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.
You can open a retirement account with Ellevest at the Plus or Executive membership levels. We don't charge any additional fees for Retirement accounts — it's all included with your monthly membership. Ellevest doesn’t charge a fee to move your retirement accounts over, but you might incur transaction and transfer fees from your current IRA, 401(k), or 403(b) provider. Please consult your 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 account in 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 in 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 Contributions to a Roth IRA (but not investment earnings) can be withdrawn without penalty at any time. Roth IRA investment earnings can be withdrawn after five years for certain approved reasons, such as a first time home purchase.
Our recommendation on whether you should open a traditional IRA or a Roth IRA for your Retirement 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).
Forecasts or projections of investment outcomes in investment plans are estimates only, based upon numerous assumptions about future capital markets returns and economic factors. As estimates, they are imprecise and hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This forecast is based on a Build Wealth goal and includes annual increases in monthly deposit based on your future salary curve. To forecast your salary curve, we consider your gender, salary, and education information you provide to us.