SoFi Invest will offer a 2% match on all eligible individual retirement account (IRA) contributions through Tax Day, the digital personal finance company announced today.
SoFi members will be able to earn the IRA match on all new ACH transfers into IRA accounts.
The move increases the digital personal financial company’s previous 1% IRA match offered in 2023, in an effort to incentivize members to continue saving towards their retirement during tax season, which ends on April 15, 2024.
With tax season kicking off following the new year, more investors may feel pinched to save for retirement if they don’t receive a tax refund (and in some cases, even if they do). Research has found that investors already feel anxious in saving towards retirement, and tax season could double those worries. A SoFi Midyear Investor Report reported that over half of individuals say they haven’t invested enough towards their retirement. These sentiments are more prevalent among Generation X workers, followed by Millennials and Gen Zers.
“With investors feeling anxious around their investment totals so far and tax season traditionally being one of dread, SoFi Invest’s 2% IRA match helps to close that gap and offer SoFi members more investment choices as they kick off their 2024 financial plans,” said SoFi in a press release announcing the news.
In addition to the latest match and its Active Invest and Automated Investing offerings, SoFi Invest offers complimentary access to certified financial planners (CFPs), personalized advice, fractional share trading, educational articles on investing, financial planning, retirement and more.
The company’s offerings include a suite of financial products and services, across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights –a Technology Platform. SoFi Bank, N.A., an affiliate of SoFi, a nationally chartered bank, regulated by the OCC and FDIC, and SoFi, a bank holding company regulated by the Federal Reserve.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
