Are you looking for a Bitcoin Retirement Planning Service in Oakland, CA? Do you plan on retiring soon and need an IRA investment alternative?
Our research helped us find the following information for your consideration:
SmartGuy® 2019 Best Retirement Planning Service Oakland, CA is:
Bridge Advisors LLC
Oakland, CA USA 94612
Bridge Advisors provides non-traditional Bitcoin retirement planning and Bitcoin retirement planning services along with its partner Vista Network. Bridge Advisors will assist you in setting up your Bitcoin self-directed IRA or a Bitcoin Roth IRA while establishing your Bitcoin mining business.
What is Bitcoin Mining?
Bitcoin mining is the key component of the Bitcoin network that is done with specialized computers. The role of the miners is to secure the network as well as process all Bitcoin transactions. They do this by solving a computational problem by connecting together blocks of transactions which is known as the blockchain. There are three aspects and functions of Bitcoin mining are they as follows:
Issuance: Bitcoin miners are issued new bitcoins every10 minutes, unlike the U.S. dollar or Euro which are issued by central banks based on what is perceived to improve the economy. However, with bitcoin, the issuance is set in code to prevent from cheating the system or mysteriously creating bitcoins out of thin air.
Confirming Transactions: Miners include transactions sent through Bitcoin’s network in their blocks. The only way a bitcoin transaction can be secure and confirmed when it is included in a block which officially embeds the transaction into Bitcoin’s blockchain.
Securing the Network: Miners secure all transactions in the Bitcoin network by making it very difficult to penetrate, alter, or stop. The more the miners mine, the more secure the network tends to be.
What is a Self-directed IRA?
In many ways, a self-directed IRA has similarities to a traditional IRA or a Roth IRA. They are designed to provide tax advantages and investors must follow the same eligibility requirements and contribution limitations. You cannot manage a self-directed IRA account on your own. You will need the assistance of a trustee or custodian to administer your account. In 2019, the maximum contribution limit is $6,000 or you are 50 or older the limit is $7,000. You can start withdrawing funds once you are 591/2 years old.
What is the Difference Between a Traditional IRA and Self-directed IRA?
The difference between a traditional IRA and a self-directed IRA is, the types of investments you can hold in your account. For example, traditional IRA’s may be used to invest in CDs and mutual funds. While the funds of a self-directed IRA can be invested in several alternatives which include:
What Are the Advantages of a Self-directed IRA?
Investing with a self-directed IRA provides you with tax breaks already built in on your assets and earnings. It also allows you to pursue an area investing you are passionate about. You have the ability to diversify your investment choices so you won’t be limited to one particular strategy. You may want to invest in the traditional stock market as well so it is all according to which avenue you wish to take. Diversification can also protect your assets in case of the occasional market downturn.
What Are the Disadvantages of a Self-directed IRA?
When investing in a self-directed IRA, there are certain high risks even if you have thoroughly researched an asset. Many of the investments that are available to be selected may not be regulated which can be much riskier than other types of investments. You will need to be aware of all the details associated with the account. Certain rules apply regarding your interactions with others using your account. For instance, your family members are considered to be disqualified or if you purchase real estate, you will want to make sure your family such as parents do not live there. You may have to pay penalties or taxes if certain IRS guidelines are not followed.
Is a Self-directed IRA Right for You?
Since you will be primarily in charge of the decision making managing your account including all of the paperwork, communication, and transactions, a certain level of commitment is needed. There is a possibility it will require a lot of upfront learning and staying current with the market changes. If you’re not ready for this type of dedication, you may regret your decision. However, if you have experience in real estate, equity, or company funding, a self-directed IRA may just work for you.
More About John Williams
John Williams is a strong leader and is completely dedicated to helping his clients develop strategic marketing activities on a global scale. With his capability of creating tactical plans, he will assist you by using hands-on innovative marketing ideas to set you on the path to success. For more information about his retirement management services, contact him today.