Yeah, The Greece crisis does reveal some scary situations that could happen with fiat.
Banks limiting the withdrawal limits for your own money or closing so you can't even access your money is ridiculous. At least with Bitcoin, you control your money and don't have to worry about that.
That being said, I am still not ready to drop fiat right now so I will still keep savings in fiat at the time being.
Topic: Do you still keep a fiat retirement account? - page 7. (Read 6211 times)
The first thing that comes to mind, when you discuss this... should be the recent Greece financial crisis. What was the first thing they did, when it looked like the shit was going to
hit the fan? {They closed the banks, and limited the withdrawal limits at the ATM's} This should be a warning to everyone who thinks fiat is a sound investment. They also messed
around with the pension benefits. {Government pension funds} I would rather keep a percentage of my savings in something I control, and take away the control someone else has
over my future. Who can ever forget this image :
http://www.businesstimes.com.sg/sites/default/files/styles/large_popup/public/image/2015/07/04/giorgos407.jpg?itok=i6rUj58I
hit the fan? {They closed the banks, and limited the withdrawal limits at the ATM's} This should be a warning to everyone who thinks fiat is a sound investment. They also messed
around with the pension benefits. {Government pension funds} I would rather keep a percentage of my savings in something I control, and take away the control someone else has
over my future. Who can ever forget this image :
http://www.businesstimes.com.sg/sites/default/files/styles/large_popup/public/image/2015/07/04/giorgos407.jpg?itok=i6rUj58I
Bitcoins are a currency which can be used anywhere, anytime by anyone. They can be used for buying, selling, making transactions for anything. But, Bitcoins are still not accepted by many physical goods shops and fiat cash is the only option too when it comes for emergency case.so I have a fiat account still for a day when bitcoins May not work. I hope that day doesn't come soon.
Yes sir, that is how credit works. It creates a need for currency which doesn't exist, and as such we have inflation.
Very interesting and, unfortunately, completely true. We've never seen prices going down but always UP!
If you are a true believer that be dollar and other fiats are doomed should you then cash out your fiat retirement account for btc, metals or real estate?
I have a Roth IRA with some money in it and I am debating on if I should liquidate that or keep contributing to it for the next 30 years.
I have a Roth IRA with some money in it and I am debating on if I should liquidate that or keep contributing to it for the next 30 years.
the main thing to ask yourself..
in the 1980's you could buy a loaf of bread for 50c.. today it's $2
in the 1980's you could buy gallon of gasoline for $1.20c.. today it's $4~
ref: http://www.thepeoplehistory.com/70yearsofpricechange.html
so $2.00 thirty years ago would have bought you, 4 loaves of bread.. today.. just 1..
imagine what your money today will buy you in 2045..
quarter of a loaf?, just one slice?
so is storing $260,000 today worth it.. when you would only get about $65k of todays buying power.
now if you think that is scary, research the zimbabwe dollar.. and you will see the worst case scenario
(1980) 500 ZWD bought 3 loaves of bread
(2007) 30000ZWD bought 1 loaf of bread
people think that instead of just storing funds for retirement is bad and thus they put them into investment funds.. letting some stranger
in wallstreet trade your funds in the hope of atleast 5% yearly profit.. to keep ahead of inflation.. but the problem isnt that $260k might still be $260k in
30 years.. it might actually be $0.. as there is risks you can lose the lot..
and thus
its better to put atleast some of those funds into deflationary investments.. bitcoin, gold, real estate, etc.. to protect you against inflation..
Very interesting and, unfortunately, completely true. We've never seen prices going down but always UP!
The last thing I underlined is the most important one: better start considering how to wisely invest our funds into thos kind of investments.
No retirement account for me, but not because I don't believe in Fiat but because I don't believe that governments will be paying out retirements.
I do have savings accounts and personal insurance accounts that replace these retirement accounts.
I don't believe that whole Fiat system will ever dissappear. Humanity will cease to exist before governments would give their control over money.
I do have savings accounts and personal insurance accounts that replace these retirement accounts.
I don't believe that whole Fiat system will ever dissappear. Humanity will cease to exist before governments would give their control over money.
no because i didn't have fiat to begin it, all with bitcoin at the moment, all started from bitcoin
bitcoin really saved me, from a poor condition, to an accetable one, not going to convert anything, i want to use bitcoin directly, so i can save more on fee and earn more from the price increasing
bitcoin really saved me, from a poor condition, to an accetable one, not going to convert anything, i want to use bitcoin directly, so i can save more on fee and earn more from the price increasing
Retirement accounts mean different things in different countries. In some places you are forced by the government to have one and you only can only start withdrawing at a certain age. In places like the US, they are optional but you get certain tax benefits and protection from bankruptcy or divorce courts, among other things. Sometimes you get employer matching for every dollar you contribute to an account, such as in a 401k account.
I actively self-manage my IRA accounts and am doing pretty well, so I don't see the need for cashing out everything and going to BTC.
However, there is always talk about the possibility of the US government confiscating retirement accounts to pay down their debts, just like what they did with Social Security. It is not something that they can easily do as they need to pass a lot of unpopular legislation, but it is something you should watch out for.
I actively self-manage my IRA accounts and am doing pretty well, so I don't see the need for cashing out everything and going to BTC.
However, there is always talk about the possibility of the US government confiscating retirement accounts to pay down their debts, just like what they did with Social Security. It is not something that they can easily do as they need to pass a lot of unpopular legislation, but it is something you should watch out for.
Thats one of my main concerns, along with a financial or stock market meltdown. Im kind of torn right now what to do, I could keep funding the Roth IRA as a backup plan to other investments but it is $5500 a year that could go elsewhere.
Retirement accounts mean different things in different countries. In some places you are forced by the government to have one and you only can only start withdrawing at a certain age. In places like the US, they are optional but you get certain tax benefits and protection from bankruptcy or divorce courts, among other things. Sometimes you get employer matching for every dollar you contribute to an account, such as in a 401k account.
I actively self-manage my IRA accounts and am doing pretty well, so I don't see the need for cashing out everything and going to BTC.
However, there is always talk about the possibility of the US government confiscating retirement accounts to pay down their debts, just like what they did with Social Security. It is not something that they can easily do as they need to pass a lot of unpopular legislation, but it is something you should watch out for.
I actively self-manage my IRA accounts and am doing pretty well, so I don't see the need for cashing out everything and going to BTC.
However, there is always talk about the possibility of the US government confiscating retirement accounts to pay down their debts, just like what they did with Social Security. It is not something that they can easily do as they need to pass a lot of unpopular legislation, but it is something you should watch out for.
I also don't believe fiat is doomed - there is simply too much reliance on it for it to disappear anytime soon. I personally don't have a retirement account though I have only begun to think about it recently. I now think it's important to plan for the future, but this hasn't always been my mindset. The positives to having some types of savings plans is that they allow for some ways of by-passing taxes (at least temporarily).
most of my money is in fiat... I personally don't believe fiat will ever dissapear, so i only keep a very little bit of money in bitcoins atm.
I keep most of my retirement fund in fiat in a savings account. This is because I just want to leave it without worrying about it. I don't know where Bitcoin is going to be in the distant future and I would rather have my fiat in a bank collecting interest. Bitcoin may be good at the moment, but you can't predict what is going to happen to it. That is why I keep a small amount of my savings in Bitcoin, I am hoping to cash this out in around 5-10 years and make good profit.
yes i keep it all in fiat
not yet that faithful in btc but i keep some saving in it
not yet that faithful in btc but i keep some saving in it
from where I am, you can't just cashout all the fiat in your retirement account as there isn't full overall access which put limits on it on a monthly basis but even if I could, I wouldn't do it... I believe strongly in BTCitcoin like everyone else here but it's not wise to invest all your money in one place so if you want to change all of it to BTCitcoin, you better think twice also if you want to use it for real estate, it would be good to not use all of it, try to leave some fiat in your account for future purposes
I will never forget the story my father told me about the neighbor's son. He said the neighbor's son < A investment banker > went to his father and asked him, how much money he would figure would be enough to retire early.
The father looked at his son and said, "Son, at the rate you guys are fucking up the financial system, you would have to work until you die."
I have no trust in the fiat system and are currently buying real estate and physical assets I can sell, with the highest value and the lowest depreciating value. I speculate and trade with other options, just to fund the investments I mentioned above.
I also have a little bitcoins, just in case this thing goes to the moon. I increase the hoard, when the price is low.
The father looked at his son and said, "Son, at the rate you guys are fucking up the financial system, you would have to work until you die."
I have no trust in the fiat system and are currently buying real estate and physical assets I can sell, with the highest value and the lowest depreciating value. I speculate and trade with other options, just to fund the investments I mentioned above.
I also have a little bitcoins, just in case this thing goes to the moon. I increase the hoard, when the price is low.
My retirement account I dont want to touch it I just keep it in my investment for my future. And I always have my fiat of my emergency fund in case of emergency I have fiat to use and no need to touch my retirement fund.
If you are a true believer that be dollar and other fiats are doomed should you then cash out your fiat retirement account for btc, metals or real estate?
I have a Roth IRA with some money in it and I am debating on if I should liquidate that or keep contributing to it for the next 30 years.
I have a Roth IRA with some money in it and I am debating on if I should liquidate that or keep contributing to it for the next 30 years.
the main thing to ask yourself..
in the 1980's you could buy a loaf of bread for 50c.. today it's $2
in the 1980's you could buy gallon of gasoline for $1.20c.. today it's $4~
ref: http://www.thepeoplehistory.com/70yearsofpricechange.html
so $2.00 thirty years ago would have bought you, 4 loaves of bread.. today.. just 1..
imagine what your money today will buy you in 2045..
quarter of a loaf?, just one slice?
so is storing $260,000 today worth it.. when you would only get about $65k of todays buying power.
now if you think that is scary, research the zimbabwe dollar.. and you will see the worst case scenario
(1980) 500 ZWD bought 3 loaves of bread
(2007) 30000ZWD bought 1 loaf of bread
people think that instead of just storing funds for retirement is bad and thus they put them into investment funds.. letting some stranger
in wallstreet trade your funds in the hope of atleast 5% yearly profit.. to keep ahead of inflation.. but the problem isnt that $260k might still be $260k in
30 years.. it might actually be $0.. as there is risks you can lose the lot..
and thus
its better to put atleast some of those funds into deflationary investments.. bitcoin, gold, real estate, etc.. to protect you against inflation..
I am 30. That was based on 30 years from now at 7% with 10k already in there. My main concern is a financial crisis or some sort of bail in, I just dont feel secure having it all tied up in the stock market. Also by the time I am ready to cash out the dollar will be massively devalued from what it is today.
I absolutely keep a retirement account. It scares the hell out of me when you hear facts like 60% of American's don't even have $1000 saved, much less a retirement account. My employer makes contributions into it as well, so why wouldn't I have one? Assuming bitcoin continues to take off, I would hope that my fund managers would invest in bitcoin and I could reap the rewards, and if it fails, then I have my retirement money to fall back on.
Currently at the age of 26, I am estimating needing close to 6 to 7 million to retire properly at age 65. Long way to go, but that's why you start it now, so you have time to let it compound. Also that's minimum, I would eventually like to buy a condo in Hawaii and Myrtle Beach. That is an extra 2.5M and 500k respectively. That seems like a large amount of money, but I plan to be a millionaire by the time I am 40 by continuously maxing out my Roth IRA contributions and then pouring the excess into my 401K. If you can learn to live without needing that money, it is really easy to save and you never even know its not getting paid to you.
Currently at the age of 26, I am estimating needing close to 6 to 7 million to retire properly at age 65. Long way to go, but that's why you start it now, so you have time to let it compound. Also that's minimum, I would eventually like to buy a condo in Hawaii and Myrtle Beach. That is an extra 2.5M and 500k respectively. That seems like a large amount of money, but I plan to be a millionaire by the time I am 40 by continuously maxing out my Roth IRA contributions and then pouring the excess into my 401K. If you can learn to live without needing that money, it is really easy to save and you never even know its not getting paid to you.
My Roth if maxed out from now till Im 60 would only get my $650k. I would rather use the money to buy real estate. I guess your plan is to just do it all? I kind of like that, guess I could keep my Roth as a supplemental plan to my overall wealth building strategy. Just wondering if the $5500 a year would be better off elsewhere.
You must be around 37 to 38 then? I thought about that and it seemed off, but that makes sense if your older. Just 5500 a year with 8% interest puts me at 1.6M at 65. Not a bad start. I don't have time to manage real estate unfortunately. I also don't have the skills to do regular maintenance unfortunately as well. I would love to own real estate and rent out units, but I just don't have the necessary skills to maintain the units.
I absolutely keep a retirement account. It scares the hell out of me when you hear facts like 60% of American's don't even have $1000 saved, much less a retirement account. My employer makes contributions into it as well, so why wouldn't I have one? Assuming bitcoin continues to take off, I would hope that my fund managers would invest in bitcoin and I could reap the rewards, and if it fails, then I have my retirement money to fall back on.
Currently at the age of 26, I am estimating needing close to 6 to 7 million to retire properly at age 65. Long way to go, but that's why you start it now, so you have time to let it compound. Also that's minimum, I would eventually like to buy a condo in Hawaii and Myrtle Beach. That is an extra 2.5M and 500k respectively. That seems like a large amount of money, but I plan to be a millionaire by the time I am 40 by continuously maxing out my Roth IRA contributions and then pouring the excess into my 401K. If you can learn to live without needing that money, it is really easy to save and you never even know its not getting paid to you.
Currently at the age of 26, I am estimating needing close to 6 to 7 million to retire properly at age 65. Long way to go, but that's why you start it now, so you have time to let it compound. Also that's minimum, I would eventually like to buy a condo in Hawaii and Myrtle Beach. That is an extra 2.5M and 500k respectively. That seems like a large amount of money, but I plan to be a millionaire by the time I am 40 by continuously maxing out my Roth IRA contributions and then pouring the excess into my 401K. If you can learn to live without needing that money, it is really easy to save and you never even know its not getting paid to you.
My Roth if maxed out from now till Im 60 would only get my $650k. I would rather use the money to buy real estate. I guess your plan is to just do it all? I kind of like that, guess I could keep my Roth as a supplemental plan to my overall wealth building strategy. Just wondering if the $5500 a year would be better off elsewhere.
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