If you’ve been searching for viable investment opportunities, in order to save for your retirement, you may have come across the term Bitcoin IRA. If you’re unsure of what Bitcoin IRA is and how it can help you save for your retirement, simply continue reading to discover everything you need to know about Bitcoin IRA!
What is Bitcoin Ira?
Chances are that you’ve heard of Bitcoin, the world’s most popular cryptocurrency or digital currency, which has taken the world by storm. If you’re interested in the idea of investing in Bitcoin and having a chance to double your investment, as thousands of investors already have, it’s definitely worth investing in Bitcoin.
If you’re seriously interested, there is a special retirement account, which you can choose to place your Bitcoins in called a Bitcoin IRA account. If you’re unfamiliar with the term IRA it’s an acronym which stands for individual retirement account.
Why consider investing in a Bitcoin IRA account?
You may be wondering what the advantages of investing in a Bitcoin IRA account are over choosing to purchase Bitcoin, without an IRA account.
1. Your money will stretch much further if you choose to purchase Bitcoin specifically for an IRA account
If you choose to purchase bitcoin the traditional way, you’ll have to pay tax on each of your investments. However, if you purchase Bitcoin for an IRA account, you won’t have to pay any tax on your investments. Which may mean that you’ll be able to purchase more Bitcoins than you originally imagined.
When it comes to reaching your retirement, every Bitcoin or share of a Bitcoin which you own will help you enjoy a greater quality of life, so it’s well worth purchasing as many Bitcoins as possible!
2. You won’t have to pay any taxes on any dividends which your investment makes until you make a withdrawal from your IRA account
Not only can you avoid paying tax on the purchase of Bitcoin, if you choose to open an IRA account but you’ll also avoid paying tax on any dividends you may receive until you make a withdrawal from your IRA account!
Is opening a Bitcoin IRA account, the right choice for your individual circumstances?
If you’re not interested in investing for your retirement, it’s not worth opening a Bitcoin IRA account as you’ll be penalized for making withdrawals from your account ahead of your retirement. However, if your primary objective in purchasing Bitcoin is to save for your retirement or you’re in you’re already in your fifties, it’s well worth signing up for a Bitcoin IRA account!
Can you make withdrawals from your Bitcoin account before you turn 59 and a half?
Generally speaking, no. However, you may be able to request a one-off withdrawal from your Bitcoin IRA account if you plan on enrolling in college or purchasing your first home. Just be mindful that if you try to make a second penalty-free withdrawal you will get your request denied.
So if you believe opening up an IRA Bitcoin account is the right choice, it’s well worth getting in touch with an experienced Bitcoin IRA specialist for more information!