Preparing for retirement isn’t something most people enjoy thinking about, but it’s something we all need to do. For those who already have a 401(k) through their employer, the options seem fairly straightforward. However, things get more complicated for those who are self-employed.
If you’re self-employed, you’ve probably heard the term “self-directed IRA” before. This type of self-directed retirement account allows individuals to take advantage of investment opportunities using self-employment income (or carry over past funds from a pre-existing retirement account).
In this article, we’ll explore a self-guided dollar missile IRA. Unlike many other investment platforms that only offer traditional investing options for retirement, Rocket Dollar specializes in self-directed IRAs and 401(k)s.
This platform goes beyond traditional options such as stocks and bonds, allowing users to invest in several alternative investments as well. Is Rocket Dollars the Right Retirement Solution for You? Keep reading to find out if this is the best platform for achieving your retirement goals!
Learn more about the self-guiding Rocket Dollar
What is a rocket dollar?
Rocket Dollar is a low-cost investment firm that allows individuals to open and manage self-directed IRAs and 401(k)s through an LLC. Instead of leaving your taxable income in a savings account (accumulating minimum interest), the Rocket Dollar platform allows you to take advantage of a variety of investment opportunities.
In addition to traditional investments, you will also be able to take advantage of alternative investment types (such as cryptocurrencies, private equity, and real estate investments). The variety of investment opportunities available makes Rocket Dollar a good choice for anyone, even those who are already in business.
Additional income (such as earnings from rental property) can be put into these individual retirement accounts, allowing you to diversify the spread of your retirement contributions using more than one retirement plan.
As always, we suggest speaking to a financial advisor to ensure you stay within any contribution restrictions, requirements, and/or restrictions.
You can read a more detailed explanation of the platform by clicking here.
What is a self directed IRA?
Self-directed Individual Retirement Accounts (IRAs) are accounts that allow an individual to invest their retirement money in a variety of alternative assets — such as REITs or mutual funds — in addition to traditional assets.
Even though the account itself is self-directed, you are still required to have a custodian for the account. There are also certain IRS restrictions that restrict the types of assets you are allowed to invest in.
However, the added level of control and potential for higher returns make self-directed IRAs an attractive option for many people.
Advantages and disadvantages of using the rocket dollar
Here’s a quick overview of the main things you’ll want to consider when considering Rocket Dollar.
benefits:
- transparent prices – You will know exactly how much Rocket Dollar will charge you for its services before you create an account.
- No minimum deposit – Whether you have a lot or a little, Rocket Dollar is willing to work with you.
- Support for a variety of assets – The biggest advantage of opening a self-directed IRA is the support for different types of assets. Although alternative/non-traditional asset classes are the most popular investment vehicles for these types of accounts, you’ll still be able to make traditional investments as well (if you so desire).
- Good customer support – The Rocket Dollar sales team will assist you with the LLC creation process for your IRA. Silver members only have access to email support, while Gold members are given priority support (phone and email).
flaws:
- current expenses – You will need to pay a premium each month for the privilege of owning a self-directed IRA.
- full control – Opening an IRA with Rocket Dollar will give you control of your checkbook, allowing you to make transactions as an LLC. However, although some investments are prohibited by the IRS, Rocket Dollar will allow you to do so.
pricing
Rocket Dollar service pricing is very simple. You can choose from two plan options: Silver or Gold. Both plans include the ability to make unlimited investments and allow full access to the online platform. Pricing is as follows:
- silver: $360 one-time setup fee, $15 monthly ongoing cost
- gold: $600 one-time setup fee, $30 monthly ongoing cost
Certain types of investments, such as mutual fund investments or real estate investments, may incur investment fees. A bank transfer or ACH fee may also be charged.
How to get started with dollar rocket
It’s easy to get started with Rocket Dollar’s investment process. To get started, simply head over to their website and create an account. From here, you will be able to select the plan you want. Rocket Dollars will guide you through the process of creating an LLC for your future retirement savings.
Once the initial setup process is complete, you will be able to begin funding your account using the qualified investment opportunities available, and purchasing assets for your LLC using your checkbook control privileges. You can keep track of your ongoing operations with Rocket Dollar’s investment tracker.
The US Dollar Self-Guided Missile: A Summary
For those who want complete control of their retirement savings and want to be able to pursue alternative investment options, Rocket Dollar’s self-directed IRAs are an attractive option. The platform itself is relatively easy to use, pricing is transparent, and the company will provide a high level of support when making every investment decision.
However, the Dollar Rocket IRA will not be for everyone. If the idea of paying the monthly fee for expanded investment opportunities doesn’t sound very interesting to you (or you simply won’t benefit from additional investment tools), a traditional IRA may be a better option.
However, for those who want complete control and expanded investment opportunities, Rocket Dollar is certainly a promising prospect. You can learn more about – and sign up for – the service by clicking here!
Get started with the self-guided Rocket Dollar