Rocket Dollar Review 2022
When it comes to financial services providers, there are a lot of options out there. But how do you know which one is right for you? In this Rocket Dollar review, we’ll take a look at how Rocket Dollar stacks up against some of the other providers out there.
What is Rocket Dollar?
Rocket Dollar is a provider of self managed retirement accounts. Founded in 2018, Rocket Dollar has grown to over 300 million worth of assets under its management. It positions itself as a low-cost and easy-to-use platform for self-directed investors.
They offer a wide range of account types, including traditional 401k and Roth IRA accounts. They also have a self-directed IRA option, which allows you to invest in a wider range of assets. Investors in the platform enjoy full autonomy over their money and all deposits are Insured by the FDIC.
Rocket Dollar Fees
First, let’s talk about fees. Rocket Dollar offers two different fee structures: Silver & Gold
The Silver Package has a $360 Setup Fee & a $15/month service fee. The Gold package contains all the same benefits as the Silver Package; only you’ll receive priority support and greater assistance with tax filing. Additionally, the Gold package has a $600 setup fee, & a $30/month service fee. There is no minimum opening deposit or transfer fees when moving to a new custodian.
One of the reasons Rocket Dollar fees are so low when compared to other brokers is because of the self-directed model. Under a self-directed model, you are in charge of your own assets. You will not have direct access to an asset manager as with a more traditional asset broker.
Most retirement wealth managers charge a percentage of your assets under management. For example, if you have $10,000 invested with another provider that charges 1%, you’ll pay $100 in fees per year. That’s a big difference!
How to set up an Account
To set up an account with Dollar Rocket, you’ll need to set up an LLC. The LLC formation is typically filed at the state or providence level. This means you will be paying additional fees for the setup of the LCC.
The LCC requirement is to ensure your personal income is not directly tied to your self-funded account. This structure provides many benefits, including protection from personal liability, tax advantages, and increased flexibility to control the money in your account.
Next, you’ll simply need to access their main website and register yourself and your new LCC with the company. After a verification process, you’ll be free to start investing. Since Rocket Dollar is a self-directed account, you will not have to speak with an advisor to get started.
Investment Options
Rocket Dollar offers a wide variety of investment options, including traditional assets like stocks and bonds and alternative assets like real estate and private equity. Gold and precious metals are also available through the platform. It is worth noting that cannabis investing is currently unavailable through the platform.
Rocket Dollar is also one of the few retirement vehicles that allow you to invest directly in cryptocurrency. Additionally, the platform allows you to earn interest on your cryptocurrency through a partnership with a company called Alkemi. Which is rare in the world of retirement investing.
One of Rocket Dollar’s more exciting offers is the ability to invest in early start-up companies. Imagine being able to invest in the next Amazon or Facebook years before they hit it big. Whereas most traditional broker-directed retirement accounts miss out on these types of opportunities altogether.
Customer Support
Finally, let’s talk about customer service. Rocket Dollar has a team of dedicated customer service reps who are always available to answer your questions. Because they are a technology-driven company, you can always reach them by email or chat if you prefer. Other financial services providers may not offer the same level of customer service.
While they don’t offer financial advisors, the platform does provide learning materials, webinars, and classes on various topics in investing. So while the platform is a self-directed one, you’ll still have support to help make your investing decisions.
Sign up for Rocket Dollar today!
So, there you have it! That’s our review. We hope this helps you make an informed decision about if this retirement provider is right for you. If you feel that Rocket Dollar is a good fit for you, then we’d recommend checking the platform today!
