More people are becoming interested in how to use crypto as part of a long-term retirement investment strategy. Here’s how to do it the smart way.
Would you like to learn more about how to use Bitcoin and other cryptocurrencies for retirement investing? Then CosmosUPS' latest guide on self-directed IRAs is just what you need!
Check out the full guide at: https://cosmosups.com/top-crypto-and-bitcoin-ira-complete-analysis-of-the-best-exchanges-and-brokers/
In the guide you'll learn how to manage risks, about tax advantages, and how to get an account set up. The guide also details popular custodians and their benefits depending on what your goals are.
Many who invest in crypto IRAs do it to diversify their retirement portfolios and to spread risks. By providing a detailed beginner guide on the subject, CosmosUPS wants to help you assess if it's a type of retirement saving that suits your interests.
"Crypto IRAs permit investors to invest in cryptocurrencies like Bitcoin without paying tax on gains until they withdraw the funds. But there are downsides to holding cryptocurrency in an IRA," a spokesperson for the company said.
According to an article from Nasdaq, 23% of Americans who don't yet own Bitcoin would be open to using the currency as an asset through a 401(k) or IRA in 2024, underlining the growing interest in this type of investment. However, experts advise that investors don't use cryptocurrency for more than 10% of their total assets and say that the general advice is a maximum of 5% to reduce risks.
As explained by CosmosUPS, a self-directed crypto IRA can be used as a diversification strategy and to spread risks. As cryptocurrency doesn't get taxed until withdrawal, you can use it as a method to reduce the risk of heavy taxation. The guide advises you to be cautious of early withdrawals if you choose to open a self-directed crypto IRA, as this could cause capital gains taxes.
Additionally, you can find information about popular custodians, with ratings of features like safety, customer service, fees, and beginner-friendliness. For example, CosmosUPS recommends BlockMint for novice investors and ranked Bitcoin IRA as the overall best platform.
CosmosUPS is an online resource for news and updates on cryptocurrencies like Bitcoins and Memecoins, as well as other tech industry subjects like AI and the Metaverse. On the website, you can find well-researched articles, guides, reviews, and more.
Learn everything you need to know about self-directed crypto IRAs here: https://cosmosups.com/top-crypto-and-bitcoin-ira-complete-analysis-of-the-best-exchanges-and-brokers/
