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Opening a cryptocurrency IRA (Bitcoin, Ethereum, Litecoin, Ripple, etc.) or 401k might be a great investment. Also bear in mind that you can rollover your existing IRA, Roth IRA, 403b or 401k into a cryptocurrency IRA, which might also prove advantageous.
In either of these scenarios, the most important thing to consider is that since cryptocurrency is a relative newcomer to the investment scene, you must always ensure that your cryptocurrency IRA company is trustworthy and that that trust is backed up by positive reviews and testimonials. In this novel field, there still are limited numbers of retirement operators, so take special care to ensure they can answer your questions and provide you with the best investment options available to you.
Remember, if you don’t ensure that your investment management company is as reliable as possible, you run the risk of jeopardizing your investments, underfunding your retirement and even being penalized by the authorities for irregularities in your investment process. Choose wisely, and take a look at the chart below for some ideas about what you should be looking out for.
Top Reasons To Open A Crypto IRA
Cryptocurrency has a lot of room for growth
At less than 10 years old, crypto has a lot of room to grow and, as we all know, investments prove their worth over time – and lots of it! Starting now means your crypto investment has lots of space to expand
As a completely anonymous way to move and invest money, cryptocurrency allows you to maintain your personal and financial privacy, something very important in a world where personal anonymity is harder and harder to achieve
No governmental interference
Bitcoin, Ethereum, Litecoin, Ripple and other cryptocurrencies are not issued by any central bank or organization, meaning they are not subject to any arbitrary regulating or auditing
Easy diversification for your pension
Anyone with an interest in investment knows that diversification is the way to protect your investment from an unknowable future. Bitcoin provides a good alternative to stocks, bonds, and gold
Freedom from random banking fees
Given the structure of cryptocurrencies, you do not have to pay or account for transaction or holding fees, as you would with a traditional bank
If you’ve been convinced that investing your Bitcoin in a cryptocurrency IRA or other pension product is a great idea for your situation and goals, we offer a few tips about how to choose the perfect investment manager for your financial move.
Factors To Consider Before Investing
Like with any other investment, it makes sense to make sure that the company you choose to manage your crypto IRA is as qualified as possible. Read reviews and testimonials to ensure that past and present clients are happy with the service and results they get. Look to both official financial review sites as well as customer review portals like Google and Yelp.
Crypto moves fast, so it’s important your would-be company can get you processed and set-up quickly before the world of cryptocurrency has changed and left your investment in a completely different situation.
Secure internal processes
The greatest point of possible weakness in the cryptocurrency industry is in the technical processes that underlie operations. Make sure your management agency has the entire process detailed and locked down so the risk of a security breach is as low as possible.
Armed with this information, you’re ready to find a management company and using your cryptocurrency profits to finance a blissful retirement. As with any other investment, you should bear in mind that there are associated risks that you should take steps to mitigate. Do your due diligence and enjoy your crypto fruits for many, many years to come.
Check out the video below for a simple explanation on how the blockchain technology works:
How does a blockchain work - Simply Explained - YouTube
Sure, you’d be well on the way to a comfortable retirement if you’d started saving 40 years ago, but even if you don’t have that luxury, there is plenty you can do to save more for retirement. If you move quickly, you can still take advantage of compound interest, boosting what you’ve got for the future.
It’s never too late to make a plan – start saving today!
1. Get moving now
The sooner you start, the better. Even if you start saving tomorrow, you can still make an impact on your retirement options. The benefits of compound interest – the addition of interest to the body of savings or deposits – works best when you give it plenty of time to build up, but even a shorter amount of time, while not ideal, is much better than nothing at all.
2. Invest in an IRA
Individual retirement accounts (IRAs) are a traditional way to help you save for your retirement. There are different options available to you, so check them out to see which molds best to your needs and situation. Firstly, there’s a traditional IRA which, as the name suggests, has been around since 1974. If you meet certain criteria, this IRA may be tax-deductible. Since 1997, the Roth IRA has also been available. The main distinguishing feature of this product is your contributions are not tax-deductible, but the money you save inside of a Roth IRA are tax free. This means you don’t have to pay tax on the interest, dividends or capital gains that stem from the assets you’re growing in the Roth IRA. Another viable option is to do a gold IRA rollover and invest a portion of your portfolio in a gold IRA. The newest option available is to invest your IRA in cryptocurrencies. Do some research to determine which option would be best for you.
3. Over 50? Check out catch-up contributions
If you’ve done your research into IRAs, you’ll know that one of the reasons you should have started years ago is because contributions are restricted on an annual basis. The good news is that when you hit 50, these restrictions are loosened and you’re allowed to make extra contributions to help make up for the years you weren’t contributing. There are some limits, however, so check them out before making a move.
4. Shut that purse!
If you’re looking at getting your retirement in order, take the opportunity to have a long, hard look at where your money is currently going. Now is a great time to analyse your budget and see where you might be able to make savings. Plug up any cash leaks, renegotiate deals and contracts for lower rates, and reduce spending where you can.
5. Now put those savings to work
Hopefully after you’ve investigated where your money’s going, you’ve been able to make some savings. If you have and there’s now some spare cash floating around, don’t waste it! Make sure that any money you’ve saved by examining your budget is reinvested into your retirement plan, as well as any money you make, receive or find! Denying yourself completely is never a good idea but, instead of blowing it all on a luxury vacation or new car, how about spending a small portion on a fun treat, while the lion’s share goes back into working for your future?
If you’ve left pension plans on the long finger and now retirement is beginning to look more stressful than relaxing, don’t worry. The most important thing is that you’ve realized the need to do something and you’re starting today. Once you’ve got a structured plan in place, like an IRA, look for consistent and creative ways to add more funds and boost your future.
Remember – when you’re saving for retirement, every little helps!
Oh no! Have you left your pension on the long finger? Don’t worry – you’re not the first, and you certainly won’t be the last. There are lots of ways you can get started when it comes to saving for your retirement, even if you’ve left it too long – the important point to remember is that you’ve realized the problem and starting to fix it today.
1. Grab your 401(k) with both hands
If you’re lucky enough to be employed by a company that offers a 401(k), you should start contributing immediately. 401(k) plans want you to save successfully, and they’re structured in a way that even if you start contributing now when you weren’t before, the impact you’ll see on your take-home pay won’t be too jarring. Furthermore, you can rollover to a gold IRA to further diversify your retirement portfolio (check out our gold IRA companies top picks . Also remember that if you change employer, there are options for your 401(k) which will allow you to maintain the benefits.
2. Now find an employer who’ll match it
If you’re really lucky, and your employer offers to match your 401(k) contributions, you should thank your lucky stars – and make sure that you’re contributing enough to fully take advantage of the match. To illustrate the point, look at this example: your employer offers to match 30% of your contributions up to 6% of your salary. If you earn $70,000 a year and contribute $4,500 to your retirement plan, that means you’d get $1,350 from your employer. That’s essentially free, and you’d be crazy not to take advantage.
3. Put contributions on auto-pilot
Packing away your cash into your retirement fund can be a little depressing if you think about it too hard, so solve the problem by not thinking about it – at all. Hold up!
We mean not thinking about it because you’ve automated it, and not because you’ve put your head back in the sand – ok?! Put your monthly contributions on auto-pilot and it will be one less thing you have to worry about. Many banks and financial institutions offer this service, so talk to yours and see what you can figure out. If you are new to investing, you can check out our beginners guide.
4. Work towards a solid objective
If you were working on any other project, there’s a good chance you’d think about setting yourself some goals or benchmarks. There’s no reason not to do the same with your retirement saving – it will orient and focus you, and making hitting benchmarks along the way much more satisfying. Use an online tool to find out what you should be able to save and when you might hit the milestones – then celebrate when you do!
5. Push back retirement to earn more funds
It’s not a decision to be taken lightly, but you should know that you have the option to push back the date you start receiving your social security payments – for each year you postpone, the monthly payment you will receive will increase. You can start the process at age 62, and delay the payments until age 70. If you were to delay your monthly benefit for even a year, you’d see a significant impact on your future income, so if you’re serious about boosting your pension, you should check it out. With the laws of compound interest being what they are, we understand why – if you haven’t yet started to save for retirement – you might be a little disheartened. Instead of wringing your hands in despair, however, you need to get moving NOW! The most important thing to remember is that you’ve realized the importance of making a change, and you’re willing to start fixing it to. With an attitude like that, you can’t go wrong – so start sorting out your pension today!