Getting started with retirement

Setting up your retirement account

Tap on Get Started under Investments in the Digit app to begin opening your first investment account with Digit. If you already have a long-term wealth account, tap on Open retirement account. 

 

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Please note: retirement can only be set up from the Digit app and not the website at this time.

 

Choose which account you want to set up and tap Learn more for details on the differences between the two.

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Then, we'll ask a few questions to verify your identity and get an idea of your current income and employment status. Digit will match you with a Traditional or ROTH IRA account that works for you based on your income.


Based on your age that you give us and Digit's estimates of how long it will be before you retire, Digit will choose a retirement portfolio that is in line with your expected time horizon.
More information on Traditional and ROTH IRA accounts can be found here: https://retire.digit.co/faq

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How your retirement account works

When it's safe, Digit will save money into your fund from your linked bank account and invest those funds into your tax-advantaged Digit Retirement IRA monthly.


Your first investment will happen 30-days after you set up your retirement account, then on the same date every month after that. The Funds saved for investment on line will show your next investment date.

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Withdrawing from retirement 

Money saved to your retirement fund that hasn’t been invested yet can be withdrawn back to your checking account without a tax penalty.

Invested funds can still be withdrawn, but they may be subject to penalties from the IRS when it’s time to file your taxes. Invested funds may also take a bit longer to arrive back to you than funds that aren't invested.

Digit will give a heads up about tax implications if you attempt to withdraw from a balance that may be subject to tax penalties.

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