Rocket Dollar, Inc
Is This Your Business?0.0
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Author: Kaitlyn Short
Rocket Dollar makes it easy to unlock retirement savings. No longer trapped in traditional mutual funds, these savings can be used to fund a startup, provide a small business loan, facilitate peer-to-peer lending, buy real-estate, and invest in cryptocurrency.
Top Ranked Companies
The Good
- Self-Directed IRA
- Pricing and Fees
- No Cancellation Fees
Self-Directed IRA
A self-directed IRA from Rocket Dollar allows clients to easily and quickly invest.
Signing up with Rocket Dollar only takes a few minutes and after filling out the online form, the company begins setting up your IRA. After completing all the necessary sets and filling out all the paperwork, you have complete control over your retirement funds.
Generally, the entire process takes about two to four weeks from zero to funded.
Pricing and Fees
Rocket Dollar's Core 401(k) or IRA is just $15 per month with a one-time setup fee of $360. This plan includes the following features:
- No minimum opening deposit
- An LLC to hold investments
- Investment management tools
- Online document storage
- Email support
The Gold plan is $30 per month with a one-time setup fee of $600. This plan includes all the same features as the Core plan but also consists of the following:
- Expedited service and transfers
- Four free yearly wire transfers
- Account checkbook
- Account debit card
- Custom-named operating LLC
- Priority support
- Tax filing for 1099-R and Form 5500
- Roth IRA conversion assistance
As stated, Rocket Dollar Gold account openings and transfers are all expedited. Self-directed IRAs are to be opened and funded in 15 calendar days. Self-directed Solo 401(k)s can be opened and funded in 15 calendar days.
To help make the self-directed retirement industry more accessible Rocket Dollar ensures that its clients don't have to worry about new investment fees, extra annual account fees, AUM fees, account closure fees, promissory note fees, late fees, invoice fees, foreign asset fees, asset sale fees, or distribution request fees.
No Cancellation Fees
Rocket Dollar does not require clients to pay a cancellation fee. Rocket Dollar states, "There are no account closing fees at Rocket Dollar. We will simply deactivate your account. Your charge for an upcoming month happens on the first of the month, and it will be the last fee charged unless you reactivate your account."
The Bad
- Upfront Costs
- No Mobile App
Upfront Costs
Smaller investors may be off-put by Rocket Dollar's upfront fee of either $300 or $600. This upfront cost, in conjunction with the monthly payment, is more expensive than some of its competitors.
No Mobile App
Unfortunately, there is no mobile app for Rocket Dollar. While this may not bother some users, others prefer the convenience of an app to look up their account details, ask questions, and contact customer support.
The Bottom Line
Rocket Dollar retirement plan investment service is an excellent option for those who understand the complexities of alternative investments, as the company's primary purpose is to give investors a more comprehensive selection of investments to hold in their self-directed retirement plans.
There is no minimum required investment, and the company strives to be completely transparent about its plans' costs and fees. Keep in mind that Rocket Dollar's startup fee is on the more expensive side, and the monthly fee may be a bit pricey for small investors.
