Bitcoin is creeping its ugly head again, now in your retirement funds.

Why stuffing your retirement savings with bitcoin may be a risky move

Some more disturbing information on bitcoin in relation to self-directed IRA accounts.

More and more people who are getting closer to their retirement (especially baby boomers) are getting nervous about if they will have enough to retire on.  The amount of  people moving money to self-directed IRA accounts has reach $100 billion. These folks believe this will help them build a better nest egg, for that reason, let us show you why bitcoin is not such a good option to put into that account.

First let’s make sure you know the definition of “self-directed” IRA’s.  This is where you pick investments of your own choosing, such as precious metals, real estate etc. which lack transparency because you don’t have that second party looking into it on your behalf therefore there is an increasing appearance of bitcoin and other cryptocurrencies in these retirement accounts thus the Securities and Exchange Commission has issued a new warning.
“The types of investments permitted in a self-directed IRA can be ripe for elder abuse. A self-directed IRA’s unique risks “include lack of disclosure and liquidity, as well the risk of fraud,” according to a report done by the SEC and the Association of International Certified Professional Accountants.”
Most importantly we suggest you do your due diligence before making any investments with your hard earned money.
Here are a couple:
1. Find a good custodian
2. Familiarize yourself with IRS rules and regulations
3. Do your homework on investments
4. Read all materials pertaining to the investment
5. Involve a trusted professional
If you click on the link above it will give you more detailed information.