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June 7, 2022

What is Rocket Dollar? Read Reviews and Complaints Here!

Welcome to my Review of Rocket Dollar!

Do you want to have plenty of investment options for your retirement?

If so, is Rocket Dollar the one for you?

Read reviews and complaints about them here! 

Let's start this Review of Rocket Dollar!

Rocket Dollar Summary Review

  • Name: Rocket Dollar, Inc.
  • Website: https://www.rocketdollar.com/
  • Founder: Henry Yoshida & Thomas Young
  • Cash Minimum: N/A
  • IRA Minimum: N/A
  • Fees: $600 or $360 (One-time Setup Fee) and $30 or $15 Monthly Subscription
  • Rating: 4.1/5.0
Rocket Dollar Review

What is Rocket Dollar?

Rocket Dollar Review

Rocket Dollar was founded in 2018 with the belief that retirement is changing.

More so, they believe that people should not be limited in their investment options as they work towards the retirement they envision for themselves.

They also are here to make it safe, simple, and fast for people to take control of their retirement savings.

Furthermore, their team brings together over 100 years of combined experience in the retirement industry.

They also knew that there was a better way for folks to prepare for retirement, and not only invest in the things they want, but to be able to do so safely, securely, and quickly.

Products & Services of Rocket Dollar

IRAaaS (IRA as a Service)

IRA as a Service is the technology platform they have built that allows them to provide the best investing experience possible, not nickel and dime you with account fees, investment fees, or transaction fees.

More so, their simple subscription model ensures you know what you're paying because while some surprises are great, some aren't.

Rocket Dollar Review

Self-Directed IRA

A self-directed IRA or SDIRA is very similar to a traditional IRA. The government also generally treats these retirement fund options as if they are one and the same.

For example, the same investment limit that you will find for a traditional IRA is used for an SDIRA. In 2022, you can contribute up to $6,000 (or $7,000 if you are over the age of 50).

Furthermore, you also have the option to use a traditional SDIRA or a Roth SDIRA. Like a Roth IRA, a Roth SDIRA is after-tax, which means your investments grow tax-free while they sit in your account.

Rocket Dollar Review
Rocket Dollar Review

The Solo 401(k) from Rocket Dollar

The Solo 401(k) is the premier retirement savings plan account available for individuals with self-employment income. You can also secure your retirement with unlimited investment options, high contribution limits, and ultimate flexibility.

More so, the special 401(k) plan for the self-employed mimics the traditional 401(k) plans already enjoyed by many companies’ employees who receive W-2 income.

Furthermore, a qualified self-employed small business owner may contribute both the employer’s (as profit sharing) and the employee’s share to this type of 401(k) plan for themselves and their spouse.

Rocket Dollar Review

Reviews and Ratings of Rocket Dollar

Rocket Dollar has a very few entries of reviews and ratings. Here are some of them:

What I Like About Rocket Dollar

SDIRAs

Rocket Dollar makes self-managed retirement plans easier to understand. It also takes care of back-end paperwork and links users with their preferred investment partners. More so, self-directed IRAs and solo 401(k) accounts are available through the broker.

Furthermore, a Rocket Dollar user's investment will grow tax-deferred as a retirement account (tax free with a Roth IRA).

This means that high-yield investments can save investors thousands of dollars in taxes.

A Lot of Investment Options

Investors with a self-directed retirement account have access to the whole universe of IRS-approved investments. These investments are also far more than just stocks, bonds, and mutual funds.

The following are some of the investing options offered to Rocket Dollar users:

  • Real estate
  • Metals
  • Commodities
  • Cryptocurrency
  • Equity crowdfunding
  • Private equity lending
  • Startup lending
  • Conventional lending
  • Peer-to-peer lending

What I Don't Like About Rocket Dollar

Fees that are too high

When it comes to fees and charges, the brokerage industry is in a race to the cheapest, which is why Rocket Dollar's $360 ($600 for Gold) upfront fee may come as a shock to investors.

Even the monthly fee of $15 ($30 for Gold) is much greater than the few other brokers who charge a subscription fee.

Although Rocket Dollar makes it easy to form and operate a self-directed retirement account, its cost may be prohibitive for some customers.

No traditional investments or accounts

For some traders, the investment opportunities offered by a self-directed account outweigh the disadvantages of other investment accounts and asset kinds. However, for many, the absence of access to more traditional investment kinds is difficult to overlook.

Stocks, bonds, ETFs, mutual funds, options, CDs, and other traditional assets are not available for purchase on Rocket Dollar. In addition, brokerage accounts, margin accounts, HSAs, and custodial accounts are not supported. Rocket Dollar isn't for the novice investor; instead, it caters to the seasoned.

Before considering whether self-directed investing is best for them, investors should do their homework.

Is Rocket Dollar a SCAM?

Rocket Dollar has very few reviews and ratings.

So, i'm not sure if you can trust them or not.  

They are also very expensive when it comes to fees.

Even so, Rocket Dollar is a fantastic alternative investment solution that was previously unavailable to people saving for retirement.

A Rocket Dollar account allows you to break free from the constraints of traditional retirement investing and invest in the alternative assets you truly desire.

Final Thoughts

Rocket Dollar offers a modern way to invest and a lot of investment options.

However, when it comes to securing your retirement, GOLDCO is what I recommend.

With over a decade of experience helping consumers preserve their retirement assets, Goldco is a leader in the precious metals market.

A Goldco Specialist can help you preserve your assets with a Precious Metals IRA if you have an IRA, 401(k), 403(b), TSP, savings, or other tax-advantaged retirement plan.

Get to know more about them by clicking below!

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