Simplifying Hive Bookkeeping
About a week ago, Bitcoin IRA announced the launch of their Saver IRA product. With this, savers need a minimum of $100 to get their account set up with recurring monthly deposits from a checking or savings account. Savers can choose from BTC, ETH, XRP, LTC, Gold, or USD for allocations. They are waiving setup fees until the end of June. After that, savers can pause or cancel additional contributions without penalty.
This is a product worth considering given that it allows you to trade in crypto without tax implications. Imagine taking advantage of the BTC moon shot without having to track every minute transaction for tax compliance. You would have the choice of opening a traditional IRA or a Roth IRA. The former postpones taxes until retirement. The latter taxes contributions up front and can be withdrawn tax-free at retirement.
By the looks of the website, Bitcoin IRA will start paying interest on deposits. The best I have been able to determine is that the interest will be around 2%, which is not all that exciting. You can get better rates at Celsius or Crypto.com on your crypto deposits. However, those would not grow tax-free. I suppose once you factor in taxes, the interest isn't all that much.
I am considering opening up a Bitcoin IRA account. Most likely, I would allocate my deposits in BTC, ETH, and gold. $100 per month is easy enough to achieve at the moment while I work to pay down credit cards. As more cash flow is freed up, I would have to increase my deposits. As it is, I only have 16 years to go before retirement. I'm going to need to supplement my other savings products.
Posted Using LeoFinance