Tuesday, November 5, 2024
Anthony Noto CEO of SoFi | SoFi Offial Website

SoFi offers 1% IRA match amid findings on young adults' financial priorities

SoFi, a digital personal finance company, has announced a new initiative aimed at helping its members achieve their retirement goals. The company will offer a 1% match on all eligible individual retirement account (IRA) contributions through SoFi Invest. This initiative is part of SoFi's broader effort to support members in planning for their financial futures.

The announcement coincides with the release of a survey by SoFi that highlights Americans' top financial ambitions. These include creating or sustaining generational wealth, purchasing property, buying a car, retiring early, and funding children's education.

"SoFi is introducing the 1% match on eligible IRA contributions to ensure members get more for their hard-earned money and feel more confident in their retirement plans," the company stated. Members can earn this match on new IRA contributions from external accounts as well as new contributions made via ACH transfers.

In addition to the IRA match, SoFi Invest provides various investing tools and educational resources designed to assist members throughout their financial journeys. These resources include access to credentialed financial planners and career advisors, along with investment platforms such as SoFi Active Invest and SoFi Automated Investing.

The survey conducted by SoFi reveals significant insights into retirement-related sentiments among Americans:

- Nearly half (44%) of respondents feel they are not earning enough to contribute adequately to their retirement savings.

- A majority (71%) would prefer homeownership over retiring by age 50.

- Men are more likely than women to save for retirement (54% vs. 43%), and those who do save are more aware of what is in their savings accounts (55% vs. 44%).

Younger generations show willingness to make lifestyle sacrifices for early retirement:

- Two-thirds (66%) of Gen Z respondents are willing to forego dining out for five years if it means retiring by age 50.

- Seven in ten Millennials share this sentiment.

To learn more about SoFi’s initiatives or view detailed survey results, interested parties can visit the company's website.

Business

See All