Finhabits: Roth IRA
With a Roth IRA, contributions are not tax-deductible, but withdrawals in retirement are completely tax-free.
24/7 mobile account opening and management
Automated contributions with ability to pause
Investment advice
Got a question? Call us at 1-800-492-1175
Finhabits makes investing an easy habit. With Finhabits, you setup automatic contributions, start/stop any time, and we take care of everything. With a Finhabits Roth IRA, you contribute after-tax money, your money grows tax free, and you don’t pay taxes on any investment gains when you retire.
Plan Details
Eligibility
18 years minimum age and have a Social Security Number or an ITIN
Employer Contribution Requirements
Not applicable
Features and Services
- Investment recommendation
- Mobile app for account maintenance
- No Paperwork with easy online account opening
- Automated contributions with ability to pause
- Built-in behavioral prompts for simpler decision-making
- Investment monitoring and dividend reinvestment
- Bank-level security
- Available in English and Spanish
Fees
Total annual fee
- 0.13%-0.15% for account balances up to $1,500
- 0.61%-0.95% for account balances $1,500 – $2,500
- 0.63%-0.65% for account balances $2,500 or above
Rollover/transfer fee
- $75
Inactive/Dormant Accounts
Participants have the ability to pause their recurring contributions without any penalties.
Investment Options
This plan uses broad categories of investment options; each category contains specific funds. Click on the ‘ticker’ symbol to see the financial performance for that fund. If you choose this retirement plan, the plan provider will help you understand your investment options.
Minimum Account Balance
No minimum account balance required.
Minimum Account Contribution
- $5 minimum initial contribution
- No minimum ongoing contribution
Penalties
Gains withdrawn before age 59 ½ are taxable as current income and may have a 10% penalty per IRS rules.
Portability
Participants are able to transfer funds from another Roth IRA provider or perform a rollover from a Roth 401(k) plan to their Finhabits Roth IRA. Additionally, participants are able to transfer funds from their Finhabits Roth IRA to another Roth IRA provider or perform a reverse rollover to a Roth 401(k) plan.
Withdrawals and Loans
Participants can withdraw their Roth IRA contributions tax and penalty free but gains withdrawn before age 59 ½ are taxable as current income and may have a 10% penalty per IRS rules.
Loans are not allowed.
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The Small Business Retirement Marketplace is administered by the Washington Department of Commerce as established in RCW Chapter 43.330.730-750. Plans carried on the Retirement Marketplace are verified by the Department of Financial Institutions and/or the Office of the Insurance Commissioner to meet the requirements set forth in RCW 43.330.732(7) and 735(6)(a).
Enrollment in plans on the Retirement Marketplace is voluntary. Plan enrollment is managed by private financial services firms. Saving through certain plans will not be appropriate for all individuals. Employer facilitation of most retirement savings plans carries certain legal obligations for which employers are entirely responsible. Contributing to a retirement savings plan may offer tax benefits and/or consequences. Other private sector plans not offered on the Retirement Marketplace may charge lower fees. Consult your tax or financial adviser with questions related to investments.
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