About Digit Retirement
Want to start setting aside funds for your retirement, or supplement your current retirement savings plan? A Digit Retirement account will safely and automatically save for your future.
When it's safe, Digit will move money into a retirement fund. Monthly, anything saved will then be invested into your tax-advantaged Digit Retirement IRA. Your first investment will happen 30-days after you set up Retirement, then on the same date every month after that.
When funds have been moved to your retirement fund — but haven’t been invested yet — you can move them back to your checking account without a tax penalty. Funds can still be moved after they’ve been invested, but they may be subject to penalties from the IRS when it’s time to file your taxes.
You’ll be able to see both invested and not-invested balances in the app, and Digit will give a heads up about tax implications if you attempt to withdraw from your invested Digit Retirement IRA.
Setting up Digit Retirement
1) Tap on "Get Started" under Retirement on your Digit home screen
2)You'll be guided through an explanation of Digit Retirement, and then we'll then ask a few questions to verify your identity and get an idea of your current income and employment status.
3) Next, Digit will present a breakdown of an investment portfolio built for you. If you'd like to change the IRA type (pre-tax vs after-tax), just tap "Change IRA Type." Otherwise, you're almost done.
4) Confirm that you've read all required Terms by checking the box, then tap "Finish Setup."
5) Next, we'll submit the info you provided to our partner for assistance with verifying your identity. This is typically instant.
6) If all looks good, you now have a Digit Retirement account set up and ready to start saving towards your first investment!