Robinhood launches retirement programme for independent workers

Specifically, the programme aims to provide access to retirement savings for individuals engaged in freelance and side job activities. The initiative responds to a growing trend where a significant portion of the workforce is shifting away from traditional employment structures, with over 50% of independent workers expressing concerns about lacking effective access to retirement and savings plans according to Robinhood.

The Robinhood Retirement programme launched in January 2023, and it targeted independent workers who often lack access to traditional retirement accounts or corporate matching programmes. Robinhood Retirement For Independent Workers has debuted recently with three initial partners, namely Gopuff, Grubhub, and Taskrabbit.

Gopuff is an Instant Commerce platform offering rapid delivery of various everyday products. Grubhub operates as a leading food ordering and delivery marketplace in the United States, providing independent delivery workers with flexible earning opportunities. Taskrabbit specialises in home services within the gig economy, enabling independent workers to access meaningful income opportunities.

What are the programme's main features?

Through Robinhood Retirement For Independent Workers, participants will benefit from features such as:

• Easy Onboarding: independent workers associated with Gopuff, Grubhub, and Taskrabbit will receive access to a higher match rate from Robinhood Retirement, simplifying the process of initiating retirement investments.
• Access to Robinhood Retirement and a Boosted Match: participants receive a boosted match ranging from 1-3% for the first year, encouraging contributions to retirement savings.
• Financial Counseling via GreenPath Financial Wellness: independent workers will gain unlimited access to financial counselling services provided by GreenPath Financial Wellness, assisting them in achieving their financial goals.

Representatives from partner companies expressed their support for the initiative, emphasising the importance of financial planning and security for independent workers amidst economic uncertainty. Robinhood Retirement For Independent Workers is set to roll out to Gopuff, Grubhub, and Taskrabbit's independent workers shortly, with plans to expand the programme to additional partners in the future.

Other developments from Robinhood 

In February 2024, US-based blockchain software company Consensys and Robinhood Markets have launched the integration of Robinhood Connect with MetaMask to augment crypto purchases. Using MetaMask’s Buy Crypto feature, customers gained the ability to purchase crypto through Robinhood’s low-cost order engine. The launch was part of MetaMask’s ongoing goal of supporting the adoption of web3 by providing more users with frictionless, secure, and self-custodial onboarding to web3.