Bitcoin retirement benefits - page 4.

alastantiger

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Quote from: FiveG on May 18, 2023, 08:07:51 PM

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

This is the life that most people I know what for themselves but my question is why wait till 60 before you retire. You and retire with at 40 and have a great life with bitcoin if that is what you want. I am a fan of bitcoin but you make it look so easy. If you do not keep it safe, you'd lose it to hackers. I still do not think that anyone should have all their retirement funds in bitcoin which is still in a highly volatile market and anything can happen at any time. Before one considers this option speak with a financial advisor.

mv1986

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Quote from: Darker45 on May 18, 2023, 09:05:48 PM

No doubt, Bitcoin is a great retirement option. But it isn't really hassle-free. It isn't actually 100% smooth and convenient all the time as you may want to portray it. It has its own share of hassles so to speak.

Bitcoin isn't really just inside your pocket and you don't need to do anything to use it. You will probably have to convert some, so you still have to deal with the banks and other third parties. There might still be delays and other glitches.

Bitcoin is also not an anytime money. Its volatility means there are good and bad times to transact.

As to possible threats and harm, you're actually not free from them just because you use Bitcoin.

My point is that while Bitcoin indeed makes our life better, it doesn't actually make it ideal.

I think it is important to define the timeframes and the needs or financial possibilities someone expects a Bitcoin-based retirement to provide. The timeframe is extremely important. Is OP implying that they want to replace their retirement from the government 1:1 with long-term savings in Bitcoin? If yes, when is this retirement plan supposed to kick in?

While I am firm believer in the long-term success of Bitcoin, I would still not recommending putting 100% of your savings into Bitcoin. It is still a technology with strong potential to threaten the legacy financial system. There are a couple of uncertainties that might pose some threat to short-term availability and usability for Bitcoin. I think a healthy mix is the way to go.

The volatility should probably only be an issue in the short-term, but assuming that someone starts putting monthly savings into Bitcoin for a very long period of time as a preparation for a solid retirement plan, volatility is probably going to be cancelled out mostly. It doesn't really matter whether something is volatile when it follows an upwards trend in the long run.

teosanru

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Quote from: FiveG on May 18, 2023, 08:07:51 PM

Think of when you're aged enough, and you've enough bitcoin investment, with your small or big family no time to wait for government to pay retirement benefits. At this aged point so many things plays in your minds but no much strength to carry out any physical activities or you're ready to relocate to your village or where you build house. If you've built a good investment relationship with bitcoin then bitcoin has the following retirement benefits preferred to government or company rights:

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

But just a different perspective isn't even equity stocks the very same thing for anyone? I get that a retirement KRA does have complications but equity is still your liquid money so it's pretty same for that as well i feel. Also bitcoin does have a waiting season, what if the market is bad at this time? You'll never be able to withdraw your earnings in this time.

_BlackStar

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Quote from: Litzki1990 on May 19, 2023, 01:37:47 PM

You are absolutely correct in the way you think about Bitcoin. After retirement, there is usually a lot of harassment to get the retirement money in your account. You have to apply at different places for this one-time amount. And when that money is found in hand after a lot of harassment, it is seen that there are many arguments about that money, many family members are demanding a share of that money and the person has to face various other problems. If the person has Bitcoin investments then the person retiring will not have to suffer all these harassments. So everyone should invest in Bitcoin regardless of age.

Bitcoin is one option worth considering, but several other investments are also options.
I haven't thought about how these bitcoin will be useful to my kids in 10 or 20 years. But I will try to absorb more of the possibilities of building a business of my current bitcoin profits so they are of use to them in the future.

I hope you understand what I mean, it means you can prepare for your retirement with any investment instead of just bitcoin. After all, when you are planning a long term investment especially as your investment in your retirement, then think about inheritance.

Litzki1990

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You are absolutely correct in the way you think about Bitcoin. After retirement, there is usually a lot of harassment to get the retirement money in your account. You have to apply at different places for this one-time amount. And when that money is found in hand after a lot of harassment, it is seen that there are many arguments about that money, many family members are demanding a share of that money and the person has to face various other problems. If the person has Bitcoin investments then the person retiring will not have to suffer all these harassments. So everyone should invest in Bitcoin regardless of age.

Bitcoin_people

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There are pros and cons to using Bitcoin. For example those who invested when the Bitcoin market reached its peak must have lost a lot of money now. Investing when the Bitcoin market is in an investing position is sure to have a bright future. However, it should be noted that the price of Bitcoin is always volatile in the market, so there is a possibility of risk. I think when a person has free time investing in Bitcoin can make his future better. But it is better to invest when the market is dumping. of course investing requires good skills and patience first. Investing in bitcoins can lead to profit and loss but one has to be careful about it and try to hold it for a long time with confidence.

tabas

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How many have already decided to make Bitcoin as their retirement plan? Answer: too many. All of those factors you've said are good and someone can easily sell Bitcoin at anytime an individual wishes to do it. There's no intervention from any third party and the retiree can get his money anytime that he can no matter what is the situation of the market. While many can't take a whole bitcoin as a savings, don't think about that but make sure you're able to save as much as you can and that's the plan for your retirement money. We may not be as wealthy as the others but we're wiser than them who doesn't think this way. A smart person will still have his benefit at the end as we grow older and we'll enjoy it through our retirement.

Ultegra134

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Quote from: aoluain on May 19, 2023, 07:16:28 AM

Quote from: mk4 on May 18, 2023, 11:15:26 PM

This can mostly apply to almost any other investment that you think will appreciate — it's not really exclusive to bitcoin alone. But I get your point.

There is one point the OP mentioned which is _almost exclusive to Bitcoin and really
counts on its decentralised nature and that is the transfer of it from one person to
another without the receiver having to incur taxes.

Quote from: FiveG on May 18, 2023, 08:07:51 PM

5. When you WILLS or share your bitcoin to your children nobody will hear it

In my country inheritance over €16,000 can be taxed at 33%, the transfer or inheritance
of Bitcoin sidesteps this tax.

Bitcoin and investing are both great, but what the OP claimed isn't entirely true. Bitcoin is far from a retirement fund, unless you bought it from 2011 to 2016, which is quite unlikely. Apart from that, even if we suppose that you'd like to withdraw your coins, they'd have to go through an exchange, and if we're talking about a large amount of money, it may not be that simple. So yes, while you have 100% access to your money, exchanging it into fiat and withdrawing it isn't an option readily available. And the most important of all, you're not guaranteed to make money. I've been here since 2014 and have managed to earn a decent sum of money, but it's unlikely that it would ever be enough to retire even if Bitcoin's value exploded.

ajiz138

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Maybe many people will agree with bitcoin as a retirement fund that they have invested in since they were young because of course it has benefits that are easier to control themselves than relying on government pension funds, of course there are some requirements that are too complicated and that's what many hate because it won't be that easy.

Bitcoin won't be in the bag forever with prices continuing to rise, but think about how bitcoin crashes because it has high volatility so we can't prevent it, not to mention that it causes other factors that affect the value of bitcoin to fall, so if you only rely on bitcoin then it's not will be able to except having a lot of bitcoin in the wallet maybe we will cover all the needs of his old days.

Keep diversifying while you can take advantage of bitcoin from now on and buy some properties that you think the price will go up, the rest you can use bitcoin as a reserve asset or both funds.

SOKO-DEKE

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Investing in bitcoin at right time when someone is still in service is very good option which can come with a great benefits in future after retirement.

A person who invests in Bitcoin and is patient enough to hold onto it for a long time would undoubtedly make a good return from their investment, according to the limited knowledge I have with the cryptocurrency sector, particularly with regard to Bitcoin.it will be good opportunity for a civil servant to start investing in bitcoin using the DCA technique is the ideal way to plan for the future after retirement. This will likely be far more beneficial for them in the long run than serving the money in bank accounts that will likely to lose value due to inflation.

Eternad

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Quote from: FiveG on May 18, 2023, 08:07:51 PM

7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

The rest of list shows the convenience of Bitcoin over fiat services since it’s decentralized and you full control to your finance.

This benefits can only go wrong in to disaster if ever the price of Bitcoin collapse by the time you want to retired. Sometimes timing and destiny is too cruel on us. It will hit as a bad timing such as market crash on times that we need it the most. Bitcoin retirement benefits is like a double edge sword. It can give you 3 way result.

*More money than you save
*Same amount of your savings
*Less amount than what you save

There’s always a time that Bitcoin erased the previous profit in a cycle. Still this is a good plan judging by the overalls chart of Bitcoin which is continuously increasing for more than a decade. Finger crossed that this huge parabolic curve will not gonna end badly.

Oasisman

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As always, Bitcoin provides us with convenience that the traditional process gives us a hard time every time we process to claim our money. I'm not sure with other countries, but I think usually when we are processing to get our money back it most certainly takes a a day or two before your claim is completed. Especially with retirement benefits, that could take several weeks before the actual benefit disbursement takes place here in my country. So, yeah not only does bitcoin is protecting our money with inflation but it will also save us some hassle in the future.

serjent05

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It will only be great and beneficial if Bitcoin keeps on up-trending. What if in the middle of the waiting process, Bitcoin suddenly collapses? Would you still consider it beneficial? There is always a risk in the process. It is good to look at Bitcoin in an optimistic way but we should never set-asides risks and possibilities that can happen in the future. We should always think about the other side of the coin. Weigh them and come out with a more balanced approach that will not jeopardize our retirement fund.

I think it is always best to balance things. While we are into Bitcoin investment, we should also diversify and not put all our eggs in one basket.

thecodebear

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Yes. I retired in my 30's a few years ago thank to Bitcoin. While of course I can't directly spend my Bitcoin yet, it is allowing my wealth to grow rapidly every four years in retirement, I don't have to try to pick stocks or anything like that, I don't have to worry about bank collapses with my money in it, and if I were say to go live in another country it goes with me with gatekeepers. Of course it will be much more convenient once I can actually spend Bitcoin readily and I can just have a LN wallet ready to spend anywhere I am. But in terms of wealth growth and safety it is great and the only reason I was able to retire so early.

paid2

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Quote from: FiveG on May 18, 2023, 08:07:51 PM

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

I agree with your idea, I am building myself my retirement savings plan in BTC month after month and I believe deeply in the potential of BTC in the very long term.

I agree with almost all of the points you made, but we shouldn't focus solely on the positive aspects of BTC for a retirement plan.
It is true that no one will know about a potential inheritance, it is true that the documents and paperwork required to justify a pension are exhausting. But BTC also has potential disadvantages for a pension plan, such as:

- in some countries it may be extremely taxed, and if you can't pay things directly in BTC, the taxes can be painful
- PoW coins could be banned because of stupid pro-environmental / ecological laws (like what is coming with the MiCA law in the EU)
- even if I am confident about the very long term, the value of BTC fluctuates and this could cause problems and unforeseen events at unpredictable moments

But as said, I am globally as convinced as you are of the advantages of Bitcoin for the construction of a savings plan for my old age, I just think that it is necessary to remain objective on the qualities and drawbacks of such a plan

qwertyup23

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Quote from: retreat on May 18, 2023, 09:48:04 PM

Bitcoin is the best choice as a retirement fund because it can give us the opportunity to get high profits in the future, therefore saving Bitcoin from an early age is very good. But some say that "don't put all your investments in one basket" and you definitely know what that is, when you put all your investments in one basket the risk of you losing your investment is quite high, therefore we also need to diversify our investments and not put everything in one basket.

If we are going to base the trend of the price of BTC in its price history index, we will see that the price does increase annually. Though there are some instances where its price skyrockets and falls at the same time, the trend is that every time a fork happens, the price increases.

Rather than saving it as a retirement savings, use it as an investment where you maximize its potential by cashing-out when your investments mature. In other words, if your initial investment already profited, then at least 50% of it should be withdrawn and the remaining 50% for re-investment purposes.

Personally, I would maximize the potential of BTC by using it both as an investment and a retirement fund for HODLing purposes.

KiaKia

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I don't need to advice you to always have at least some Fiat stores in your bank, having some Fiat in your bank won't stop you from holing your Bitcoin for a long period of time but it's because of emergencies that's why it's not a good plan to put all your money in Bitcoin, there will always be volatility moment in the future of Bitcoin, so to tale profits sometimes will feel wrong because you will be selling your coins for more sats at lesser value, if you understand what I mean.

I also want to be a long term Bitcoin holder and possibly plan my retirement with crypto but we can't push Fiat away as if it's not useful at all, remember that to get what we all desire for we still need Fiat because not all businesses accept Bitcoin or any crypto.

Aanuoluwatofunmi

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Quote from: FiveG on May 18, 2023, 08:07:51 PM

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

The overall idea here is that you become fully independent with bitcoin, you also have control over your finance and be the pension board four yourself if you have your bitcoin well secured in your personal wallet and maintain the keys private with you, freedom is the first right of what we should always fight for especially when it comes to the matters of things that belongs to us, that's our legitimate right.

Awaklara

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Quote from: FiveG on May 18, 2023, 08:07:51 PM

By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

One of the obstacles you will receive from your thinking is the market. you know the market for Bitcoin has a very volatile value. if you have a good old days plan but when you want to cash out your Bitcoins in fiat to fulfill your plan but not according to market conditions. then you are at the wrong time. That's because no one really knows the fate of your long-term investment. although I'm sure Bitcoin will be great for the future, but every moment sometimes forces us to sell Bitcoin at prices we don't plan.

demonica

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It's good if you started investing in Bitcoin at an early age and if you can maintain it for a long time cause after years or decades, its value could increase way more than the amount you invested. But I would say, it's also good to have an early retirement in Bitcoin investment so you can still have the strength to enjoy your life and do what you want with the profits you gained from your Bitcoin investment. Also, you should retire early when you're still capable of handling your own Bitcoin investment, rather than letting others to do it for you (unless you're planning to give it as an inheritance to your family).

It's way faster and easier to use your Bitcoin investment when you're planning to withdraw it for your retirement rather than going to banks and getting a lot of requirements before you can withdraw your own money.

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