What are the fees and pricing for a Rocket Dollar Account?

Created July 06, 2021 20:33

Account Type	Setup Fee	Monthly Maintenance Fee
Rocket Dollar Silver	$360	$20/mo
Rocket Dollar Gold	$600	$30/mo

Each Rocket Dollar Silver IRA has a one-time $360 fee for account setup. This is the upfront cost. Then, you pay $20 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.

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 who request a premium experience through all parts of their investment process. Account opening and transfers are all expedited. The full list of Gold features can be found here.

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 Silver accounts can take 2-4 weeks from the day of payment to being fully funded. For more on Rocket Dollar Gold's expedited service and why it can take so long to open a self-directed account, read here.

Can I open any product with a Silver or Gold Account?

The Traditional IRA, Roth IRA, and Solo 401(k) can all be bought with either Silver or Gold.

A checkbook IRA going through an in-kind transfer process of an alternative asset instead of cash requires a Gold account.

After December 15th, the checkbook IRA will only be available to Gold Clients. Old clients will not be affected.

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 transferred 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, you would need to liquidate your assets and transfer everything over as cash and repurchase these assets once your cash has been successfully transferred to our partner custodians.

If you have a Self-Directed Asset that needs transferring, please review the knowledge base article below.

Learn more about in-kind transfers here. Most clients do not need to do an in-kind transfer, as they are just selling stocks, bonds, ETFs, and mutual funds to cash. If our team helps you move a private market asset from another custodian, it starts at a $175 one-time fee.

Will my investments have fees?

You will be selecting your own investments, each of which may have its own fees. These fees are set by the issuer, not Rocket Dollar. Rocket Dollar does not provide investments. With a Checkbook IRA account, you can access almost any investment allowed by the IRS. The investment platforms on our Partners page are simply suggestions and companies we know have experience in taking self-directed IRA funds.

It is important that you or your personal financial advisor research any investment opening, upkeep, or closing fees before making an investment decision.

What are the bank fees?

Typically, the only common transactional fee a client encounters are wires.

Direct Custody Wires: $35 outgoing, none incoming. Keep in mind transfers out are typically wired.

Checkbook IRA and Solo 401(k) Wires: $10 outgoing.

Transferring out Wire fee: $35

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 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.

You can read a full list of bank fees we have negotiated for our customers here.

What about Additional Fees?

The account setup fee includes everything needed to create your account and get started.

Rocket Dollar does NOT CHARGE any

Per investment fees
AUM (assets under management) fee

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 or schedule a call.

Are there account closing/cancellation fees?

Rocket Dollar has a $50 closing fee on our primary custodian fee sheet. Rocket Dollar will never charge a closing fee during the 30-day refund policy. All clients purchasing after February 1st, 2024, will have a $50 closing fee.

Your charge for an upcoming month happens on the same day that you purchased your account of the month, and it will be the last fee charged unless you reactivate your account. Rocket Dollar will work with you to roll your retirement account to another provider.

What happens if I stop paying?

Rocket Dollar gives a grace period of three months of missed payments before potentially taking action on closing or distributing your account. Rocket Dollar will always attempt to call before closing or distributing your account. Please keep your contact phone number updated and emails from our support team from falling into the spam folder.

Be aware that if you have custody of an asset inside your retirement account, you must keep it in a self-directed retirement account with proper compliance or risk your IRA being distributed. IRA distribution would mean you would have to pay all the IRS taxes on the asset in the same year it was distributed, plus any early withdrawal penalties.

If you have an asset and transfer cash, you have to retain that asset to roll over that asset to another self-directed retirement provider. All compliance to maintain your IRA Trust, IRA LLC, and the relationship with our partner bank will cease. The bank can charge their own fees and you will no longer be protected by Rocket Dollar client’s fee sheet. If our partner bank decides to close your bank accounts after communications that you are no longer a Rocket Dollar customer, it is in their power to do so.

Does the Solo 401(k) have any other fees?

If our support team has to restate your plan documents at a client request, such as requesting to add a spouse to the account or a change to your business entity type after plan documents were already completed. We will charge a $50 fee to your account at the time of the request. To avoid this charge, please have your business entity type and spousal participation plans sorted at the time of purchase of an account.

There is no charge for general regulation updates to plan documents made by the IRS, and those are covered by your monthly fee. Rocket Dollar will push out the electronic signature of your 401(k) documents with new legal language as soon as our legal resources are consulted and additional language is added to your documents. Make sure to follow support team updates and sign all documents during these changes so your plan documents do not fall out of compliance.