Rocket Dollar Knowledge Base

How long does an account take to open? What should I expect from expedited service? How much does Expedited service cost?

Expedited account fulfillment guarantees prioritization of your account, and that your self-directed IRA will be opened in 15 days or your Solo 401(k) in 7 days. It costs $200 dollars as an add on at checkout.

Why would I need an expedited service?

Many of our customers are trying to meet investment deadlines and deal closings. That dream rental property might be available, but could slip away soon. Expedited service will help you breath easy

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.

What benefits do I get from expedited service?

Self-Directed IRAs can be opened in 15 days

Self-Directed Solo 401(k)s can be opened in 7 days

  1. First in line for account fulfillment actions
  2. Assistance calling with your current custodian for support during transfers
  3. Prioritization for any communication needs

Why do accounts sometimes take so long? Why can't all accounts be opened that fast?

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

Is there anything I can do to improve the time it takes to get my account opened?

  1. Sign all paperwork as soon as it's available
  2. Gather your statements ahead of time... you can upload these to the transfer tool in the RD IRA customer dashboard. It's hard to find those old passwords! Financial companies often need extra identity verification steps to get back online and reset passwords.
  3. For 401(k)s, call your custodian right away for your 401(k) and ask for the rollover process, and if there are rollover/distribution papers that need signing. Sometimes there is a form that your old boss or HR might need to approve.