Opening an IRA is certainly exciting! It means that an investor has made the commitment to making a potentially comfortable retirement a priority.
Two simple ways to fund a new Bitcoin IRA account are rolling over retirement funds that already exist or by making contributions directly from your bank account. But what about after that is done?
Funding Your IRA Account
After creating a Bitcoin IRA account, you may continue to fund it in a few ways. One option is to set up recurring contributions. Investors with excess or disposable income from their regularly occurring paychecks can automatically transfer a percentage of it or a fixed amount to their self-directed retirement account. This method, because automatic transfers may be set up, is a simple and easy-to-remember option for funding your SDIRA.
One way to look at it is to consider it a monthly IRA payment as you would a bill or subscription service for the future. How much would a new music platform, streaming, food box, or other subscription cost? In this case, when investors choose to divert that money (for a monthly contribution) toward their retirement, they can add to a Bitcoin IRA account every month in place of an additional subscription.
One great way users may save some extra coin is to participate in a round-up program. Numerous banking institutions and apps offer round-up programs, in which the final balance of debit card purchases is “rounded-up” to the nearest dollar, and the spare change is moved to a savings account. Investors can then choose to take that extra money and put it towards retirement.
Investors may also consider asking family members for IRA contribution gifts as birthday, wedding or anniversary presents.
Understanding Contribution Limits
The IRS has placed limits on how much investors can add to an IRA account each year. To learn more about this, it’s best to consult with a tax advisor about this year’s contribution limits.
It’s important to note that these limits change regularly, and an investor’s age plus taxable income may be considered.
How to Buy Bitcoin in an IRA Account
Bitcoin IRA simplifies the process of investing in crypto within a self-directed IRA, essentially creating a seamless experience for users to buy Bitcoin and other cryptocurrencies with their Bitcoin IRA account once it’s been funded. The easy-to-use platform is equipped with many useful features, such as an online dashboard, custom price alerts and more! Plus, unlike the market for traditional investment assets, users can buy, swap or sell crypto on the Bitcoin IRA platform 24/7.
When a user chooses to invest in crypto through a self-directed IRA, all investment decisions are 100% owned by that user. Investors, thus, have the power to devise their own winning strategy and stick to it. Bitcoin IRA offers users more than 60 types of cryptocurrencies to choose from, which may aid in portfolio diversification.
No matter what, Bitcoin IRA* has your cryptocurrency investing needs covered.
Recommended articles: Guide to Cryptocurrencies in a Roth IRA