We recommend how much you should save by the time you retire — down to the dollar.
We factor in important realities of women’s lives, such as pay gaps, career breaks, and longer lifespans.
We invest and manage your money for you. We also make adjustments as you get closer to retirement.
We do not charge any additional fees for retirement accounts — it's all included in your Ellevest plan. Ellevest doesn’t charge a fee to move your outside retirement accounts over, either, but you might incur transaction and transfer fees from your current IRA, 401(k), or 403(b) provider. Please consult your retirement plan administrator for more information.
In a traditional IRA, all earnings grow tax-free, and contributions may be tax-deductible depending on your financial situation. Withdrawals from the IRA account during retirement are typically taxed as income, and withdrawals before 59½ are subject to a 10% penalty from the IRS.
In a Roth IRA, the earnings also grow tax-free, but contributions are never eligible for a tax deduction. Unlike a traditional IRA, when you withdraw from a Roth IRA during retirement, the distributions are usually tax-free. Contributions to a Roth IRA (but not investment earnings) can be withdrawn without penalty at any time. Roth IRA investment earnings can be withdrawn after five years for certain approved reasons, such as a down payment for a first time homebuyer.
Our recommendation on whether you should open a traditional IRA or a Roth IRA for your Retirement investing goal is based on our estimate of your eligibility to contribute to a Roth IRA. This estimate is based upon the salary you provided to us (or the household income, if you're married).