In today’s financial market, uncertainty is everywhere and as individuals, it’s hard to cope up with those things. Hence, if you are someone who is willing to invest and get better returns, the Rocket dollar can be one of the best platforms for you. Yes, this is a better platform that can help you get better returns off your investment. Now, I have also got a Rocket dollar review for you with which you can understand this platform a lot better.
Starting off with the basics, the platform works keenly with self-directed retirement plans which include IRAs and Solo 401(k) plans.
Therefore, even if you don’t have the will to move your retirement portfolio in investments, the platform offers you to invest a slice of portfolio.
Right now, let’s go ahead and unwrap a detailed review of the Rocket dollar platform.
Table of Contents
Table of Contents
Rocket dollar Review: About the Platform
Rocket dollar is a newcomer in the investment business and has been for 10 to 15 years. The company is based in Austin, Texas, and was launched in the year 2018. Well, the main purpose of Rocket dollar was to give investors a good selection of investments in each of their self-directed retirement plans.
With Rocket dollar, you can effortlessly invest cryptocurrencies, peer to peer lending, silver, gold, real estate, and even one of those equity funds.
In fact, you can even hold on to the Rocket Dollar retirement account that can help you reap good money.
Therefore, if you are someone who is thinking to add any of the above investments, the Rocket dollar is a platform to be considered on a serious basis.
This platform is one of the best ways to spread your investment across every other wing and get good profits from them.
How does Rocket dollar work?
Going ahead in the Rocket dollar review, the working of this investment platform plays quite a huge role.
Hence, let’s understand the working of the Rocket dollar right in this section.
First of all, Rocket dollar delivers self-directed retirement accounts under two categories which are as follows:
Now, the self-directed IRAs takes traditional, rollover Roth and even SEP IRAs into account.
With the help of traditional and Roth IRAs, you can contribute up to $6,000 each year. This is good for people who are looking to invest their amount and hoping for a better and good return.
On the other hand, the SEP-IRA offers much greater and generous contributions.
For instance, you can contribute up to 25% of your net income related to business. Also, the amount can go up to $56,000 which is yet another one of the best things.
Further, any sort of IRA account will be self-directed that enables you to invest in any of the assets.
Just as the name implies, the 401(k) plan is the plan for single individuals who like to invest their money. Here, you can add employees to the plan but as and when you do that, it becomes a regular 401(k) plan and cannot work with Rocket Dollar.
Perhaps the massive advantage with solo 401(k) is the number of contributions you can make. And, you can eventually contribute both employee and employer of your business.
For example, for the year 2019, you have to contribute up to $19,000 or even $25,000 without an issue.
Also, if you are 50 years or older as an employee, the investment can still be a better option for you.
As an employer, you can contribute an amount up to 25% of your net income from the business as an employer contribution.
However, the total investment of the employer and even the employee contribution shouldn’t exceed more than $56,000 for each year.
Similar to that, with a self-directed IRA, you can invest in any of the assets which is permitted by the IRS.
And, as the 401(k), you have the true ability to borrow an amount up to 50% of the value of the plan up to $50,000.
Checkbook control of each of your Retirement Savings
Whenever you will open your retirement account, you will be required to open your LLC bank account. Also opening an IRA account, trust bank account or even a solo 401(K) plan can do the job for you.
Further, this will a checking account which you will use to invest your money and hope to get better returns.
Also, with the help of a checking account, you can make different investments just by writing a check or even transferring funds to the desired platform for investment.
Moving ahead in the Rocket dollar review, the platform will assist you in the entire process of opening the bank. This will include providing you with the articles of incorporation for the LLC or trust or even employee identification number and operating agreement.
Additionally, the platform will assist you in the entire process of opening your bank. This will include in your entire provisioning process which is owned by the retirement plan.
Plus, it will offer you with greater investment flexibility since you will be able to invest in different platforms.
Or else, you can directly invest in each of those assets and hope for a much better return on investment.
Rocket dollar Review: Features & Benefits
Moving ahead in the Rocket dollar review, given below are some of the best benefits and features of Rocket dollar.
Let’s explore each of those benefits and features, one by one.
Minimum initial investment
One of the best and striking features of the Rocket dollar is that the company offers a chance of minimum investment. Yes, on an initial basis, you can invest little amounts and there is no limit on minimum investments.
However, you got to have money in your bank account for you to invest in a far better way.
Some of the best available accounts for investments are as follows:
- Traditional IRAs
- Rollover IRAs
- Roth IRAs
- SEP IRA
- Solo 401(k) plans
A take on Rocket dollar Investment offering
Some of the best investments from Rocket dollar include:
This includes different bullion coins of silver, gold, palladium, platinum, and other sorts of approved coins.
Here, the coins must be stored at a bank, trust company, credit union, or at an IRS approved non-bank trustee. The coin cannot be stored with you at any cost and you will need a trusted financial thing to help store your coins.
In this scenario, you got to set up your very own digital wallet where you can keep and hold your cryptocurrencies. This thing must be held and kept in your LLC account under the trust.
You can eventually hold individual properties in your IRA account. However, this process is a bit complicated and will require good input from a tax attorney or even a CPA.
Any sorts of personal involvement in the investment by you can be considered as a prohibited transaction under the IRS rules.
Therefore, before investing in real estate stocks, you got to be extra careful that you don’t fall under the illegal zone.
Peer to Peer Loans
This type of thing can include different investments in P2P lending platforms such as Lending Club, Prosper along with real estate loans and mortgages.
Further, they also include short term businesses and even student loans.
This is the place from where you can easily loan money to or invest in small businesses and start-ups.
But, this is yet another area like the real estate where you will have to invest in a lot more careful way. In this scenario, you will have to be careful with your transactions and make sure that each transaction is done in a better way.
In this case, you cannot have any sort of personal investment in any of the businesses you invest in.
Now, if you are eager to add investments beyond different alternatives such as bonds or stocks, traditional investments are the way to go. In this scenario, you can create your very own structure known as the umbrella LLC or even trust and then make investments.
The moment you will open up your Rocket dollar account, you automatically get the Colorado LLC that acts as the umbrella LLC.
This is eventually done by setting up a bank account for investments in the name of an LLC. Then, you can continue with the process by transferring them straight to the investment account.
Rocket Dollar Partners
Rocket dollar as an investment platform works effortlessly with different partner firms that can give access to different alternative investments.
This includes different firms that specialize in different cryptocurrencies, investment startups, real estate, precious metals, and other sorts of private equity and debts.
Since plenty of alternative investments are specialized, you got to work with one of these partner organizations or a similar type of firm.
This will eventually help you to avoid stepping into any prohibited transactions that can cost you.
Rocket dollar Mobile app
Indeed, in this Rocket dollar review, mobile apps play a vital role. In a world where everything is shifting to smartphones, having a mobile app is the basic necessity.
However, the Rocket dollar as an investment platform doesn’t come with a mobile app. Also, given the fact that the company was launched in 2018, they might be working on their mobile app.
Therefore, for the nearby future, you can be sure that a mobile app will come from the platform. This will make it much simpler for you to access the app and follow up with the necessary things.
Rocket dollar customer support is a pretty decent one. It’s available via phone from Monday to Friday. In terms of timing, it’s set from 9:00 am to 5:00 pm in the central time.
Also, the platform even gives you the option to open an electronic ticket or even leave a voicemail.
They can also be reached via an email right at [email protected].
Any sort of cash balance kept in your Rocket dollar account is eventually recovered by the FDIC insurance. This is done with the help of IRA resources trust.
Here, the coverages are up to$250,000 in cash held in the account.
Unfortunately, the SIPC insurance isn’t available because the assets you hold are alternative investments.
A take on Rocket dollar Pricing and Brokerage fees
In this Rocket dollar review, brokerage fees and pricing are the two most important aspects. Whether you are someone who wants to open a self-directed IRA or even a self-directed solo 401(k), you got to pay a sign-up fee of $360.
After this, you can pay $15 each month for running an account and make a different type of investment.
Also, there can be few more additional fees charged by the third parties for the investments you add to accounts.
Sign up Process of Rocket dollar
In order to sign up for the Rocket dollar, you got to first visit their website. Once again, you must note that they don’t offer any sort of mobile app.
With this, you will have to visit their official website and do all the signup process.
You can start off by entering your email address to create your account. Plus, you will be asked if you are self-employed or not. If your answer is No, then you will be directed straight to the signup page for self-directed IRA.
On the other hand, if your answer is Yes, you will be directed straight to the Solo 401(k) plan.
Also, if you are self-employed and your answer is yes, then you will be asked if you have any employees or not.
Under federal law, you will be required to furnish identifying information which includes a government-issued photo id.
Then, the entire sign up process takes about five minutes where you can complete the signup process, instantly.
Once you open your account, then you will have to set up your LLC Bank account. In this scenario, the Rocket dollar also works with a partner bank to deliver LLC checking accounts.
Plus, accounts can also be opened in one business day. Then, the checking account will offer checkbook control of your retirement accounts.
Pros of Rocket dollar
- No minimum initial investment
You’ll open an account with no funds whatsoever. However, you’ll get to fund your account to start investing.
- Alternative investments
Rocket Dollar provides for investing within the sort of assets that aren’t available with traditional investment brokers.
- A retirement account that focuses on alternative investments
Rocket Dollar enables you to feature alternative investments to your retirement portfolio.
- The fee structure is kind to larger portfolios
The $15 monthly flat fee works bent be just $180. On a $100,000 portfolio, that’s a fee of just 0.18% per annum, which is less than the overwhelming majority of Robo-advisors.
- Multiple pension plan options
Roth, rollover, and SEP IRAs, also as Solo 401(k) plans – whichever will work best for your situation.
- You can also hold more traditional assets in your account
Since Rocket Dollar works using an umbrella LLC or trust, you’ll hold any investments that aren’t prohibited by the IRS. Note that the method is more complicated than traditional retirement plans.)
Cons of Rocket Dollar
- High sign-up fee
Rocket Dollar charges a fee of $360 just to open an account, which is especially expensive on smaller portfolios.
- The monthly fee is going to be high for little accounts
The monthly fee of $15, or $180, is that the equivalent of a 1.8% annual fee on a $10,000 account.
- Not hospitable taxable investment accounts
Rocket Dollar is strictly for retirement accounts and self-directed plans at that.
- No mobile app
The platform was only launched in 2018, so a mobile app could also be available within the future. But at the instant, the choice doesn’t exist.
- No SIPC insurance
Rocket Dollar has FDIC coverage on cash deposits, but no SIPC coverage for your investment assets.
For whom Rocket dollar is good for?
Well, in the Rocket dollar review, this platform is good for people who have large investment portfolios. Just because of the pricing structure, this platform works best for people who like to invest in large retirement plans.
Quite naturally, this thing will favor the Solo 401(k) plans or even SEP IRAs plans can work the very best.
Also, because of the company’s higher-order contributions and high balance, large portfolio people can benefit from this type of platform.
Plus, the $180 annual fee will require some balance in the account. In general, a balance of $36,000 is considered as a good one to open your account with Rocket dollar.
Also, with higher portfolio users, they can eventually pay much higher fees and at the same time invest in a better way.
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Rocket dollar as an investment platform is a good one for each of those people who are risk-takers. Indeed, nothing worth comes easy and it’s those calculated risks people take which leads them to success.
In this scenario, you to engage yourself in investing, seeing which portfolios work better, and then make your decision.
Final Word of Mouth: Rocket dollar Review
Coming at the concluding phase, the entire Rocket dollar review is in front of you. Indeed, v is a good platform for each of those people who like to invest their money and hope for better results.
However, the platform is not for everyone and you got to see different things before choosing the Rocket dollar.
In this case, you got to have a massive portfolio so that you can pay monthly along with sign up fees.
Eventually, the entire article is in front of you and you are the master of investing. All you can do is to read the entire article thoroughly.
If you like the same, you can simply CLICK HERE and you will go straight to the Rocket dollar home page.
From there, you can sign up, invest, and get the best of all returns in the nearby future.
Founder of twomillionways.com
MBA – London
I am here to share my ideas and experience on how to make real money.