Banking & Savings, Insights

Gusto IRA - Reviews, Benefits, Fees & Ratings

flik eco finance personal gusto ira account

When it comes to retirement planning, there are a lot of options to choose from. One of the most popular choices is an IRA (individual retirement account). There are many different types of IRAs, so it can be tough to decide which one is right for you.

In this article, we will discuss the Gusto IRA and its benefits, fees, and ratings. We will also compare it to other popular retirement options so that you can make an informed decision about what's best for you!

What is a Gusto IRA?

A Gusto IRA is a retirement savings account that allows you to invest in your future while getting tax benefits today. A Gusto IRA is different from a traditional IRA in that it allows you to make after-tax contributions and receive tax-deferred growth on your investments.

How Does a Gusto IRA Work?

A Gusto IRA works by automatically investing your money into a portfolio of stocks and bonds. You can choose how much you want to invest and how often you want to invest. The investments are automatically made for you, so you don't have to worry about making investment decisions.

What Are The Key Features of a Gusto IRA?

There are a few key features of Gusto IRAs that make them unique and attractive retirement options.

First, there are no administrative fees charged by Gusto. This can save you a significant amount of money over the life of your IRA. Second, Gusto offers a wide variety of investment options, including stocks, bonds, mutual funds, and ETFs.

This gives you the ability to tailor your retirement portfolio to your specific needs and goals. Finally, Gusto provides a high level of customer service, which can be helpful as you navigate the sometimes-complex world of investing.

Overall, Gusto IRAs offer a lot of advantages for investors. If you're looking for a retirement option that is low-cost, offers a wide range of investment options, and provides great customer service, a Gusto IRA may be the right choice for you.

What Commissions and Management Fees Does a Gusto IRA Come With?

The Gusto IRA has a commission of $0.50 per share with a minimum of $500 and a maximum of $5000. There is also a management fee of 0.25% on the account balance.

What Are The Advantages of a Gusto IRA?

One of the advantages of a Gusto IRA is that you can contribute up to $5500 per year (or $6500 if you're over 50). That's a pretty significant amount of money that can go a long way towards retirement.

Another advantage of a Gusto IRA is that your contributions are tax-deductible. That means that you can lower your taxable income by contributing to a Gusto IRA.

Finally, the money in your Gusto IRA grows tax-deferred. That means that you won't have to pay taxes on any capital gains or dividends until you withdraw the money from your account.

What Are The Disadvantages of a Gusto IRA?

There are a few potential disadvantages of a Gusto IRA.

For one, there is always the possibility that the company could go out of business or otherwise be unable to meet its obligations to account holders. Additionally, Gusto IRAs may not be available in all states.

Finally, as with any investment, there is always the risk that the value of your account could go down.

However, overall, a Gusto IRA can be a great way to save for retirement. If you are looking for an investment with potential growth and tax-advantaged status, a Gusto IRA may be right for you.

What Are Some Alternatives to a Gusto IRA?

There are a few other companies that offer similar services to Gusto, but none that are quite as comprehensive.


For example, there's Zenefits, which is another all-in-one HR platform. However, they don't have the same depth of features as Gusto.


And then there's Namely, which is more focused on payroll than anything else.

If you're looking for a Gusto alternative, you really can't go wrong with any of these three options. They all have their own unique strengths and weaknesses, but they're all solid choices.

How Do You Open a Gusto IRA?

To open a Gusto IRA, you'll need to go through a custodian. A custodian is a financial institution that holds and protects your IRA assets. The most popular custodians are banks, credit unions, and brokerage firms.

Once you've chosen a custodian, you'll need to open an account with them and deposit money into your account. The amount of money you can deposit depends on the IRA rules. For example, the maximum contribution for a traditional IRA is $6000 per year.

Once your account is open and funded, you can start investing in a variety of assets, including stocks, bonds, mutual funds, and ETFs. Gusto offers a wide range of investment options, so you can find an investment that suits your needs.

What is The Minimum Amount Required to Open a Gusto IRA?

The minimum required to open a Gusto IRA is $25.

What Are The Gusto IRA Contribution Limits?

Just like any other traditional IRA, the Gusto IRA has contribution limits. For 2022, the limit is $6000. If you're 50 or older, you can contribute an extra $1000, for a total of $ 7000. The contribution limit goes up every year with cost of living adjustments.

What Are The Eligibility Requirements for a Gusto IRA?

To be eligible for a Gusto IRA, you must:

  • Be at least 18 years old
  • Have earned income from a job or self-employment
  • Not have already contributed the maximum amount to another IRA account this year

If you meet these requirements, you can open and contribute to a Gusto IRA.

Do You Pay Taxes On a Gusto IRA?

With a Gusto IRA, you will not have to pay taxes on your contributions or on any earnings that your account generates. This can provide you with a significant tax advantage, especially if you are in a high tax bracket.

Additionally, if you withdraw money from your Gusto IRA before you reach retirement age, you may be subject to taxes and penalties. Therefore, it is important to consult with a financial advisor before making any withdrawals from your Gusto IRA.

When Can You Withdraw Money From a Gusto IRA?

You can withdraw money from a Gusto IRA at any time, but there are some restrictions. If you withdraw money before you turn 59½, you will generally owe a early withdrawal penalty of ten percent. Additionally, if you have not held the account for at least five years, you may owe taxes on the earnings.

How Does a Gusto IRA Compare to a 401K?

When it comes to saving for retirement, there are a lot of options out there. But two of the most popular are 401ks and IRAs. So, how does a Gusto IRA compare to a 401k?

Well, both have their pros and cons. For example, 401ks tend to have higher contribution limits than IRAs. But IRAs often offer more flexibility when it comes to withdrawals.

What Assets Are Available With a Gusto IRA?

You can hold a number of assets in your Gusto IRA, including stocks, bonds, mutual funds, and ETFs. You can also hold cash in your account. Gusto does not charge any fees for holding these assets in your account.

Why Do People Use a Gusto IRA?

There are many reasons why people use a Gusto IRA. Some people use it for retirement, while others use it for savings or investment purposes.

One of the main reasons why people use a Gusto IRA is because it offers tax-deferred growth. This means that your money can grow without being taxed until you withdraw it.

Another reason why people use a Gusto IRA is because it offers flexibility. You can choose how you want to invest your money, and you can withdraw it at any time without penalty.

Finally, a Gusto IRA can be a good option if you are self-employed or have a small business. It can help you save for retirement or other purposes.

Does a Gusto IRA Accept Rollovers?

Yes, a Gusto IRA does accept rollovers from other eligible retirement accounts. This includes 401(k)s, 403(b)s, 457s, thrift savings plans (TSPs), and traditional IRAs. Rollover contributions are not subject to the annual contribution limit and can be made at any time during the year.

To roll over your account, simply contact your current provider and request a direct transfer of funds to your Gusto IRA. Be sure to instruct them to do a direct rollover, as this will ensure that the funds are transferred tax-free.

How Long Does It Take to Transfer to a Gusto IRA?

If you're looking to move your retirement savings to a Gusto IRA, the process is pretty straightforward. The whole thing can be done in just a few minutes, and you can start contributing right away.

There are no transfer fees or minimum deposit requirements, so you can start saving for retirement on your own terms. Plus, with Gusto's online platform, you can easily keep track of your account and make changes as needed.

How Do You Put Money Into a Gusto IRA?

You can contribute to a Gusto IRA in two ways:

  • By making regular contributions from your paycheck
  • By making a one-time contribution

If you're self-employed, you can make contributions to your Gusto IRA through payroll deductions.

Can You Open a Gusto IRA For a Child?

Yes, you can open a Gusto IRA for a child. The process is the same as opening an IRA for an adult. You will need to set up a custodial account with a financial institution and then fund the account with money from your own savings or from investments.


About Jermaine Hagan (The Plantsman)

Jermaine Hagan, also known as The Plantsman is the Founder of Flik Eco. Jermaine is the perfect hybrid of personal finance expert and nemophilist. On a mission to make personal finance simple and accessible, Jermaine uses his inside knowledge to help the average Joe, Kwame or Sarah to improve their lives. Before founding Flik Eco, Jermaine managed teams across several large financial companies, including Equifax, Admiral Plc, New Wave Capital & HSBC. He has been featured in several large publications including BBC, The Guardian & The Times.

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