 401(k) match, earn the IRA 1% Contribution Match with a SoFi IRA and rollover a 401(k) from a previous employer to a SoFi IRA to earn a 1% Rollover Match.


Are all 401(k) rollovers eligible for the match?


The rollover must be completed via the Capitalize rollover application to be eligible for the match.

For members with existing SoFi IRAs, a 401(k) rollover must be completed via Capitalize utilizing this link (must provide your SoFi IRA account number)

For SoFi members who don’t have SoFi IRAs, getting started is easy;
Click here to open an Active or Automated IRA with SoFi
Once your IRA is open, click here to utilize Capitalize (and provide your SoFi IRA account number) to rollover your 401(k) to SoFi.


Is my IRA deposit or 401(k) rollover automatically invested?


It depends. If you want your contributions or rollovers to be automatically invested and rebalanced, you have the option to open an Automated IRA where we’ll build a portfolio for you, based on your investment objectives and risk appetite. If you prefer to choose your investments yourself, you have the option to open an Active IRA. With an Active IRA, don’t forget to place trades to invest your IRA deposits so you don’t leave them as uninvested cash in your account.


Is my 403(b) or 457(b) eligible for the match?


Yes, as long as you completed the rollover via Capitalize utilizing this link, your rollover is eligible for the match.


What types of retirement accounts do you offer?


SoFi offers three different types of retirement accounts: Traditional IRA, Roth IRA, and SEP IRA. Only Traditional and Roth IRA are eligible for the Contribution and Rollover 1% match.

A traditional IRA helps you save for your retirement and gives you tax advantages. This means you may be able to deduct qualified contributions now and pay taxes later. Your contributions may be fully or partially deductible, depending on your filing status and income.

A Roth IRA allows you to contribute after-tax dollars. This means you pay taxes on contributions now with tax-free withdrawals later. Any earnings are tax and penalty free if they meet certain requirements. You should consult a tax advisor prior to making a contribution as your tax situation is unique.


When will I get paid my 1% match?


Bonuses will be paid within 60 days of the last day of the month in which the contributions settle in your SoFi Invest account. NOTE: Your IRA Contribution Match and Rollover Match will be paid out as two separate sums.


What if I already maxed out my annual contributions?


SoFi will match 1% of a customer’s ACH deposits, up to their contribution limit. Contributions over the annual contribution limit will not be matched. Please see examples below:

Example 1: If you have not made any contributions to your IRA for 2024 and contribute $7000 you will be matched 1% of your contribution amount, which is $70.

Example 2: If you have already made a contribution of $2,000 to your IRA for 2024 and contribute an additional $7,000, bringing you over the annual contribution limit, you will be matched 1% of your additional contribution up to the legal limit, which would be $50 if you are below 50 years old, or $60 if you are above 50 years old.


How long do my contributions need to stay in my IRA to remain eligible for SoFi’s match?


As long as you hold your eligible funds for at least 2 years, the IRA match is yours to keep. If your deposit or rollover is removed prior to the end of the two year Eligibility Period, SoFi reserves the right to remove the corresponding proportion of the 1% Match from your account. Your IRA investments are savings for retirement, and you’ll incur penalties if you take your funds out early, so make your best effort to keep them there till you retire.


What type of IRAs are eligible for the IRA 1% match?


Contributions into Automated IRA, Automated Roth IRA, Active IRA, and Active Roth IRA are eligible for the match promo.


Is there a penalty for withdrawing funds from my IRA before retiring?


If you take funds out of a traditional IRA before you turn 59 ½, you’ll owe regular income taxes on the contributions and the gains, per IRA tax deduction rules, plus a 10% penalty.

You can withdraw your own contributions to a Roth IRA without penalty no matter what your age. However, you cannot withdraw the earnings on your contributions before age 59 ½, or before the account has been open for at least five years, without incurring a penalty.

You should consult a tax advisor if you’re not sure how IRA withdrawals will affect your personal tax liability


See all FAQs


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Retirement reimagined.

A 1% match of eligible contributions to your IRA gives you an easier way to build your future, without relying on an employer plan. Start saving today.


Open an IRA


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Oct
06
2023

SoFi Makes It Possible to Achieve “All Your Ambitions, All In One App”

By | | Comments Off on SoFi Makes It Possible to Achieve “All Your Ambitions, All In One App”

SoFi’s Latest Campaign, Featuring LA Chargers Quarterback Justin Herbert, Highlights the Unique Ways It Helps Members Achieve Their Financial Ambitions

San Francisco, CA – October 6, 2023– SoFi, the all-in-one digital personal finance company, announces the launch of its latest brand campaign, “All Your Ambitions, All In One App”. The latest campaign is a testament to SoFi’s dedication to helping its over 6.2 million members achieve their ambitions, whatever they might be, through a comprehensive suite of financial tools, resources, and community, all in the SoFi app. 

“SoFi’s mission is to help our members achieve financial independence to realize their ambitions,” said Lauren Stafford Webb, Chief Marketing Officer at SoFi. “In today’s world, we recognize that our members have wide-ranging financial ambitions. From being able to finance a college degree, to investing to grow future wealth, buying a dream home or saving up for a big purchase or trip, SoFi’s goal is to be the trusted financial partner that helps make those ambitions a reality. We are proud to equip our members with a full suite of financial products and resources that helps make achieving financial ambitions accessible to all.”

To develop this campaign, SoFi started with data to better understand its members’ relationships with their ambitions. The data showed that over half of Americans believe that their financial ambitions are somewhat or entirely out of reach. The ambitions that felt most out of reach were:

  • 65% taking a dream vacation
  • 59% feeling financial secure
  • 58% being debt free
  • 56% starting a family
    • 24% said it was unachievable altogether
  • 55% saving for retirement

With the “All Your Ambitions, All in One App” campaign, SoFi is setting out to change that narrative by showing its members how it’s possible to get your money right and that their ambitions are, in fact, within reach. The latest campaign showcases examples of how SoFi members are utilizing the product and tools at their disposal to achieve their financial ambitions with confidence. These stories reveal how individuals have harnessed the platform to accomplish their financial goals, ranging from paying off student loans to renovating their dream space to making strategic investments and effectively managing their spending. 

With features like dedicated savings “Vaults,” and an Annual Percentage Yield (APY) 66 times the national average, SoFi members can effortlessly save and track toward all of their goals. Financial independence doesn’t just mean being rich—it’s where your money works for the life you want to live and the SoFi app is putting the big picture in the palm of their members’ hands. SoFi also provides its members with unique resources like SoFi Travel, complimentary access to Credentialed Financial Planners, member events, and career coaching through an exclusive partnership with Korn Ferry.

A standout feature of the ad campaign is the presence of SoFi’s spokesperson, Justin Herbert, the star quarterback of the Los Angeles Chargers. Herbert, who joined forces with SoFi last year as part of a three-year partnership, exemplifies the campaign’s message by sharing how he uses the SoFi app to pursue his ambitions both on and off the football field. The ad spot premiered during the Charger’s first home game at SoFi Stadium and will continue to air during key NFL broadcast moments throughout the season. It will also be prominently featured on various streaming platforms, including Peacock, Roku, Amazon, Hulu, Vizio, and Tubi. Additionally, made-for-digital assets will be released on YouTube to maximize its digital impact. Watch the ad spot HERE. 

 

About SoFi:

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 6.2 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Credentialed Financial Planners (CFP®), exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

 

Disclosures

SoFi Bank, N.A., NMLS #696891. Member FDIC ©2023 Social Finance, LLC All rights reserved.

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