We store your funds in an FDIC-insured deposit account with our partner Blue Ridge Bank N.A. until it’s time to make your retirement contributions.
Every time you authorize a withholding, we transfer retirement funds from your linked bank account into your Ruby Money retirement savings account. You can transfer funds anytime back to your connected bank account in the Ruby Money app.
Your funds are FDIC insured up to $250,000 through Blue Ridge Bank; Member FDIC.
An account where you can withhold part of your income to then transfer into a SEP IRA (or other retirement account).
A retirement savings account is an FDIC-insured account where you can withhold part of your income to then transfer into a SEP IRA (or other retirement account).
Retirement savings not only help you prepare for your future, but may also reduce your taxable income.
Ruby Money's tax calculator uses the taxable income detected from your connected bank account, as well as the information you provide in your tax profile (State, Filing Status, etc), to help you estimate your eligible contribution to an SEP-IRA. If you are a sole proprietor or a single member LLC, you can contribute a maximum of 20% of the profit from your business pre-tax.
Your funds are FDIC insured up to $250,000 through Blue Ridge Bank; Member FDIC.
We use your taxable income and Tax Profile to calculate max contribution estimates