Would You Consider Adding Bitcoin to Your Retirement Savings - page 8.

tiCeR

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Quote from: Strongkored on March 02, 2023, 12:44:37 AM

Quote from: Davidvictorson on February 27, 2023, 10:28:49 AM

Also, do you think that accepting bitcoin into your retirement savings account is a form of the DCA method?

Yes that's like DCA
It would be great if I could have a retirement saving in crypto like Bitcoin, but I would prefer to keep it myself, not in a government-appointed institution because I feel safer seeing our savings in my personal wallet so I can keep monitoring that it's still safe and by remaining in our personal wallet we can determine for ourselves whether to keep it or exchange it for other types of investments that can also provide passive income when we retire.

This is a very important point you raised here. Nobody would actually be in their right mind if they create a retirement plan with Bitcoin and deposit those funds into a government controlled centralized institution. That is really against the whole point of Bitcoin.

If these retirement plans actually ever exist, there should be some coding mechanism that you can prove with to the government that you can't touch the wallet up to a certain point in time, or if you do any tax benefits or top ups granted from the government will be deducted again calculated according to a certain predefined table.

I don't know exactly what the perfect solution could look like, but depositing Bitcoin into a government controlled custodial wallet for decades would make me nervous.

mvdheuvel1983

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I like the point of view however I think that instead of saving some percentage of my retirement in Bitcoin why not start now to create an account where I just keep saving Bitcoin.
It wouldn't matter if it is for retirement sake or for a house or for a car or four my child. Or just go on putting some percentage of my income in Bitcoin for as long as possible. And then eventually when I retire or if I retire I would have already saved up a good chunk of money in Bitcoin.

Uruhara

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I have thought about this over and over. even though I'm still young. but I already have a plan with savings for the future including retirement funds in it. I'm thinking of Bitcoin to put in it i.e. I'm going to collect it from now on and I'll keep it for the very long term. which I prepare for retirement funds later. The DCA method is also a method that I recently learned about. and I'm implementing it.
But the funds that I use for bitcoin investment are not too much. I bought it with small funds. so that I am ready with all the risks that I take.

Doan9269

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If you're looking for an advanced means of securing the future in a more reliable way than the usual retirement savings plan then bitcoin is a good recommendation to go for because it helps the future looks bright with your investment in it, it also help it appreciate with time and you will enjoy the advantage under a decentralized network than the pension which is institutionized by a central authority, no risk or fear with your investment in bitcoin and yet you have a private life with your freedom on when to take your money or spend it than waiting on pension board to give you access.

ethereumhunter

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Quote from: MusaPk on March 01, 2023, 11:29:48 PM

Quote from: SquallLeonhart on February 28, 2023, 01:49:50 PM

401k is American anyway, and I am not American so I wouldn't be able to do that neither, however I agree with you, I have bitcoin saved aside for my future as well and I think it will be for retirement. People are acting as if it is doing pretty terrible at the moment because it is down, but when you consider that you are going to hold it until you retire, then suddenly these few years do not matter.

It could become under 20k or over 30k tomorrow and it would not change anything for me considering I am investing for retirement. Having a retirement fund in itself is a luxury these days, so many people are living poorly that they don't even have any retirement fund.

There are alternatives to 401k in almost every country. If you are doing a government job, then some fixed amount is deducted monthly from your salary and on retirement you will be given back that amount with some profit. That's how traditional model is working at the moment.

But the way economies and Fiat are collapsing it won't be worth to rely on fiat based retirement plan. If I would be given a chance to invest in bitcoin based retirement plan then I will invest 40% in bitcoin and rest in fiat.

You can use 40% to invest in bitcoin but other people, they will use a different percentage from you because each person will not have the same needs in life. Before investing in any field, you must calculate all your monthly expenses so you will know how much money you still have and can start investing.

But it could be that the plan works for some people who don't want to bother when they have to buy and invest their money in bitcoins because someone has set it up automatically. And when the time comes, they can receive the bitcoin and sell it according to their wishes or they will keep holding it until the price can be at the peak price, then they sell it.

Faisal2202

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Quote from: Davidvictorson on February 27, 2023, 10:28:49 AM

As a bitcoin supporter, would you consider adding bitcoin to your retirement savings, or do you prefer the traditional 401(K) or IRA? If yes, to what degree? 100%, 75 %, 50%? Also, do you think that accepting bitcoin into your retirement savings account is a form of the DCA method?

Answers to your queries are very simple. Most of the Millennials are in the zone of Retirement and they are the one, who have seen everything (if they gave importance to technology) they must have seen the launching of btc from zero to hero. If yes, then they had seen everything.

If not, they still have backward mindset (no offense) recognizing the importance of crypto is in itself a big riddle some people assume it good in the shadow of others or vice versa.

Above graph is a survey's result by Morning Consult, You can check the percentage of Millennials interested in holding and selling and owning the crypto. This might give you an idea what Millenials would choose.

Now come to Gen-z like me, if i had a job and i can add crypto to my retirement savings by 401(k) retirement accounts. Then i must say yes, that will be a good option for me. How? I have seen the adoption of blockchain, web3, nfts, crypto tokens smart contract and most of the all Meta and this is just beginning. In future these technologies will rule the traditional ones. So i am bullish towards crypto use cases. And willing to chose crypto as my retirement plan.

But i would prefer to know somethings before like

As 401(k) retirement accounts, has tax relaxtion mechanism. Does it mean when in retirement i will withdraw my 1 to 5 btc i have to pay no or less tax. As the tax for withdrawing 1 to 5 btc in USA is around (lets say for long term is around 0% to 20%)

Strongkored

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Quote from: Davidvictorson on February 27, 2023, 10:28:49 AM

Also, do you think that accepting bitcoin into your retirement savings account is a form of the DCA method?

Yes that's like DCA
It would be great if I could have a retirement saving in crypto like Bitcoin, but I would prefer to keep it myself, not in a government-appointed institution because I feel safer seeing our savings in my personal wallet so I can keep monitoring that it's still safe and by remaining in our personal wallet we can determine for ourselves whether to keep it or exchange it for other types of investments that can also provide passive income when we retire.

MusaPk

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Quote from: SquallLeonhart on February 28, 2023, 01:49:50 PM

401k is American anyway, and I am not American so I wouldn't be able to do that neither, however I agree with you, I have bitcoin saved aside for my future as well and I think it will be for retirement. People are acting as if it is doing pretty terrible at the moment because it is down, but when you consider that you are going to hold it until you retire, then suddenly these few years do not matter.

It could become under 20k or over 30k tomorrow and it would not change anything for me considering I am investing for retirement. Having a retirement fund in itself is a luxury these days, so many people are living poorly that they don't even have any retirement fund.

There are alternatives to 401k in almost every country. If you are doing a government job, then some fixed amount is deducted monthly from your salary and on retirement you will be given back that amount with some profit. That's how traditional model is working at the moment.

But the way economies and Fiat are collapsing it won't be worth to rely on fiat based retirement plan. If I would be given a chance to invest in bitcoin based retirement plan then I will invest 40% in bitcoin and rest in fiat.

Xcode7

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Quote from: bitzizzix on March 01, 2023, 10:01:45 PM

As long as I bought it using money I can afford to lose I think choosing bitcoin as retirement savings is a good thing to do although I don't know how bitcoin will be in the future. But back to my belief and if I believe in the future or in my old days that bitcoin will be more valuable and profitable, I think there is no problem as long as I don't use important money for my life needs.
and I have a steady job and always receive a salary every month and I also save every month for sudden needs without using bitcoin, and for bitcoin apart from the results of my signature campaign I also only buy a small portion of my salary. Even if I have extra money after I put other needs first and that is also not mandatory.
so i do bitcoins as a fad and hope that in future or in retirement i can guarantee it and i am sure of it.

that's very true, even though no one knows what the future of Bitcoin will be like but the belief that you have and also what is being done right now to save Bitcoin doesn't have a big impact on your finances then what you are doing is the right thing.
for those who have known Bitcoin for a long time of course that fear no longer exists, quite the opposite.

I have considered it for a long time and have decided to keep Bitcoin as my savings in the future and I prefer Bitcoin over gold or stocks, all that I do without any basis except my belief in Bitcoin in the future.

Davian144

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Quote from: erep on March 01, 2023, 04:16:11 PM

You are right, everyone has their own decision to determine the value of the investment but we have a normal limit to invest in bitcoin to avoid unpredictable bottoms, so I choose under 25% for bitcoin investment with long term DCA purchases so it's very it is not recommended to get all life savings for bitcoin investment because we will never know the future of crypto, we must also allocate savings for emergency needs in fiat because we have to have them when conditions are very urgent and efforts not to damage the bitcoin investment portfolio because we have reserve funds others for emergencies.

The point is that financial management in life must always be there because now money has to be placed into several different things so that it is no longer feasible to only put it in one place. Apart from having to invest and trade in order to have a velocity of money in life, we also have to save money as a reserve fund for life and for health funds so that it doesn't disrupt the investment portfolio like you said.

Some investments are still very worthy to choose from now and one of them is investment in Bitcoin because Bitcoin still shows better potential at the beginning of this month even though it is still seen moving in a zigzag manner, but the choice of investment is still very good because of the demand and supply this year still looks very strong in the market.

xSkylarx

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Quote from: Sanitough on March 01, 2023, 03:24:18 PM

Quote from: Frankolala on February 28, 2023, 02:25:43 PM

Yep,I will love to add bitcoin to my retirement savings but just 10%. It is total wrong to believe in bitcoin for your retirement savings because you can be disappointed at old age due to the volatile nature of bitcoin, because nobody knows tomorrow.

I would prefer the old tradition way for retirement savings. If you are working in a good company and you are been paid,it is good that you split the money and invest it in other valuable assets, so that you don't lay all your eggs in one basket, because it can bring regrets to you at old age. Saving in bitcoin is a good initiative but don't put all your hope in it.

Exactly my point too. You cannot risk all your hard-earned savings into bitcoin and solely rely on it for your retirement. The volatility is so high that once your expectations are not met, you may end up dying with regrets. However, putting 10%-15% of your fiat into bitcoin is not bad at all. It could mean a very huge profits by then once bitcoin reaches its peak price. But if bitcoin value fails in the end, I would say it’s not a loss either since you only invest on the amount you can afford to lose.

Just a portion of your retirement, not all of it, because the retirement should be spent for you to relax, but others used it to start businesses as they loved doing so, but having it all in Bitcoin is not that good because of the risk. We should always think about the risk side so that we are prepared for it. If ever I have a pension, when I retire, I will invest 30% of it and the rest will be spent to meet my needs.

bitzizzix

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As long as I bought it using money I can afford to lose I think choosing bitcoin as retirement savings is a good thing to do although I don't know how bitcoin will be in the future. But back to my belief and if I believe in the future or in my old days that bitcoin will be more valuable and profitable, I think there is no problem as long as I don't use important money for my life needs.
and I have a steady job and always receive a salary every month and I also save every month for sudden needs without using bitcoin, and for bitcoin apart from the results of my signature campaign I also only buy a small portion of my salary. Even if I have extra money after I put other needs first and that is also not mandatory.
so i do bitcoins as a fad and hope that in future or in retirement i can guarantee it and i am sure of it.

Darker45

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Bitcoin will, of course, always form part of my retirement savings. As a matter of fact, it's probably better this way rather than get into the most popular insurance packages here in my country. We have a government insurance system in place here. However, it is in deficit. There's no guarantee that it will still be able to pay its clients decades from now as its financial viability is under question. Simply said, it is poorly managed. Well, that's how it is with government agencies.

Furthermore, you can only enjoy it as soon as you reach 60 years old. I want to enjoy my savings long before my knees get weak and my interest to travel decreases. That's why Bitcoin is a must to my retirement savings. I want to retire early.

STT

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I did consider it maybe 2018 and didnt do it, as always I was busy considering many other things. Im already actively involved in BTC so the pension tends to be leave it alone type territory for fund placement and I was never that certain. Obviously now I wish I had as the obvious sentiment low was a good place to be more bullish then the average viewpoint would ever give credence. Presuming we're not deluded the active involvement of most people here gives us a clearer perspective then the majority peering into the goldfish bowl with warped views gifted by mainstream news etc.

tiCeR

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Quote from: Oshosondy on February 27, 2023, 10:38:08 AM

Quote from: Davidvictorson on February 27, 2023, 10:28:49 AM

As a bitcoin supporter, would you consider adding bitcoin to your retirement savings, or do you prefer the traditional 401(K) or IRA? If yes, to what degree? 100%, 75 %, 50%? Also, do you think that accepting bitcoin into your retirement savings account is a form of the DCA method?

I will consider bitcoin as part of my retire plan. If possible I can use the retirement plan for buying assets like bitcoin and gold, I will prefer that. I m not having the fiat mentality because fiat value will always get to reduce.

I am not a type that have to depend on anything like government or anything that have to do with retire plan because I work for myself. I prefer my savings for the future not to be in fiat, it is better if I have asset instead. During a massive bear market, it is another good sign that I should save in bitcoin.

I haven't heard of any country yet that allows for tax advantages or other benefits if you add Bitcoin to your long term retirement plan, but if Bitcoin adoption keeps growing and it also makes its way further into politics and legislation, that could accelerate its growth a lot. Some countries allow for stocks to be treated favorably as long as you add it to your retirement plan, but I fear that we are quite far away from Bitcoin getting such an approval. I wouldn't say it is impossible though, but rather a question of (quite some) time.

Oasisman

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Quote from: Davidvictorson on February 27, 2023, 10:28:49 AM

As a bitcoin supporter, would you consider adding bitcoin to your retirement savings, or do you prefer the traditional 401(K) or IRA? If yes, to what degree? 100%, 75 %, 50%? Also, do you think that accepting bitcoin into your retirement savings account is a form of the DCA method?

Adding it into your traditional IRA will ensure the security that you that you'll get your Bitcoin when you get to the retirement age. However, when you decide to withdraw your Bitcoin for the reason that you want to sell it because the price might get too enticing for you, you'll have to pay a certain percentage for the penalty of early withdrawals. So, that makes having your own personal Bitcoin wallet for retirement an advantage, because you dont need to pay penalties when you decide to sell it off before your turn 60 or decide to leave employment for the rest of your remaining life.

panganib999

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Quote from: Davidvictorson on February 27, 2023, 10:28:49 AM

I read this article last year and stumbled upon it again today. I find the article quite relevant in 2023, as bitcoin awareness spreads across the world. I feel there will be a positive correlation between its awareness and adoption. Supporters and believers in bitcoin would want to go the extra mile to show their belief in Satoshi's project. Let's talk about retirement. I have provided a snippet of the article below, along with some questions for discussion. I hope we can engage with it.

Quote

Some investors may soon be able to add cryptocurrencies to their 401(k) accounts. Fidelity Investments announced Tuesday it will begin allowing investors to put cryptocurrencies such as bitcoin in 401(k) retirement accounts, making it the first provider to do so. The offering will be available midyear for the 23,000 companies that use Fidelity for their retirement accounts. (Of course, your employer, as the plan sponsor, has to agree to it.) Some investors may be wondering if cryptocurrencies have a place in their retirement savings. Many financial advisors say it can be part of a well-balanced investment portfolio, and have noted that clients have already been adding it to their investments outside of employer-sponsored retirement savings.

As a bitcoin supporter, would you consider adding bitcoin to your retirement savings, or do you prefer the traditional 401(K) or IRA? If yes, to what degree? 100%, 75 %, 50%? Also, do you think that accepting bitcoin into your retirement savings account is a form of the DCA method?

I think when concerning retirement, the least of your worries is spending them all up before you die, and what you worry bout the most is counterintuitively, what if I lose all of this one day? If that even makes sense. But I digress, for me, as much as I love bitcoin and will continue supporting it, I don't think I will include it in my retirement plan. The risks are just too high to put at stake especially when you consider the fact that not only are you putting your money on the line, you're also putting the quality of your retirement days at stake, which is something that holds so much value especially when you get old and frail. That's just my personal opinion on the matter, and is only ever based on the current volatile nature of bitcoin, if it changes in the future, who knows? maybe I could go about investing a few of my savings there too!

erep

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Quote from: Mahanton on March 01, 2023, 03:58:31 PM

Always consider out risks and just like the rest been saying that it is really that risky on going all in of your life savings into something which doesnt really give out assurance.This is why you should really be that sensible when it comes into your actions because there's no such thing about sure profits or give out guarantees that it could really be ending up on positive for the rest of our lives.Always have that balanced approach
which if you do really want or like to invest or put up money on bitcoin then 10-15% would really be that considerable and beyond those numbers are already considered out
to be a risky type of decision but since its your money then it would really be depending on you.

You are right, everyone has their own decision to determine the value of the investment but we have a normal limit to invest in bitcoin to avoid unpredictable bottoms, so I choose under 25% for bitcoin investment with long term DCA purchases so it's very it is not recommended to get all life savings for bitcoin investment because we will never know the future of crypto, we must also allocate savings for emergency needs in fiat because we have to have them when conditions are very urgent and efforts not to damage the bitcoin investment portfolio because we have reserve funds others for emergencies.

Mahanton

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Quote from: Sanitough on March 01, 2023, 03:24:18 PM

Quote from: Frankolala on February 28, 2023, 02:25:43 PM

Yep,I will love to add bitcoin to my retirement savings but just 10%. It is total wrong to believe in bitcoin for your retirement savings because you can be disappointed at old age due to the volatile nature of bitcoin, because nobody knows tomorrow.

I would prefer the old tradition way for retirement savings. If you are working in a good company and you are been paid,it is good that you split the money and invest it in other valuable assets, so that you don't lay all your eggs in one basket, because it can bring regrets to you at old age. Saving in bitcoin is a good initiative but don't put all your hope in it.

Exactly my point too. You cannot risk all your hard-earned savings into bitcoin and solely rely on it for your retirement. The volatility is so high that once your expectations are not met, you may end up dying with regrets. However, putting 10%-15% of your fiat into bitcoin is not bad at all. It could mean a very huge profits by then once bitcoin reaches its peak price. But if bitcoin value fails in the end, I would say it’s not a loss either since you only invest on the amount you can afford to lose.

Always consider out risks and just like the rest been saying that it is really that risky on going all in of your life savings into something which doesnt really give out assurance.This is why you should really be that sensible when it comes into your actions because there's no such thing about sure profits or give out guarantees that it could really be ending up on positive for the rest of our lives.Always have that balanced approach
which if you do really want or like to invest or put up money on bitcoin then 10-15% would really be that considerable and beyond those numbers are already considered out
to be a risky type of decision but since its your money then it would really be depending on you.

Sanitough

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Quote from: Frankolala on February 28, 2023, 02:25:43 PM

Yep,I will love to add bitcoin to my retirement savings but just 10%. It is total wrong to believe in bitcoin for your retirement savings because you can be disappointed at old age due to the volatile nature of bitcoin, because nobody knows tomorrow.

I would prefer the old tradition way for retirement savings. If you are working in a good company and you are been paid,it is good that you split the money and invest it in other valuable assets, so that you don't lay all your eggs in one basket, because it can bring regrets to you at old age. Saving in bitcoin is a good initiative but don't put all your hope in it.

Exactly my point too. You cannot risk all your hard-earned savings into bitcoin and solely rely on it for your retirement. The volatility is so high that once your expectations are not met, you may end up dying with regrets. However, putting 10%-15% of your fiat into bitcoin is not bad at all. It could mean a very huge profits by then once bitcoin reaches its peak price. But if bitcoin value fails in the end, I would say it’s not a loss either since you only invest on the amount you can afford to lose.

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