He is the father of Igor Rakočević, a Serbian professional basketball executive and former player.

His teammates were Zoran Slavnić, Dragan Kapičić, Ljubodrag Simonović, Dragiša Vučinić and Vladimir Cvetković among others.

[1][2] Rakočević was a member of the Yugoslavian national team that won the gold medal at the 1975 Mediterranean Games in Algeria.

His son Igor[3] (born 1978) is a former professional basketball player who started his career in Crvena zvezda, also.

Igor is a two-time All-Euroleague Team member and three-time Alphonso Ford Trophy winner and won 2002 FIBA World Championship and 2001 EuroBasket representing FR Yugoslavia national team.