It was January 20, 2018, when I registered to this blockchain. It's been a nice and fun experience, that have resulted in learning a lot, meeting interesting people and also in accumulating some funds. This is like a safety blanket for me, for rainy days but I feel like it's not enough, I have to do more to secure my future.
Retirement?
One of the things we're all worried about is securing out future financially. Living comfortably for the rest of our lives, without having to worry about making ends meet is the goal we're working towards.
Contributing to the retirement fund is a must in my country, if you're employed or have a business. It's mandatory, skipping it has consequences. So based on this you may say we're secured but the truth is far from that.
Funds are managed by the government and pensions are indexed from time to time, they say based on inflation, but the truth is, it has become a tool in politician's hand, a powerful one. Before every election there are promises made, then after the elections those affected are told that there are no funds. This has been going on for years and the result is that after working your whole life and contributing to the fund, you get a sh*tty pension that can't cover much.
Photo by Obi Onyeador on Unsplash
I'm Setting Up My Retirement Fund In BTC
When you're young, you couldn't care less about retirement, all that matters is the present. Then life happens, family, kids and all the expenses that come with it, so retirement is again far, or there is no possibility to save for that. Then one day you wake up and it's too late.
Although the age of retirement is still far for me, I want to start securing my future now. I have my HIVE stake, investments in LBI, CL and CUB DeFi, plus I'm holding some other crypto assets as well, I'd like to secure some funds on a monthly bases.
So besides my long term wallet, spot wallet and cash wallet, I'm going to set up a retirement wallet as well, that will work only one way. Adding to it will be the only way. I'm not going to touch those funds till I reach the retirement age.
I still have to work out how much I'm going to add and where those funds can come from, but I'm thinking of building it up with BTC and ETH. Also I'm thinking of putting those funds to good use but obviously safety comes first.
Why BTC And ETH?
We're always talking about how much one day BTC and/or ETH is going to be. Hodling seems to be the best investment, history proves it. If you look at the charts, you can see that even though we've had a huge correction, those who got in early are still in a huge profit and if we reach the ATH again, or we get to $120k or higher, as some or almost every analyst predicts, BTC and ETH is the best store of value. Local currency can't compete with crypto, no matter what country you live in.
I'm very determined to make this work. A good plan is needed with every detail worked out and then I need to stick to it. I'm ok with living a frugal life now in order to be able to accumulate enough to secure my future.
What about you? Do you have a plan for your old days?
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Yikes, that's like social security. I bet I never see it or it won't buy much with inflation kicking in. The cost of living adjustment is minuscule every year.
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Actually I'm going to detail it in my post later today, to show how an old and obsolete system it is. It's a ripoff actually.
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Beyond ripoff
It’s a fraud and ponzi
It is indeed, a legal one unfortunately :)
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Socialist insecurity is more like it!
I don´t have a plan yet, but you sure got me motivated to start doing the same thing. I really need to think of a good plan to start building funds for me and my partner. Here it is exactly the same story. The retirement funds are, well let´s just say, not so good. And building in Bitcoin and Ethereum sounds like a plan to me. Now I need to find a way to do this in the right way without draining anything.
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I'm glad you see the importance of starting saving up now. I'm sure you'll find a way, so good luck :)
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The importance I saw long time ago also, but before I never really had an opportunity to think of a good plan. And now it still is very difficult as we often need to liquidate crypto for costs of living. But then again, it's now or never ... and never is not a good option either.
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Well done!
It's never too soon, and never too late to set something aside for the future, even though it's something we often overlook in our younger years because retirement age seems sooooo far away.
And you never know what will happen... I actually started when I was 19, and then lost it all when a business went bankrupt; started over, lost it all again in a divorce; started over, had to liquidate it all again to pay medical bills *(Life in the USA!); then started over for the fourth time in my 50's.
Wishing you much success with your plans!
=^..^=
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I'm very sorry to hear you had to go through all that trouble. Must have been stressful but as you say, it's never too late.
Thank you for the wishes, I wish you all the best as well. Let's home nothing bad happens.
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Preparations for retirement must be prepared in advance, fully relying on the government with all conflicts of interest and politics, sometimes it is disappointing.
The idea of setting things up yourself and investing in crypto might be worth considering. I see many people who invest their wealth in gold and also prepare for their retirement with useful and productive activities.
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Relying on the government is the worst idea. I don't think there's a single country in the world in which retired people are happy with what they are paid. So it's up to us what we do and how we prepare for our old days.
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Wow this is a nice plan you set up for you old days to invest in crypto and set up retirement fun in it.
Talking about government paying pension after deduction from earning, the fall short in meeting up with that however what they pay is not enough to sustain the old days.
I think I will adopt your idea and start making investment to make my old days worth living and fun.
It's never too late, but if I want to be honest, it's never too early either. Better safe than sorry. So do it now if you can. Good luck!
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Yes Sir, I will start working on it, delay is bad and procrastination kills it. I will start making my deposits as soon as possible.
I'm glad to hear that, good luck!
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We should always think about our retirement and I agree with you, I see crypto as that opportunity for economic freedom.
I see it as the only way so far.
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Nice, you are creating wallet for retirement.
For me, Retirement ... Nah..
Just want financial independence and will continue the work that I like without thinking too much about meeting the expenses.
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Good luck!
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Excellent retirement plan, it is very good to think about the future so as not to depend on anyone or be a burden for future children.
I must say that your plan is amazing, I might do my own Retirement Plan right now and post it a little later on in the day.
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Thank you! I'm glad I could help in motivating you to start your own plan. It's important and as I said in my post, never too early. Having some savings for the old days it crucial.
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That is true and even still that I have been doing savings and investing for quite a while now which is good
And also @erikah do you have any advice that you can give me to strengthen my assets towards that retirement.
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I'm not sure I'm qualified to give advice, but I'll tell you whaat I do. I'm focusing on BTC, ETC and maybe one or two major alts. We have so many coins, they appear and disappear all the time and I'm pretty sure 90% of the coins we have today won't be here in 5 years from now.
Because this is a very long term plan, you need safety and this is one measure for not losing money.
Keep them safe, not on exchanges. Other than that, I don't know what to say.
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Yes, it's risky, but if you learn a lot, it's the best.
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