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The Rocket Dollar Guide to Self-Directed Retirement Plans
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2 min read

Be Prepared When Opportunity Strikes

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Preparing for an investment opportunity is similar to being ready for a weather-related or medical emergency. Buying insurance is one way to safeguard against a natural disaster or healthcare issues so that your home or other assets are protected when something occurs.

Investors should also be ready for other opportunities, such as investing in real estate or other alternative assets that can diversify a portfolio.

One way of seeking an opportunity is investing money into real estate through more traditional methods such as buying homes or allocating money into real estate investment trusts known as REITs.

While you can not always control when an opportunity presents itself, you can be proactive so that you can reach your retirement goals.

In addition to saving money through your employer’s 401(k) plan or an IRA by investing in stocks and bonds, you might want to diversify your portfolio into other investments such as real estate, commodities, precious metals or cryptocurrencies. Diversification is critical to ensuring that the returns in your portfolio are less volatile and produce income for you, especially once you decide to retire.

Another way to invest in alternative assets is through a Self-Directed IRA provider such as Rocket Dollar. Self-Directed IRA providers have fewer restrictions on the type of assets that you can own and trade whether it is for short-term or longer-term goals. You can also receive the advantage of not paying taxes on the gains in your investments similar to a traditional IRA.

You can choose potential investments and platforms from our partners page.

One catch is that Self-Directed IRAs still are governed by the annual contribution limits set by the IRS. In 2021, you can contribute $6,000 each year or $7,000 if you are 50 or older.

Since there are contribution limits, opening a Self-Directed IRA when you are younger can be advantageous. In addition to saving money in a 401(k) plan or IRA, you can sock away extra money from raises, bonuses or other investments into a Self-Directed IRA.

Once you open a Rocket Dollar account, you can start the process of funding the account with money from a savings account or transferring funds from a 401(k) plan when you leave an employer. Rocket Dollar aims to make the experience seamless and efficient once you have started the process, which can include some traditional paperwork or filling out forms online.

You don’t need to decide immediately which alternative assets you want to invest in. As you conduct your research and explore various platforms such as investing in farmland, crypto or precious metals such as silver, you can be prepared once you make a decision. Investors who can identify potential opportunities and are prepared to take advantage of them often feel they are more in control of their finances.

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