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A traditional pension fund is not for everyone, and it doesn’t have to be. Recent times have seen new pathways for workers to invest and later enjoy their money. This post takes a look at some non-traditional retirement planning options that are gaining traction and ultimately could enable you relax in tranquility after departing from the world of work forever.
What are IRAs?
We will start by explaining about IRAs. IRA in long form stands for Independent Retirement Account. They are a way of saving money towards a pension (fund for retirement purposes) without the burden of tax. Tax may have to be paid at some point, but this can be deferred and even avoided completely with select accounts. The type of IRA that you choose will depend on how long you have worked, what age you are and what your basic earning trajectory has been.
Gold & Silver IRAs
Gold & Silver IRA accounts are different from other types of retirement fund in that these are an investment in precious metals, in this instance, gold or silver. With a Gold IRA, you get an extra security blanket with regards to your money. Banks are unpredictable and fluctuate in their rates and reliability sporadically. When you invest in gold, you are ensuring a better return on your investments, putting your trust in a reliable and stable source, and ensuring that your funds will be globally recognized. The same can be said of the Silver IRA, though silver holds less value than gold it is still a credible investment venture.
Cryptocurrency IRAs
Another option to consider is a Cryptocurrency IRA platform. Cryptocurrency is a fairly new type of digital money that is growing in credibility and influence on a daily basis. It is a completely virtual and digital type of currency that is not governed by physical banks and has less regulations and restrictions. Though you need a certain level of technical knowledge in order to fully get to grips with this platform, it is still a viable investment opportunity when it comes to your retirement finances.
It works by the user first opening an account, choosing their preferred type of cryptocurrency (there are multiple options to buy and select from), and then watching their investments grow. It is best to do some proper, intuitive research before deciding on a type of crypto coin and there is no reason to limit yourself to just one option.
Conclusion
It might feel like a whole new world out there, but these types of retirement funds are real contenders for future economic stability. In an ever-changing economy, it is wise and sensible to consider other options in place of more traditional banking that is not always contingent to a reliable money source. There is no telling what the future will bring for physical monetary prospects, but if the all the signs are correct then there will be a real growth in Gold and Silver and cryptocurrency IRA ventures.
Reviewed and edited by Albert Fang.
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Article Title: Alternative Retirement Planning Options to Consider
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