Rocket Dollar Reviews and Ratings

Self-Directed IRAs have long been available, yet they often presented hurdles that deterred experienced investors. High fees, coupled with constrained investment choices, painted a less-than-appealing picture.

These problems are what Rocket Dollar aims to fix. This investment company, boasting a user-friendly online platform and transparency in its fee structure, has widened the horizon for alternative investments, and it’s catching the eye of self-directed investors everywhere.

Where traditional investment platforms tend to confine users to stocks and bonds, the vast universe of investments that includes real estate, startups, and precious metals often remains out of reach.

Rocket Dollar’s mission is to ensure these alternative asset classes become accessible, letting individuals delve into real estate investment trusts, private equities, and more. The initial investment might come with a price tag, but the breadth of investment opportunities makes it a compelling choice for many.

Continue reading to learn more about Rocket Dollar reviews and ratings.

Learn More About Rocket Dollar

What is Rocket Dollar?

Established in 2018 by Henry Yoshida, Rocket Dollar’s intent was to revolutionize the way people perceive their retirement funds. By moving away from the predictable realm of traditional brokerage accounts and offering a wide variety of choices, Rocket Dollar is reshaping self-directed retirement account norms.

When you associate with Rocket Dollar, the experience is distinct. Rather than merely opening an account, Rocket Dollar goes further. In certain states, they set up a Limited Liability Company (LLC) for your retirement dollars, allowing your IRA to function autonomously.

While there were existing methods to integrate real estate and unique assets into retirement portfolios, Rocket Dollar’s approach is refreshingly streamlined and tailored for today’s diverse investment landscape.

Rocket Dollar’s Features

Self-directed Retirement Investing: Rocket Dollar isn’t your average mutual funds provider. It thrusts power into the hands of the investors, granting them complete control. From peer lending to owning farmland, the range of investment assets is vast.
IRA LLC Creation: Rocket Dollar amplifies the concept of an IRA. When you initiate an account, an LLC and a corresponding bank account emerge, protecting your assets. This foundational structure is paramount to how Rocket Dollar’s self-directed retirement accounts operate.
Checkbook Control: Rocket Dollar introduces a novel level of autonomy. With the “checkbook control” feature, you wield the power to directly purchase assets using the LLC’s checkbook.
Diverse Alternative Assets: Rocket Dollar’s investment tracker showcases a broad spectrum of alternative investments. The rule is simple: if it’s not barred by the IRS, it’s a potential investment.
Bring Your Own Deal (BYOD): Found an asset that isn’t listed on their platform but has IRS’s nod? Rocket Dollar accommodates with its BYOD feature, seamlessly integrating the asset you desire.

Rocket Dollar Pricing

There’s the standard $360 one-time setup fee, coupled with a monthly maintenance fee of $15. While this straightforward fee might appeal to retail investors, those with substantial balances might find it even more advantageous.

For those seeking an elite experience, Rocket Dollar has a Gold tier, optimized for those prioritizing premium customer service. At $600 for setup and a $30 monthly fee, it promises an expedited process, setting it apart from conventional assets providers.

Rocket Dollar: Pros and Cons

Pros:

Streamlined Setup: Rocket Dollar simplifies the establishment of a self-directed IRA or Solo 401(k).
Flat Annual Fee: Whether you have $500 or $500,000, the annual fee remains the same, which can be advantageous for those with higher balances.
Solo 401(k) Availability: This service is a significant advantage for solopreneurs, who can utilize the higher contribution limits of solo 401(k)s.
Quick Funding for Gold Members: Gold tier customers can expect their accounts to be funded in about 15 days, beneficial for time-sensitive investments.
Diverse Asset Classes: Rocket Dollar provides more freedom in investment options than many competitors. From cryptocurrency choices to private wallets, they have a wide range.
Expedited Setup Option: For those who need their self-directed IRA set up swiftly, Rocket Dollar offers a faster option.

Cons:

Setup Fee: There’s an immediate setup fee when you join, which can be a drawback for those starting with a smaller balance.
Flat Fee Model Might Not Suit All: Smaller account balances might find the annual fee a bit steep, especially when compared to some other platforms.
Prioritized Customer Service: Gold tier members receive more attentive customer service, leaving Silver tier members with fewer direct communication options.
Requires Active Management: Rocket Dollar is best suited for those who are willing to actively manage their investments. There are rules to follow and, for Silver members, paperwork like Form 5500 to handle.
Above-Average Annual Fees: Their annual fees are slightly higher than some other platforms in the market.

How Does Rocket Dollar Work?

The journey starts online: sign up, fill out the online document storage requirements, and make your minimum opening deposit. From there, the horizon is vast: real estate investments, peer loans, and even mineral rights are within grasp.

Behind the scenes, Rocket Dollar lays the groundwork by establishing an LLC when you open your account. This entity, pivotal for compliance with regulations on self-directed investments, ensures a clear seperation between personal and investment funds. For 401(k) accounts, Rocket Dollar forms a trust, which holds the account.