I was lucky enough to start my path to financial freedom at an early age. When I was in high school and college none of my teachers or Professors taught me the importance of opening an IRA retirement account.
Now I understand just how important it is to open an IRA account, I will tell everyone I know just how easy it is to open an IRA retirement account with Acorns Later.
So what is Acorns Later? Acorns Later is an IRA retirement account with Acorns, the popular investment and savings platform. This feature is specifically designed to help users save and invest for their future retirement years by being able to open a Traditional or Roth IRA account with Acorns.
With Acorns Later, users can easily set aside money each month into a tax-advantaged individual retirement account (IRA) and invest in a diversified portfolio of exchange-traded funds (ETFs).
In this post, we’ll take a closer look at Acorns Later, its features, and how it can help you save for your future.
Benefits of Acorns Later
Micro-Investing
Users can start small, setting aside just a few dollars a week, and the app will automatically invest these funds into a diversified portfolio of ETFs.
This makes it easy for users to grow their savings over time, even if they don’t have a lot of money to start with. Additionally, the app offers users the option to set up recurring contributions, making it easy to save consistently and reach their retirement goals.
Professionally-Managed
Acorns Later invests users’ money into a mix of ETFs that are designed to provide a balance of growth and stability, helping users to grow their savings over time while minimizing risk.
The app uses modern portfolio theory to determine the right mix of ETFs for each user, taking into account their goals, time horizon, and risk tolerance.
Low Fees
Unlike traditional investment advisors who charge high fees for their services, Acorns Later charges a low annual fee of 0.25% of assets under management.
This makes it an accessible option for those who want to save for their future retirement but don’t want to pay exorbitant fees for professional investment advice.
Roll Over
Offers users the option to easily roll over their existing IRA or employer-sponsored 401(k) into their Acorns Later account.
This allows users to consolidate their retirement savings into one easy-to-manage account, making it easier for them to keep track of their savings and investments.
This feature can also help users to save money on fees and simplify their retirement savings strategy.
Easy to Use
Acorns Later provides users with a simple and convenient way to save for their future retirement.
The app’s user-friendly interface and automatic investment and savings features make it easy for users to start saving, even if they don’t have a lot of experience with investing.
This can help users to stay on track with their retirement goals and feel confident about their future financial security.
How to Open an Acorns Account
To open an Acorns Later account, follow these steps:
- Visit the Acorns website: Go to the Acorns website (acorns.com) and click on the “Invest” tab.
- Sign up: Click on the “Get started” button and complete the sign-up process by entering your personal and financial information.
- Complete the verification process: Verify your identity by providing the required documentation, such as a government-issued ID and Social Security number.
- Link your bank account: Connect your bank account to Acorns so that you can easily transfer funds to your IRA.
- Choose your investment plan: Select your investment plan based on your financial goals and risk tolerance. You can choose from a range of portfolio options, including a socially responsible investment portfolio.
- Fund your account: Transfer funds from your linked bank account to your Acorns Later IRA.
- Start investing: Your investment portfolio will be managed automatically by Acorns’ robo-advisor, based on your investment plan and financial goals.
Note: Before opening an Acorns Later account, it’s important to review the terms and conditions, as well as the fees and services offered by the platform. Additionally, it’s recommended to consult a financial advisor to ensure that an IRA is the right investment choice for you.
5 Reasons to use Acorns Later
- Convenient and easy to use: Acorns Later automates the investment process, making it simple and hassle-free to manage your IRA.
- Diversified Portfolio: Acorns Later builds and manages a diversified investment portfolio based on your financial goals and risk tolerance.
- Professional management: Acorns Later uses a team of experts to monitor and adjust your portfolio, ensuring it aligns with market conditions.
- Low minimum investment: Acorns Later requires a low minimum investment, making it accessible to a wide range of investors.
- Tax-advantaged investment: IRAs offer tax benefits that can help grow your retirement savings faster.
That being said, it’s important to consider your own financial goals and risk tolerance, as well as the fees and services offered by Acorns Later, before making a decision.
It’s always recommended to consult a financial advisor before making any investment decisions.
Conclusion
In conclusion, Acorns Later is a valuable tool for anyone who wants to start saving for their future but doesn’t have a lot of money or experience to start with.
With its user-friendly interface, automatic investment features, and professionally-managed investment portfolios, Acorns Later is an accessible and convenient way to save and invest for your future retirement.
Whether you are just starting out or are already in your retirement years, Acorns Later can help you reach your financial goals and feel confident about your future financial security. So, why not give it a try today and start building your retirement savings?