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Home Finance

How Does Coin IRA Help You Add Bitcoin to Your Retirement?

Learn how to invest in Bitcoin with your retirement portfolio.

J.R. Chin by J.R. Chin
September 21, 2021
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You may not know this, but there aren’t a whole lot of ways to add Bitcoin to your retirement accounts as an investment. Until recently, the only way to do so was to open a Bitcoin IRA, but within the last few months, cryptocurrency 401(k)s have come into existence, so there is a second alternative.

Still, opening a Bitcoin IRA is the best way to add this cryptocurrency to your retirement. And even if you’re wondering, “Does a coin IRA help you add Bitcoin to your retirement? Backspace,” you now know that the answer is yes, it absolutely does. And even better, I can confidently say that this is the best way to go about it because there are serious benefits and advantages that you don’t want to miss out on.

What kind of benefits am I talking about? Some of the biggest cryptocurrency IRA opportunities include an IRS tax loophole, having a better hedge against inflation, and you’ll gain an excellent opportunity to further diversify your total portfolio.

Before getting into the meat and potatoes of these benefits, I want to tell you more about getting started with a Bitcoin IRA. Keep reading to discover the right way to increase your wealth for retirement.

The Proper Way to Open a Bitcoin IRA

From a technical perspective, even though we tend to call it a Bitcoin IRA or a cryptocurrency IRA, the proper name for this account is called a self-directed individual retirement account, or SDIRA for short.

Since we’ve cleared that up, I’d like to now focus on telling you the right way to choose a cryptocurrency IRA broker to help you get started down this exciting investment path. Because without a broker – better known as a Bitcoin IRA company – it will be impossible to get started with this investment.

coin ira review

Before I tell you about funding your IRA, you need to open the account first. And to open the account, you need to find the perfect Bitcoin IRA company to help you get started. Some questions to ask as you begin your search include:

  • Does the company have a high ranking on online peer-reviewed websites like Trustlink, the Business Consumer Alliance, or the Better Business Bureau?
  • Do they store their cryptocurrency in a safe and secure way after you purchase it?
  • Does the company maintain US offices?
  • Does the company have a great reputation for processing Bitcoin purchases safely and securely?
  • Does the Bitcoin IRA company have a solid reputation within the alternative investing industry?
  • Do industry peers look at this Bitcoin company as a credit to the industry?
  • Have they received certain accolades or awards presented by the industry?
  • Can you easily find plenty of positive reviews about the company online?
  • Does the company have alternative investment industry experience?

By answering these questions succinctly and thoroughly, you’ll be able to determine if you are about to do business with a reputable and trustworthy Bitcoin IRA company. Take some time to ask yourself these questions and give honest answers before making your final choice.

The Proper Ways to Fund a Self-Directed Cryptocurrency IRA

You’ve chosen a great Bitcoin IRA company, so now you have to begin the funding process. This is important, because without the proper funds you will not be able to invest in Bitcoin and other cryptocurrencies.

Contact your new IRA broker and get them to create your account. Once the account is created, you can begin funding it using the following options:

  • Cryptocurrency IRA funds transfer – a funds transfer is only possible if you already have an individual retirement account and you want to transfer the funds from that account into your new one. It’s very easy to accomplish. Just contact your new IRA custodian and let them know about the transfer. They will contact your existing IRA custodian and have them if initiate the process on your behalf. The great thing about transfers is that you can initiate them as many times as you want throughout the year. A cryptocurrency rollover, for instance, is only allowed to take place once every 12 months.
  • Cryptocurrency IRA funds rollover – and speaking of rollovers, you must have an inactive 401(k) account in order to initiate a rollover. Maybe you recently left your job and have an old account with your former employer. Or maybe you recently retired but still actively invest. Either way, you can rollover the funds from this account into your new cryptocurrency IRA. As mentioned, you’re only allowed to initiate this process once every 12 months, so make sure you figure out exactly what you want to do with the account before you begin the process. You’ll roll it over into a traditional or Roth self-directed IRA, depending on whether you want to gain access to tax-deferred or tax-free investing.
  • Cryptocurrency IRA funds contributions – you also have the ability to contribute $6000 in tax year 2021 if you are 49 years of age or younger. And you can contribute $7000 in tax year 2021 if you are 50 years of age or older.

Another popular retirement investing trend is the gold 401k rollover.

The Major Benefits of a Cryptocurrency IRA

Before our time together comes to an end, it’s important to learn and understand the exciting benefits that a cryptocurrency IRA has to offer. The major benefits that you’re about to gain access to include:

  • IRS tax loophole – the great thing about all individual retirement accounts is gaining access to an account loophole created by the IRS. With this loophole, you either gain access to tax-free or tax-deferred investing. In a tax-free account – also known as a Roth self-directed IRA – you pay taxes on the money funding the account first, so all of the proceeds earned within the account are yours to keep. With tax-deferred investing – known as a traditional self-directed IRA – you do not pay taxes until you take distributions beginning at 59 ½ years of age or older.
  • Cryptocurrency is a hot trend at the moment – the opportunity to get involved has never been better since cryptocurrency started selling off recently. They are providing a great way to buy Bitcoin on sale, which doesn’t happen too often, so getting involved now is perfect for many investors

Take some time to seriously get involved with a cryptocurrency IRA. This investing strategy is for the long-term and it’s great for those looking to build a healthy and wealthy future in retirement.

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