For every Rocket Dollar Core account, Rocket Dollar charges a one-time $360 flat establishment fee for account set-up, and then $15 per month. For Rocket Dollar Gold, it is a $600 establishment fee, and $30 a month.
What fees does Rocket Dollar Charge for a Rocket Dollar Core account?
Each Rocket Dollar Core 401(k) or IRA has a one-time $360 fee for account setup. This is the upfront cost. Then, you pay $15 per month for account administration and compliance, including the first month at checkout. We don’t charge a fee for assets under management (AUM) or add-on fees for our new investments.
These fees are low compared to what I'm used to for checkbook control...
Good! Rocket Dollar wants to continue to make the Self-Directed retirement industry more accessible and keep your bill low and simple. We also don't nickel and dime our customers with new investment fees, extra annual account fees, AUM fees, account closure fees, promissory note fees, late fees, invoice fees, foreign asset fees, asset sale fees, or distribution request fees.
It is our goal to keep self-directed accounts affordable through better technology and scale while maintaining great service. When it comes to processes that are easily repeatable, like an IRA LLC structure, we don't want to charge thousands of dollars for the exact same process and documentation.
What about Rocket Dollar Gold and expedited service?
Rocket Dollar Gold is $600 at sign up and then $30 a month. This is for Rocket Dollar customers that request a premium experience through all parts of their investment process. Account opening and transfers are all expedited. Click here for a full list of Gold features.
- Self-Directed IRAs are to be opened and funded in 15 calendar days
- Self-Directed Solo 401(k)s can be opened and funded in 15 calendar days
Normal Rocket Dollar Core accounts can take 2-4 weeks from the day of payment to being fully funded. For more on Rocket Dollar Gold expedited service and why it can take so long to open a self-directed account, click here.
Will my investments have fees?
You will be selecting your own investments, each of which may have their own fees. These fees are set by the issuer, not Rocket Dollar. Rocket Dollar does not provide investments.
It is important for yourself or your personal financial advisor to research any investment opening, upkeep, or closing fees before making an investment decision.
What about bank fees?
Rocket Dollar works with preferred banking partners to obtain favorable and low-fee arrangements for our customers’ Self-Directed IRA or Solo 401(k) accounts. Your limited liability company (LLC) or trust bank account will help you manage, fund, and hold investments. We will help you get set up with our preferred banking partner during the account fulfillment process, and prospective customers can also contact Rocket Dollar for any questions about our preferred banking partner. (1-855-762-5383 Option 2)
Typically, the most common bank fee our customers see are simple wire money transfer fees, which are the preferred transfer method for a variety of alternative investments or large transfers instead of the normally available ACH.
You can read more about our partner's bank fees here.
What about transferring and rollover fees?
Rocket Dollar will never charge to move cash retirement assets from one retirement account to Rocket Dollar or to have cash assets transfer to another retirement account outside of Rocket Dollar. We do not charge account closing fees and will work with you or any other party to transfer assets when it is possible.
If you have complex assets that are already self-directed that you are trying to move into Rocket Dollar, we could have to charge for the work to retitle the assets. Retitling and moving self-directed assets is much more complex than retirement cash transfers, but you can contact us for ways to move your assets and avoid any retitling fees if possible.
If you have a Self-Directed Asset that needs transferring, you must purchase a Gold Account due to the extensive support needed during this process. If our custody partner has to charge retitling fees, for additional assets, it could be an additional fee of $400 per asset that every asset goes through a complete retitling process. This process is one of the most complex and time consuming that we help our customers.
What about LLC and Trust Fees? Does it matter what state I'm in?
The account setup fee includes the initial filing fee if you’re using an LLC inside a Rocket Dollar Self-Directed IRA or a trust inside a Rocket Dollar Self-Directed Solo 401(k). Your $15 per month maintenance fee will also cover the annual fee for the LLC or Trust. We use a Colorado LLC by default.
What about other LLCs related to my account or that my IRA invests in?
Those must be set up by you, the customer. Rocket Dollar does not currently offer any services to open additional LLCs. Your Colorado LLC acts as an "umbrella" LLC that can become a 100% or partial owner in downstream LLCs. As you create LLCs to invest in, your Colorado LLC remains above these investments in your IRA.
For example. You create a real estate LLC in your IRA that deals with 3 properties, and your IRA becomes a 100% owner. This would not be commingled with your private placements, stocks, and bond investments, but your Colorado LLC is a 100% owner of all of these assets.
There are a few exceptions to the LLC Fees, and specific state rules.
- If you’re a California resident. California residents might need to use California LLCs or use a direct ownership IRA with no LLC and a different fee structure. Click this link for more info.
- We also require our customers to register their LLC in the state if they are buying AND renting a property or running a full business inside their LLC to best serve the compliance required by the local state. You will be able to complete this obligation by registering your new Rocket Dollar LLC as a foreign entity in that state, but we will provide you with the appropriate info for your Colorado LLC. While renting out a property, and especially multiple properties, you may be regarded as a business entity and be subject to specific local real estate and renting laws. Rocket Dollar does not cover or pay for this service, but you will be able to register on your own. Foreign entity registration fees vary by state.
If you have further questions about fees, please contact our sales team. We want to bring full transparency to the self-directed model. Contact us at 1-855-762-5383 option 2.
Are there account closing/cancellation fees?
No. there are no account closing fees at Rocket Dollar. We will simply deactivate your account. Your charge for an upcoming month happens on the first of the month, and it will be the last fee charged unless you reactivate your account.
Be aware, that if you have custody of an asset inside of your retirement account, you will have to keep that in a self-directed retirement account with proper compliance or risk your IRA being distributed or losing your asset. You can out of that asset and transfer cash, or you would have to retain that asset with to roll over that asset to another self-directed retirement provider.
Want to read more?
- Rocket Dollar brings the convenience everyone wants (without the price).
- Why open a Rocket Dollar Self-Directed IRA versus a Traditional IRA?
- Why open a Rocket Dollar Self-Directed Solo 401(k)?