According to the National Institute on Retirement Security, about 12.4 percent of the population aged 65 or older is still in the workforce.
That’s up from just 3 percent in the year 2000. That’s a remarkable increase. In fact it’s a jump of more than 400% in less than two decades. That means that over 5 million Americans, who might otherwise be retired, are continuing to work. Why?
Here’s what The Atlantic says:
As Baby Boomers reach retirement age and housing costs and medical expenses rise, more and more people are finding themselves without enough savings. A woman in her 80s, for example, is paying on average $8,400 in out-of-pocket medical expenses each year, even if she’s covered by Medicare. Many people reaching retirement age don’t have the pensions that lots of workers in previous generations did, and often have not put enough money into their 401(k)s to live off of. The median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000.
That means that as people reach their mid-60s, they either have to dramatically curtail their spending or keep working to survive. This will be the first time that a lot of people will find themselves downwardly mobile as they grow older.
For those looking to retire in the not-too-distant future, the system is clearly not functioning properfully. For some, it’s failed completely. And there’s no indication that there’s a miracle on the horizon that will change or reverse this trend.
At BitTrust IRA, we find ourselves speaking with people everyday who are looking to Bitcoin and other cryptocurrencies as a way to jump-start their retirement savings. If you’re in the same boat, here’s what you need to keep in mind:
The Returns Can Be Mind Blowing, But Don’t Lose Your Head
There’s no denying that cryptocurrencies have grown exponentially over the past few years. Many of you are probably aware that Bitcoin increased in value by over 1000% last year alone. And while most people would be happy with only a fraction of that return, it’s important to remember that cryptocurrencies are not a magical silver bullet.
With that being said, if you’re looking down the road and seeing a deficit in terms of accomplishing your retirement goals, it might be time to explore a change of course. If the status quo isn’t cutting it, adopting a more dynamic approach, like crypto-investment, may be the step that gets you where you need to go.
You’ll often hear people say: “if only I’d seized the opportunity”. Well today, the opportunity appears to be right at our doorstep. Cryptocurrencies absolutely hold the potential to take your investments to the next level, but it’s important to keep in mind that with the potential for massive gain also comes risk.
Don’t Put All Your Eggs In One Basket
Just like in most facets of life: balance is essential. There isn’t a one-size-fits all cryptocurrency solution for everyone. An investor’s level of knowledge and confidence in any one particular market will play a vital role in how much they decide to invest.
That’s why we make it our aim at BitTrust IRA to provide as much help and education as we can. Because, at the end of the day, the goal should be making sound, carefully-considered investment decisions. Not blindly jumping into a market after a few sensational news stories.
We truly believe that cryptocurrency is the future. As far as we can contribute to people profiting from that future– we’re happy to help.
Cryptocurrency Is Here To Stay
With each passing day, digital currency becomes a more mainstream institution. But from time to time, I still see those same old articles describing cryptocurrency as “a fad” or “not real”. That’s okay. It’s a little funny actually. There will always be those who are unwilling or unable to acknowledge what’s right around the corner.
Here’s what I always tell people: cryptocurrency and blockchain technology are going to be a part of the future, whether we like it or not. (This isn’t a choice, it’s just reality.) This is a fast-approaching inevitability that will affect everyone’s lives. Just like the internet. So the question is: will we be involved, or will we stay on the sidelines?
At BitTrust, we don’t expect cryptocurrency and blockchain to be magical solutions that will solve everyone’s problems, financial or otherwise. But we do expect them to build into a major phenomenon that will do nothing less than transform the world as we know it.
Our aim is to put this opportunity within the grasp of anyone who wants to reach for it. After all, why should cryptocurrency remain solely in the arena of finance wizards and tech billionaires? Shouldn’t each of us have the chance to benefit from this new technology?
Cryptocurrency isn’t a fad, it isn’t “fake”, and it isn’t some esoteric future-tech for a later century. It’s now. It’s here. And it’s for everyone.
At least that’s my two cents.
For those of you reading this who aren’t already working with BitTrust IRA– if you find yourself in a retirement predicament, similar to millions of other Americans, and have decided to diversify into cryptocurrency, or are simply just curious about what cryptocurrency can do, we’re here to help.
The opportunity is yours to take advantage of, if you chose to.
Let Us Help You Retire Smarter
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