Why do I have to pay a monthly fee to maintain my account?

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The structure of the account is different from IRAs you might have encountered at a traditional custodian. The $20 a month (and $30 for RD Gold) is so that RD can help you maintain proper compliance and service for your account.

What are some of the reasons that I pay $20/$30 a month for the IRA product?

  • Fair Market Value must be reported to the IRS for all IRA customers. Once you fill out your investment tracker, we help automatically send off that reporting with our custody partners so that it gets to the IRS for yearly reporting.
  • The Checkbook IRA is a complex structure that involves the creation and mainatence of a Trust along with the establishment of a checking account with our banking partner, Bank United. Rocket Dollar customers avoid minimum balances and activity requirements, due to the fee arrangement with our custodian and banking partner.
  • We do not make or charge any money on investments. When you have an IRA at stocks and bonds broker-dealer/custodian, they will often offer a free IRA and service in the hopes that you will use their trade fees and investments. A Self-Directed IRA model has more moving parts than a traditional stocks and bonds custody IRA. We want to make sure our support team is well equipped to serve you and your IRA. 
  • Transfers and rollovers can take extra service. Our support team is there to make sure to help you finish them smoothly, and get them to your investments.

What are some of the reasons that I pay $20/$30 a month for the Solo 401(k) product?

  • Rocket Dollar acts as your plan account provider to maintain your plan documents. If any plan updates come out, Rocket Dollar will issue new plan documents to ensure your Solo 401(k) plan documents stay in compliance. Some providers just sell plan documents but do not offer email or phone support for your current plan. Providers like this will charge a large fee for every DOL or IRS plan update every few years.
  • We do not make or charge any money on investments.
  • Transfers and rollovers can take extra service. Our support team is there to make sure to help you finish them smoothly, and get them to your investments.
  • For Rocket Dollar Gold customers, we will assist with the Form 5500 reporting for those over $250,000 in assets.
  • We have a fee arrangement with our partner bank for all Rocket Dollar customers so they can avoid minimum balances and minimum activity requirements. If you are no longer under an agreement for a Rocket Dollar account, Rocket Dollar is not responsible for additional fees.

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