If you’re interested in opening a Bitcoin IRA account it’s well worth finding out as much information as possible about Bitcoin IRA accounts, before setting up your very own account.
Facts you may not know about investing in Bitcoin IRA:
- Once you turn 70 and a half you’ll be required to make regular, minimum withdrawals from your account
While you may be aware that you’ll have to wait until you’re at least 59 and a half years old in order to withdraw your contributions or profit from your Bitcoin IRA account, you may be unaware that from the moment you reach 70 and a half, you’ll be obligated to make regular, minimum withdrawals from your account.
This rule may have been implemented, in order to prevent retirees from avoiding paying taxes on their profits by choosing to keep the bulk of their retirement savings safely locked away in their IRA account.
- Once you turn 70 and a half, you won’t be permitted to make further contributions to your IRA account
Unfortunately, when you turn 70 and a half, you’ll also be barred from purchasing further Bitcoins, to store in your Bitcoin IRA account. However, if you choose to open a Bitcoin Roth IRA account, you will be able to make regular contributions to your retirement account, for the rest of your life.
- You must decide whether to you would like to appoint a custodian to manage your Bitcoin IRA account
If you’d prefer for an experienced custodian to manage your Bitcoin IRA account on your behalf, it’s important to appoint a custodian who you can trust to make the best possible decisions, when it comes to your investments and capital. If you plan on choosing a Bitcoin IRA custodian online, it’s highly advisable to search for reliable, unbiased reviews on each company which you’re interested in doing business with as the last thing you want to do is to let an inexperienced custodian take control of your investments.
Also, remember to check each custodian’s list of fees before making a final decision as the fees which custodians choose to charge, vary wildly. If possible try to opt for a mid-price custodian who’ll be able to provide you with a high level of service for a reasonable, competitive price.
- There are no limitations on how often you’re able to make contributions to your Bitcoin IRA account
If you’re worried about investing in a retirement plan, which is supported by the government, as the government may try to set a limit on how much you can invest in your IRA account, think again. There are in fact, no limitations imposed on how often you can purchase Bitcoins, to place in your IRA account. With the majority of Bitcoin IRA account holders, choosing to make regular, monthly contributions to their IRA accounts.
If you’re still interested in reaping the countless benefits of opening a Bitcoin IRA account, it’s well worth searching for a well-established custodian, who’ll be able to help you manage your brand new retirement account.