Bitcoin retirement benefits

[_BlackStar]

You are absolutely correct in the way you think about Bitcoin.  After retirement, there is usually a lot of harassment to get the retirement money in your account. You have to apply at different places for this one-time amount. And when that money is found in hand after a lot of harassment, it is seen that there are many arguments about that money, many family members are demanding a share of that money and the person has to face various other problems. If the person has Bitcoin investments then the person retiring will not have to suffer all these harassments. So everyone should invest in Bitcoin regardless of age.

Bitcoin is one option worth considering, but several other investments are also options.
I haven't thought about how these bitcoin will be useful to my kids in 10 or 20 years. But I will try to absorb more of the possibilities of building a business of my current bitcoin profits so they are of use to them in the future.

I hope you understand what I mean, it means you can prepare for your retirement with any investment instead of just bitcoin. After all, when you are planning a long term investment especially as your investment in your retirement, then think about inheritance.

[teosanru]

Think of when you're aged enough, and you've enough bitcoin investment, with your small or big family no time to wait for government to pay retirement benefits. At this aged point so many things plays in your minds but no much strength to carry out any physical activities or you're ready to relocate to your village or where you build house. If you've built a good investment relationship with bitcoin then bitcoin has the following retirement benefits preferred to government or company rights:

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

But just a different perspective isn't even equity stocks the very same thing for anyone? I get that a retirement KRA does have complications but equity is still your liquid money so it's pretty same for that as well i feel. Also bitcoin does have a waiting season, what if the market is bad at this time? You'll never be able to withdraw your earnings in this time.

[mv1986]

No doubt, Bitcoin is a great retirement option. But it isn't really hassle-free. It isn't actually 100% smooth and convenient all the time as you may want to portray it. It has its own share of hassles so to speak.

Bitcoin isn't really just inside your pocket and you don't need to do anything to use it. You will probably have to convert some, so you still have to deal with the banks and other third parties. There might still be delays and other glitches.

Bitcoin is also not an anytime money. Its volatility means there are good and bad times to transact.

As to possible threats and harm, you're actually not free from them just because you use Bitcoin.

My point is that while Bitcoin indeed makes our life better, it doesn't actually make it ideal.

I think it is important to define the timeframes and the needs or financial possibilities someone expects a Bitcoin-based retirement to provide. The timeframe is extremely important. Is OP implying that they want to replace their retirement from the government 1:1 with long-term savings in Bitcoin? If yes, when is this retirement plan supposed to kick in?

While I am firm believer in the long-term success of Bitcoin, I would still not recommending putting 100% of your savings into Bitcoin. It is still a technology with strong potential to threaten the legacy financial system. There are a couple of uncertainties that might pose some threat to short-term availability and usability for Bitcoin. I think a healthy mix is the way to go.

The volatility should probably only be an issue in the short-term, but assuming that someone starts putting monthly savings into Bitcoin for a very long period of time as a preparation for a solid retirement plan, volatility is probably going to be cancelled out mostly. It doesn't really matter whether something is volatile when it follows an upwards trend in the long run.

[alastantiger]

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

This is the life that most people I know what for themselves but my question is why wait till 60 before you retire. You and retire with at 40 and have a great life with bitcoin if that is what you want. I am a fan of bitcoin but you make it look so easy. If you do not keep it safe, you'd lose it to hackers. I still do not think that anyone should have all their retirement funds in bitcoin which is still in a highly volatile market and anything can happen at any time. Before one considers this option speak with a financial advisor.

[JoyMarsha]

-snip-
And if we can also prepare our children to be able to invest in bitcoin, that means we are also preparing their lives for the future so that they can be better than what we have now.

Teaching from a young age how to invest in bitcoin will help our children understand what we are doing.
Bitcoin is a good investment in the future and if we buy it now 5 or 10 years from now the price may be much higher than now.

Bitcoin can also be an inherited asset that we will give to our children later. It is the perfect long-term investment.
It is not regulated by governments or third parties, only users can regulate it. there are no storage fees or other charges. 

The fact that it cannot be regulated by the government, third parties, or other investment companies that require renewal to keep it operating over the long term is what makes bitcoin so wonderful.

the best course of action for having bitcoin for the future is to keep it safe in a hard wallet and observe how its value increases over time without the fear of loss of assets but a secured assets.

Imagine someone hodling bitcoin for 20–30 years from now. Picture what the price will be by that time. Who knows if it will cost $500k or more?

[Fivestar4everMVP]

Well thought out @op, indeed, bitcoin is a great retirement option for those looking for an asset to invest their retirement fund in, bitcoin indeed is a great option, I have choose this path as well, saving money in bitcoin is a great way to truly feel financially secured at all time, and getting your money comes with absolute stress free..

I've watched or heard in the news several times how our old forks collapse and die while in queues trying to get their retirement funds, it's time an end is put to such occurrences, would be a great feat for companies to start paying their workers retirement funds in bitcoin.

[landheer]

No doubt, Bitcoin is a great retirement option. But it isn't really hassle-free. It isn't actually 100% smooth and convenient all the time as you may want to portray it. It has its own share of hassles so to speak.

Bitcoin isn't really just inside your pocket and you don't need to do anything to use it. You will probably have to convert some, so you still have to deal with the banks and other third parties. There might still be delays and other glitches.

Bitcoin is also not an anytime money. Its volatility means there are good and bad times to transact.

As to possible threats and harm, you're actually not free from them just because you use Bitcoin.

My point is that while Bitcoin indeed makes our life better, it doesn't actually make it ideal.

i agreed with your point it,s better to secure future with bitcoin with high possibility. bitcoin is volatile that,s why we should be multiple chances to trade on it to make double portfolio via trading. yes of course it sometime alot of movement in price to generate huge money. on the other ways people making high profit with crypto in bull run. they have vision as long term to make high passive returns

I also agree with the points made by the op, and I also think this is a good idea, because one day we will all become old, of course, the necessities of life must always be there.
and if we apply the system as op said, of course there is nothing wrong as long as we invest in btc by first knowing the risks of long-term investment in btc.

but it would be even better if we invest in btc for our retirement funds in old age, plus retirees from other things.
so we don't rely too much on btc because we won't know the price of btc for the long term like the next 30 years and so on.

[Lorence.xD]

You are absolutely correct in the way you think about Bitcoin.  After retirement, there is usually a lot of harassment to get the retirement money in your account. You have to apply at different places for this one-time amount. And when that money is found in hand after a lot of harassment, it is seen that there are many arguments about that money, many family members are demanding a share of that money and the person has to face various other problems. If the person has Bitcoin investments then the person retiring will not have to suffer all these harassments. So everyone should invest in Bitcoin regardless of age.

Bitcoin is one option worth considering, but several other investments are also options.
I haven't thought about how these bitcoin will be useful to my kids in 10 or 20 years. But I will try to absorb more of the possibilities of building a business of my current bitcoin profits so they are of use to them in the future.

I hope you understand what I mean, it means you can prepare for your retirement with any investment instead of just bitcoin. After all, when you are planning a long term investment especially as your investment in your retirement, then think about inheritance.

Yes especially for the older people who can't manage Bitcoin since it's too complicated for them. So I still consider Bitcoin as an alternative investment which also gives a lot of benefits to other investment. Where people already have background such as real estate or in the banks so in the future when you're planning to give your funds to your kids then they could understand it in the future. Cuz Bitcoin is too complicated so it might take a long time for them to figure out the system.

[Jatiluhung]

Think of when you're aged enough, and you've enough bitcoin investment, with your small or big family no time to wait for government to pay retirement benefits. At this aged point so many things plays in your minds but no much strength to carry out any physical activities or you're ready to relocate to your village or where you build house. If you've built a good investment relationship with bitcoin then bitcoin has the following retirement benefits preferred to government or company rights:

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

Maybe I will add this idea to my financial and future planning book. Although I also had thoughts about this. But reading what you have to say seems a little more convincing to me.
Currently I do hold bitcoin for long term investment. but before that I didn't plan for when I retired. now i have that on my mind thanks to your post.

And now I'm remembering a bit about what Hal Finney did with the bitcoins he owns. He said in one of the threads he made on this forum about the bitcoins he has and he keeps them in a safe and prepares them for his future children. and it seems that he is also quite sure of his son's insight which will also be ready with the inheritance from his father (hal finney) in the form of bitcoin. And I think his current son must be very grateful for that great father figure. although it's not about retirement but about inheritance. but I thought it would be great if I had an inheritance in bitcoins like Hal Finney did.

"
 

That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.
[edited slightly]

"

[taufik123]

-snip-
the best course of action for having bitcoin for the future is to keep it safe in a hard wallet and observe how its value increases over time without the fear of loss of assets but a secured assets.

This requires faith and trust that Bitcoin will grow over time.
Storing Bitcoin on a hardware wallet will be more secure, but you need to choose a truly secure hardware wallet without updates that give recovery access to phrase wallets like Ledger LOL. Trezor seems to be better and could be the main HArdware Wallet.

Imagine someone hodling bitcoin for 20–30 years from now. Picture what the price will be by that time. Who knows if it will cost $500k or more?

The next 20-30 years is a long time, it should be worth the amount of Bitcoin we hoard or hold in the long run.
Buying gradually would be a good strategy. having at least 1BTC would probably be a good long-term investment.

-snip-
I've watched or heard in the news several times how our old forks collapse and die while in queues trying to get their retirement funds, it's time an end is put to such occurrences, would be a great feat for companies to start paying their workers retirement funds in bitcoin.

Paying pension funds with Bitcoin seems to require seriousness and acceptance by the government, if Bitcoin remains illegal then there will be no change in Bitcoin payments. Beginners are also scared because of price fluctuations so there is no stability in the value of assets held.
But it all comes back to the user and how regulations are provided.

Yes especially for the older people who can't manage Bitcoin since it's too complicated for them. So I still consider Bitcoin as an alternative investment which also gives a lot of benefits to other investment. Where people already have background such as real estate or in the banks so in the future when you're planning to give your funds to your kids then they could understand it in the future. Cuz Bitcoin is too complicated so it might take a long time for them to figure out the system.

I agree with the argument that Bitcoin is becoming an Alternative Investment.
People not only invest in Bitcoin, but many investment instruments that can be used as a profit field.
Real Estate, Gold, Bonds, etc. will provide good returns.
Likewise, Bitcoin, is a long-term digital asset that provides greater benefits, the difference is that Bitcoin is decentralized, no one regulates it, and can be owned by anyone.

[justdimin]

This can mostly apply to almost any other investment that you think will appreciate — it's not really exclusive to bitcoin alone. But I get your point.

There is one point the OP mentioned which is _almost exclusive to Bitcoin and really
counts on its decentralised nature and that is the transfer of it from one person to
another without the receiver having to incur taxes.

I think it is important to remember that if you could give it to your kids, and if you can manage to do that then it is not going to be a terrible way to leave something behind. However, I have always been in favor of sharing a place, it could be a land, it could be farm, could be an apartment, or the whole apartment building itself if you are rich, or a house ,whatever you know, it has to be real estate.

Because while we are talking about how bitcoin is limited, we are ignoring the fact that land is limited too. So if you can buy a place at a good location, leaving that to your kids is amazing. Bitcoin is cool and all, but bitcoin may fail, however a place you own is a place, it can't fail, it will always be good and will stay good.

[ethereumhunter]

-snip-
And if we can also prepare our children to be able to invest in bitcoin, that means we are also preparing their lives for the future so that they can be better than what we have now.

Teaching from a young age how to invest in bitcoin will help our children understand what we are doing.
Bitcoin is a good investment in the future and if we buy it now 5 or 10 years from now the price may be much higher than now.

Bitcoin can also be an inherited asset that we will give to our children later. It is the perfect long-term investment.
It is not regulated by governments or third parties, only users can regulate it. there are no storage fees or other charges. 

And if we can teach them about Bitcoin, that would be a great lesson because they already know that there are ways they can make money in the future. They can avoid fierce competition in finding work because later on, whoever survives will be the one who will benefit.

And bitcoin has become a great way to make a long-term investment, regardless of whether they are still looking for something else to make money. At least they can prepare for retirement faster than their peers.

[Dr.Bitcoin_Strange]

I can imagine how cool it would be for someone to have some Bitcoin in their cold storage after retirement because the person would live such a free, independent lifestyle. They will not have to rely on the retirement gratuety before they can solve their needs; they can just easily spend their Bitcoin and even will it to anyone they want before they die. I still remember that when someone is late, their next of kin will go to the bank several times or even make a call to their lawyers, and some paperwork will need to be done before they can get access to the inherited asset. But when one retires with some Bitcoin, it will not be so difficult to transfer those assets to anyone of their choice if they have the need to. There are a lot of benefits to having retired with some Bitcoin investment.

[taufik123]

And if we can teach them about Bitcoin, that would be a great lesson because they already know that there are ways they can make money in the future. They can avoid fierce competition in finding work because later on, whoever survives will be the one who will benefit.

And bitcoin has become a great way to make a long-term investment, regardless of whether they are still looking for something else to make money. At least they can prepare for retirement faster than their peers.

It will be a fortune for our children if they get Bitcoin in the future from our current efforts.
Providing a privilege so that they will be able to survive and compete with others from the Bitcoin investment.
I don't know what the right price is for Bitcoin in the next 20 years, but I'm sure the price will be higher than it is now.

Bitcoin becomes a cross-generational investment that can make a lot of money so it's not just a fruitless investment.
Even though it is not fully supported by the government, Bitcoin will not be eroded by the times.

[Yatsan]

And if we can teach them about Bitcoin, that would be a great lesson because they already know that there are ways they can make money in the future. They can avoid fierce competition in finding work because later on, whoever survives will be the one who will benefit.

And bitcoin has become a great way to make a long-term investment, regardless of whether they are still looking for something else to make money. At least they can prepare for retirement faster than their peers.

It will be a fortune for our children if they get Bitcoin in the future from our current efforts.
Providing a privilege so that they will be able to survive and compete with others from the Bitcoin investment.
I don't know what the right price is for Bitcoin in the next 20 years, but I'm sure the price will be higher than it is now.

Bitcoin becomes a cross-generational investment that can make a lot of money so it's not just a fruitless investment.
Even though it is not fully supported by the government, Bitcoin will not be eroded by the times.

Being knowledgeable with investment in any form is really good for young children but factors should be considered; their initiatve, and interest towards this technology. Also, I think it is not a good thing to pass information that the market price will just continue increasing in the future and at a high rate. The market price is volatile in nature and demnd controls the price. But no one has an assurance that the demand will still be high in the future knowing that its usage is not accepted by many countries still. Let's accept the fact that most of us are here because of the profit potential and not its true nature of being a currency. Therefore, if all btc will be mined, there's a tendency for the demand to increase if paying thru such blockchain won't be useful because there are countries prohibiting its usage.

[lalabotax]

What you lists are true enough and I rrally agree with those.
Bitcoin can be one of the best ways for retirement invesment. I said one of, because there are actually other great investment for retirement.
here in Bitcoin, as long as we can prepare ourselves and manage our Bitcoin investment, understand whnlen to invest and when to take profits, it is enough to fulfill our retirement situation.But sometimes, life is not running very well as we plan.That is why whatever the plans, we must haveplan A, Plan B, and etc.

[ethereumhunter]

And if we can teach them about Bitcoin, that would be a great lesson because they already know that there are ways they can make money in the future. They can avoid fierce competition in finding work because later on, whoever survives will be the one who will benefit.

And bitcoin has become a great way to make a long-term investment, regardless of whether they are still looking for something else to make money. At least they can prepare for retirement faster than their peers.

It will be a fortune for our children if they get Bitcoin in the future from our current efforts.
Providing a privilege so that they will be able to survive and compete with others from the Bitcoin investment.
I don't know what the right price is for Bitcoin in the next 20 years, but I'm sure the price will be higher than it is now.

Bitcoin becomes a cross-generational investment that can make a lot of money so it's not just a fruitless investment.
Even though it is not fully supported by the government, Bitcoin will not be eroded by the times.

No one will know how much the price of Bitcoin will be in the future but what is clear is with Bitcoin from us, our children will be very lucky to have Bitcoin already so they can use it for their benefit. And I think if we can teach them how to use Bitcoin well, they can earn and earn more.

And those of us who already have Bitcoin from now on are also very lucky and should be grateful that we are allowed to prepare for a better future. And if the adoption of Bitcoin is growing, the government will also allow its citizens to use it without any restrictions.

[BVeyron]

Think of when you're aged enough, and you've enough bitcoin investment, with your small or big family no time to wait for government to pay retirement benefits. At this aged point so many things plays in your minds but no much strength to carry out any physical activities or you're ready to relocate to your village or where you build house. If you've built a good investment relationship with bitcoin then bitcoin has the following retirement benefits preferred to government or company rights:

1. Your bitcoin is right inside your pocket with your devices, no need to loby to get paid
2. You don't need to submit application, retirement documents
3. Bitcoin has no waiting season, anytime is your money
4. You don't need to struggle, fight and loby to process your retirement documents
5. When you WILLS or share your bitcoin to your children nobody will hear it
6. Nobody will threatens or charm you for receiving retirement benefits from bitcoin since is not physical cash.
7. You decided when and how to withdraw or keep it your choice.
By retirement benefits I mean when you're aged enough and you're no longer into bitcoin trading or investing more but you've enough bitcoin to withdraw and share, built family house, business and trains children. That's show you retired great.

Now having fiat savings is a bit risky too, since inflation risks are really high. The main riddle in cryptocurrency world is whether buying crypto will save money during inflation or not. So at this moment it's quite hard to say if there is such benefit, but, in general, the development of cryptocurrency projects unveils the lack of stability in modern financial system based on fiats (mostly dollar).

[taufik123]

-snip-
Also, I think it is not a good thing to pass information that the market price will just continue increasing in the future and at a high rate. The market price is volatile in nature and demnd controls the price. But no one has an assurance that the demand will still be high in the future knowing that its usage is not accepted by many countries still. Let's accept the fact that most of us are here because of the profit potential and not its true nature of being a currency. Therefore, if all btc will be mined, there's a tendency for the demand to increase if paying thru such blockchain won't be useful because there are countries prohibiting its usage.

yes, you are right, related to that we as parents or people who understand Bitcoin must also tell you about the risks that exist in Bitcoin, the price will not always go up and there will be a big drop too. However, the crypto market is volatile we need to be vigilant.

As most of us are indeed present because of the potential for quick profits, not because of its true nature as a digital currency.
This is also constrained by government regulations that apply to Bitcoin.

No one will know how much the price of Bitcoin will be in the future but what is clear is with Bitcoin from us, our children will be very lucky to have Bitcoin already so they can use it for their benefit. And I think if we can teach them how to use Bitcoin well, they can earn and earn more.

And those of us who already have Bitcoin from now on are also very lucky and should be grateful that we are allowed to prepare for a better future. And if the adoption of Bitcoin is growing, the government will also allow its citizens to use it without any restrictions.

Telling the initial knowledge about Bitcoin would be very good. Basic trading and how to manage Bitcoin and know what risks will occur.
Preparing for their future is not just giving assets, we also have to provide enough knowledge so that they can manage it.

[Ryu_Ar1]

That can indeed be a good option but of course to achieve that we must also be aware that investments must be made before the time that is indeed approaching the end of your retirement age.
On the other hand, we are also certainly aware of the conditions that are sometimes not too predictable so that even though what you say is possible to happen, it is only a handful of good possibilities. Don't forget the worst thing too in this case because given the volatility of bitcoin which is sometimes very difficult to deal with, we must have some plans too before we retire of course because even though bitcoin is a good thing but it is also still at risk and don't depend entirely on bitcoin because it could also backfire.

I know that many people are optimistic about this and even I am also one of the people in it but indeed this does not mean everything because of course we must realize that the condition of the bitcoin will not be a real guarantee so do not as if being in bitcoin then it is a good thing and the problem of old age is solved.