Full Rocket Dollar Review
Consider Rocket Dollar if you’re looking to invest in alternative assets and are interested in a solo 401(k) plan or self-directed IRA.
You can invest in non-traditional assets using this financial platform, including cryptocurrencies, private equity, precious metals, real estate, and peer-to-peer loans.
Rocket Dollar is a great way to diversify your investment portfolio. You can still increase your portfolio even if your work offers a retirement plan by using Rocket Dollar to invest in non-traditional assets.
Rocket Dollar is best for:
- Self-directed alternative investment traders.
- Experienced investors.
- Everyday retirement savers.
- Day traders.
Although self-directed IRA service providers have been operating for some time, many investors have avoided them for two reasons: high fees and limited investment options.
These are the things new companies like Rocket Dollar have come to fix. It has a cutting-edge website that makes maintaining your account simple, transparent fees, and no restrictions on the types of investments you can make.
What is Rocket Dollar?
|Product Name||● RocketDollar|
|Services ||● Trading and investment platform|
|Minimum investment ||● $0|
|Checkbook? ||● Yes|
Founded in 2018, Rocket Dollar aims to make it simpler for investors to store assets for retirement that aren’t possible with conventional brokerage accounts. You can open an IRA or Solo 401(k) with this special financial organization that works with almost any asset.
Rocket Dollar sets up your investing account as a company when you open a new account. Rocket Dollar will create an LLC for your IRA in some states to run its own “enterprise” on your behalf.
While there are other possibilities, this is the simplest and most basic approach we’ve found for using a retirement account to invest in real estate or other assets.
Get Started With Rocket Dollar
Rocket Dollar Features
Self-directed Retirement Investing
Rocket Dollar gives you complete and total control, whereas most brokers let you select your equities or mutual funds. You could even own your herd of cattle if you so choose.
At Rocket Dollar, when you create a new IRA, you also create a new LLC and LLC bank account. The IRA LLC legally holds your asset. This company is essential to the self-directed retirement account’s operation.
Once your account is active, you have what Rocket Dollar terms a “checkbook control.” This implies you can use the LLC bank account’s checkbook to purchase assets.
Note: Please consult your legal counsel to ensure that your investments do not turn into prohibited transactions, which could have very costly consequences.
Rocket Dollar Pricing
For creating your account, Rocket Dollar charges a one-time activation fee. The monthly fee is for administrative and compliance services, according to the company’s website.
$250 is the annual fee of 0.25 percent on a $10,000 investment. You must pay $540 for the activation fee for the first year and $180 for a core account when you invest with Rocket Dollar. Even though this charge structure is more predictable than most, opening an account with it can result in substantial savings.
Rocket Dollar FAQ
Is Rocket Dollar really legit?
Yes, Rocket Dollar is a legit company. However, it is still very new. It was founded in 2018 and had its headquarters in Austin, Texas.
It is not currently listed by the Consumer Financial Protection Bureau (CFPB) or registered with the BBB (Better Business Bureau). As a result, partnering with a startup company may involve taking a big risk. Additionally, other investment options may be unstable and illiquid.
Who is eligible to open a Rocket Dollar Solo 401(k)?
The IRS establishes the rules for establishing an individual or solo 401(k), also known as a one-participant 401(k). You must have some sort of self-employment revenue from a business with no workers (aside from your spouse) to be eligible for a one-participant 401(k).