We live in an age of self-employment where the number of self-employed individuals just keeps growing. It’s not a bad lifestyle and flexibility is the most attractive characteristic.
It’s easy to get into trouble though.
Because it’s not a traditional route, those who are self-employed often miss out on the traditional 401(k). Planning for retirement isn’t fun in any respect but these individuals must get creative with it.
Traditional and Roth IRAs are usually the alternative. But what about a self-directed IRA? You’ve probably heard this term before and you should know that it is a specialty of Rocket Dollar.
Keep reading to learn everything you need to know about the Rocket Dollar Self-Directed IRA.
Table of Contents
What is Rocket Dollar?
Founded in Austin, Texas in 2018, Rocket Dollar is a financial technology company that provides its clients with a unique solution for their self-directed IRA needs.
The Rocket Dollar self-directed IRA platform allows individuals to take control of their retirement investments by offering them access to various alternative assets beyond the traditional stocks, bonds and mutual funds typically offered in standard IRAs.
The Benefits of Rocket Dollar
We harp on Rocket Dollar but this is for good reason. Here are just a couple of attractive traits:
Ease of Use
One of the most significant benefits of Rocket Dollar is its user-friendly interface, which allows individuals to easily set up and maintain a self-directed IRA.
The process of setting up an account is straightforward, with clear instructions guiding users through each step. Once the account is set up, users can transfer funds from their existing retirement accounts and invest in alternative assets, such as real estate, private equity, and cryptocurrencies.
Diversity
Rocket Dollar provides its clients with access to over 5,000 alternative assets, making it easy to diversify their retirement portfolio.
Clients can invest in assets such as rental properties and crowdfunding real estate investments. Additionally, clients can invest in private equity and other private offerings.
This feature sets Rocket Dollar apart from other IRA providers, offering its clients unique and dynamic investment opportunities that are not typically available through traditional IRA providers.
Educational Resources & Customer Support
Rocket Dollar has a comprehensive knowledge base, which includes resources such as blog posts, videos and webinars, which provide clients with relevant investment information.
Additionally, clients can reach out to customer support, which is available via phone, email, or live chat. Customer support is responsive and knowledgeable, walking clients through the process of setting up an account and providing necessary guidance.
Rocket Dollar Self-Directed IRA: Why We Like It
On the self-directed IRA specifically, here is what we like about it:
Take Control
One significant advantage of a self-directed IRA is that investors have complete control over their retirement savings. Moreover, Rocket Dollar offers clients checkbook control, allowing them to write checks from the IRA account itself.
This feature eliminates the need for clients to go through a cumbersome process of obtaining approval from Rocket Dollar every time they want to invest. Clients can quickly and easily invest in their preferred investments without any restrictions from Rocket Dollar.
Regal Trust Approves
Another critical feature of Rocket Dollar is the company’s support from Regal Trust, which is a custodian of self-directed IRAs.
The support from Regal Trust allows Rocket Dollar to ensure that client investments are compliant, which protects client investments from potential regulatory issues or fraudulent investments.
This safeguard provides peace of mind to clients that their investments are compliant and secured.
Rocket Dollar Fees
Rocket Dollar has a transparent fee structure with no hidden fees, which sets it apart from other IRA providers.
The company charges a one-time setup fee of $360, which includes a year of service. After the first year, clients pay an annual fee of $360. Additionally, clients are charged a $15 fee every time a transaction is made.
The Drawbacks
One potential downside of Rocket Dollar is that it is not FDIC-insured, which may pose a risk to clients’ investments. However, this applies to all self-directed IRAs, not just Rocket Dollar, and it is essential to note that the company uses Regal Trusts to support its clients.
Another concern is that self-directed IRAs may require more time and effort compared to traditional IRA providers. Clients must keep accurate records of their investments and must ensure that they are compliant with IRS regulations. While Rocket Dollar does provide clients with resources to help navigate this process, it still requires a certain level of diligence.
Final Thoughts
Rocket Dollar provides investors with a unique investment opportunity to diversify their retirement portfolio beyond traditional assets. Offering investors access to over 5,000 alternative assets and checkbook control, Rocket Dollar provides a comprehensive investment platform that is easy to navigate.
The clear fee structure, robust customer support and compliance support from Regal Trust make Rocket Dollar a reliable and attractive option for investors looking to take control of their retirement investments.
However, if investors are comfortable with the additional responsibilities of self-directed IRAs, Rocket Dollar is an exciting and valuable option to consider.
The potential downsides of self-directed IRAs must be considered but, if you still believe Rocket Dollar is for you, click here to get started.
About Carson Derrow
