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From zero to funded, IRAs can take 2-4 weeks. We have to open your account, and LLC, and also wait for a transfer from your current custodian.
From zero to funded, 401(k)s can take 2-4 weeks. We have to open a 401(k) quickly, usually within 1-2 weeks but have wait for a transfer from your current custodian. 401(k) transfers from some custodians can take a long time, and sometimes be antiquated, requiring forms from your HR department or physical checks.
Self-Directed IRAs are guaranteed to be opened in 15 days
Self-Directed Solo 401(k)s can be opened in 7 days
Waiting for transfers from other custodians is usually the longest part of the process. It can involve multiple rounds of paperwork and communication between you, your old custodian, and Rocket Dollar. Working through transfers is one of the most frustrating and antiquated parts of retirement we are working to make the experience even better!
There are also three parts to every IRA. An IRA structure, an LLC, and an LLC bank account. For a solo 401(k), there is a Solo 401(k) plan document, trust(s), and trust bank account. This structure helps you gain checkbook control over your retirement dollars. For more on the structure of an IRA account, you can learn here.
You can utilize our transfer reuse tool from the RD customer dashboard if you have purchased an IRA product. We will continue to work on making solo 401(k) transfers as well