Rocket Dollar Solo 401k: Maximizing Your Independent Retirement Savings


Jeremy BiberdorfBy: Jeremy Biberdorf

August 1, 2023August 1, 2023

Rocket Dollar

Rocket Dollar Solo 401k, a revolutionary retirement savings vehicle, serves the specific financial needs of independent professionals, small business owners, and solo entrepreneurs. Often, traditional retirement plans do not cater to this group’s unique economic contexts, thus ushering in the need for more flexible and personalized solutions like Rocket Dollar’s Solo 401k. This plan isn’t merely a retirement savings tool—it’s a strategic investment platform designed to maximize growth opportunities and provide unparalleled control over one’s retirement funds.

Learn More About Rocket Dollar Solo 401k

What is a Solo 401k?

A Solo 401k is a unique retirement plan for self-employed individuals and small business owners with no full-time employees aside from the owner and possibly a spouse. The plan combines the best features of traditional 401k plans and profit-sharing plans. As a result, a potent tool that offers enormous tax advantages and investment flexibility.

The term “Solo 401k” stems from the plan’s design. It’s a “solo” plan because it serves businesses where only the owner, and possibly their spouse, are the company’s employees. It’s a “401k” because it shares many of the same rules and features as conventional 401k plans offered by larger companies.

The significant contribution limits are the most compelling reason for choosing a Solo 401k. For 2023, an individual can contribute up to $66,000 as an employee and employer combined or $73,500 if aged 50 or over. This substantial limit allows for aggressive savings and tax-deferred or tax-free growth, depending on whether you choose a traditional or Roth Solo 401k.

Another benefit is investment flexibility. Unlike traditional retirement plans, a Solo 401k allows you to invest in a broad range of assets beyond stocks and bonds, such as real estate, private equity, and even cryptocurrencies.

The Solo 401k is a powerful, flexible tool tailored to the needs of self-employed individuals and small business owners. It empowers them with increased control over their investment decisions, potentially leading to a more secure and prosperous retirement.

Rocket Dollar

One of the key players in the realm of Solo 401k providers is Rocket Dollar.

Rocket Dollar is a fintech company specializing in retirement savings solutions. It provides investors with greater control and flexibility over their investment strategies. Their flagship product, the Rocket Dollar Solo 401k, is explicitly designed for self-employed individuals and small business owners.

This innovative product allows investors to diversify their retirement portfolios by investing in non-traditional investments. These options include real estate, startups, and cryptocurrencies, a unique feature not commonly in conventional Solo 401k plans.

Additionally, Rocket Dollar provides an easy-to-use platform for account management, transparent pricing, and dedicated customer support, helping investors navigate the complexities of self-directed investing.

The Uniqueness of Rocket Dollar Solo 401k

Firstly, Rocket Dollar makes the set-up process seamless and straightforward. They manage all the IRS paperwork, reducing the administrative burden on the account holder. This simplicity ensures that even those unfamiliar with retirement plans can comfortably navigate the system.

Rocket Dollar Solo 401k goes beyond the traditional limit. You can invest in stocks, bonds, and mutual funds. But Rocket Dollar steps further, allowing investments in real estate, private companies, precious metals, peer-to-peer lending, and cryptocurrencies. And it even supports (BYOD) “Bring Your Own Deal”, where you can add unlisted deals to your 401k account.

Furthermore, Rocket Dollar offers an online dashboard for account holders, providing a transparent, easy-to-use interface to monitor investments and growth. With their mobile app, account holders can also keep track of their assets on the go.

Lastly, Rocket Dollar stands out for its commitment to customer service, providing robust customer support.

The Rocket Dollar Solo 401k’s uniqueness lies in its ease of set-up, a wide range of investment options, user-friendly interfaces, and top-notch customer service, making it a standout choice for those seeking an accessible and versatile retirement savings solution.

The advantages of a Rocket Dollar Solo 401k

In addition to the impressive features, Rocket Dollar Solo 401k provides various advantages to account holders:

  • Ease of Setup: Rocket Dollar Solo 401k helps you navigate all the IRS paperwork. This ensures a smooth setup process that eliminates the headache of intricate administrative work. It’s also a relatively quick process, from two to four weeks for the Silver Plan and two weeks for the Gold Plan.
  • Broad Spectrum of Investment Options: With the Rocket Dollar Solo 401k, you aren’t confined to traditional investment options. In addition to stocks, bonds, and mutual funds, you can invest in real estate, private companies, precious metals, peer-to-peer lending, and even cryptocurrencies.
  • Flexible Loan Options: One standout service is providing a Solo 401k loan. Account holders can borrow up to $50,000) and pay themselves back over time.
  • Deferred or no taxes: Rocket Dollar Solo 401k account holders can enjoy deferred taxes or no taxes on all gains inside the account.

How to Set Up a Rocket Dollar Solo 401k

The setup process for a Rocket Dollar Solo 401k is a streamlined and user-friendly procedure. Here’s a simple outline of the process:

  • Determine Eligibility: The first step in the setup process is determining your eligibility for a Solo 401k. It is typically suitable for self-employed individuals or small business owners with no full-time employees except for a spouse.
  • Choose the Right Plan: Rocket Dollar offers the Silver and Gold plans. The Silver plan has a one-time $360 setup fee and a ($15) monthly maintenance fee. The Gold plan has a $600 setup fee and a $30 monthly maintenance fee but comes with expedited services  (two weeks) and prioritized support.
  • Complete the Application Process: Once you’ve chosen the right plan for your needs, complete the application process online.
  • Fund Your Account: After you set up your Rocket Dollar Solo 401k, it’s time to fund the account. You can do this through a rollover from another retirement account, a direct contribution, or a combination of both.
  • Start Investing: After funding your account, you can begin making investments in one of the various investment choices, including real estate, startups, and cryptocurrencies.

This process demonstrates the ease and convenience of setting up a Rocket Dollar Solo 401k. It is an excellent choice for self-directed investors looking for flexibility and control over their retirement investments.

Conclusion

In conclusion, the Rocket Dollar Solo 401k offers an innovative solution for investors seeking control and flexibility over their retirement funds. By providing the opportunity to invest in different assets, this plan breaks away from the traditional confines of a Solo 401k.

The unique advantages of Solo 401k accounts and the Rocket Dollar features provide an excellent opportunity for self-employed entrepreneurs. Moreover, the services provided by the Rocket Dollar Solo 401k go beyond just a retirement savings plan. They offer a pathway toward financial freedom by enabling investors to diversify their portfolios and actively control their investment strategies.

If you’re a small business owner looking for an innovative retirement plan, the Rocket Dollar Solo 401k could be the ideal solution. Visit Rocket Dollar to explore your options and start your journey toward self-directed investing. Take control of your retirement today with Rocket Dollar Solo 401k!

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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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