Why I Should Spend Retirement On Bitcoin

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“Many adults are struggling to save for retirement and feel that they are not on track with their savings. While preparedness for retirement increases with age, concerns about inadequate savings are still common for those near retirement age.” —Federal Reserve Website

Despite the Federal Reserve’s tone-deaf admission that many Americans struggle to retire when one of the central bank’s primary mandates is price stability, as of March 2021, there were approximately $35.4 trillion trapped in tax-advantaged retirement accounts. For many Americans, retirement accounts make up a vast majority of their overall net worth.

As the dollar continues to inflate and bitcoin continues to outperform any other form of savings, it’s natural that Americans will increasingly tap into their retirement savings to gain exposure to bitcoin. This is great news for bitcoin, but many risks emerge if these funds ultimately centralize in a few custodians’ hands.

Contrary to what many Americans might expect, anyone can hold the private keys to their bitcoin IRA instead of relying on a third party. However, navigating the US retirement rules and regulations can be difficult. This article can be used as a high-level starting point but nothing in this article should be taken as financial advice.



Source link Bitcoin Magazine

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