If you fancy having an IRA composed of crypto, Bitira may be the company to look at. The venture recently announced on its website that multi-cryptocurrency IRAs are available to all registered customers looking for new ways to diversify their retirement portfolios.
IRA stands for “individual retirement account.” The program best serves those who are self-employed and do not receive retirement benefits from standard, nine-to-five jobs. This way, they can plan for retirement and put money away during their work years to ensure they’re safe and cared for once they’re ready to hang their overalls up for good.
Retiring by Way of Crypto
IRAs typically come in two forms: traditional and Roth. The traditional form of an IRA allows one to stash away money without paying taxes. Once the individual reaches a certain age, they can make withdrawals from their account each month that are then taxed accordingly.
A Roth IRA works by requiring that individuals pay taxes early. After making deposits into their accounts and declaring the amounts on their tax returns, they pay the taxes on the funds before reaching retirement age. This allows them to have their funds fully available to them once they’re ready to start making withdrawals. As the taxes are already paid, the funds are unaffected with age.
Prior to this announcement, Bitira offered IRA options only in bitcoin form, but all that is about to change. For those who are interested in Ethereum, Ethereum Classic or even Litecoin, the opportunity to invest one’s retirement funds into an assortment of digital tokens is now available.
The company’s website states:
“All assets held in storage are fully insured through an all-risk policy from Lloyd’s of London, the world’s leading provider of specialized asset insurance. Additionally, assets are protected during the transaction against any internal cases of fraud or theft by a second policy from Lloyd’s of London.”
Paving the Way for Customer Safety
Recently, we discussed the notion of insurance policies in the crypto space, and how difficult they can be to obtain. Interestingly, Bitira added this new insurance policy to its IRA plans no less than a week ago, making for a relatively new, but welcomed addition to its operations. All funds with Bitira are held in cold storage, as executives believe offline storage is far less susceptible to hackers than hot wallets.
The company says that its policies comply with regulations set forth by the Cryptocurrency Security Standards (CCSS). Bitira is also registered with the Financial Crimes Enforcement Network (FINCEN) as a money services business.
Would you ever put your retirement savings into bitcoin? Post your comments below.
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