The good news: You’ve finally reached that magic age of 62 when you can retire and your time is suddenly yours to do whatever you want, when your want. The bad news: You were so busy working for the past forty years, you forgot to invest enough money to live on.
Don’t despair, there are a couple of very profitable choices you can make that will put you in the green almost immediately. The first of these is a reverse mortgage. Say the professionals at All Reverse Mortgage, a reverse mortgage lender (https://reverse.mortgage/), those folks 62 and older who’ve owned their own home for decades and have been religiously paying their monthly mortgage, can tap into all that equity they’ve built up to create almost instant wealth.
With a reverse mortgage, borrowers can take a one lump sum payment or choose to be paid in monthly increments. The money can then be used to pay back-due bills, medical expenses, or for investing into something like the stock market or even Bitcoin.
That’s right, Bitcoin. In fact, aside from a reverse mortgage, purchasing Bitcoin just might be one of the best and fastest ways to accumulate significant wealth in your golden years. According to Forbes Magazine, Bitcoin, despite being a bit confusing for those Baby Boom Generation retirees, is not going away anytime soon. In fact, with its average 200 percent annual returns, it’s an asset that’s becoming more and more enticing in the midst of recent hyperinflation.
A New Digital Asset  Â
Bitcoin expert Mark Zinder states that Bitcoin represents a shift from centuries old coins and paper to a digital form of currency. He harkens back to John law who is credited with first introducing paper in France in the first part of the 19thcentury. In the process, Mr. Law is said to have created a great deal of wealth for the French people. But then, he’s also responsible for the very first “run on the bank.â€
For those who think like Zinder, Bitcoin is more like a “bubble investment†similar to the tulip bulb bubble of the 1600’s, which means it might seem on the surface like a risky way to invest. But if you have the stomach for its volatility and are willing to educate yourself on when to get in and out, you can make significant wealth in a short time.
100X
Huseyin Aksu who runs the Crypto Couch YouTube channel, is a firm believer that Bitcoin is a solid if not fantastic investment for any age group. While he admits to its volatility, the wealth building benefits of this digital gold are too many to be ignored.
He recently said, “I personally know several people that have made more than 100X off of some coins in less than one year.â€
Diversification
One of the main tips Asku abides by is diversification. Don’t just stick to Bitcoin, but instead consider it a gateway coin to other alternative cryptocurrencies (altcoins) like Ethereum, Chainlink, and Solana. You should choose five or six high-cap coins that show a terrific upside on the charts. Remember, there are plenty of times when Bitcoin value is heading downwards while altcoins are booming. In this manner, you make money when Bitcoin is going up or down.
Asku also stresses you need to make sure your Crypto stash is secure and that your family and/or spouse can access your account should you suddenly pass away.
Bitcoin Naysayer Â
But there are some financial analysts who are stuck in the old centralized traditional methods of finance. They believe you should avoid investing in a new decentralized asset like Bitcoin.
Says investment professional, Patrick R. McDowell, retirees should stay away from Bitcoin and other cryptos based on the belief that if you can’t define precisely what the digital asset represents, then you have no business investing in it.
One wonders if Mr. McDowell fully understood the internet when it was first introduced, or if the general public had a full grasp on electricity when it first lit up a city.
Bitcoin for Birthdays
One prominent advisor suggested that seniors dip their toe into the world of Bitcoin and altcoins by purchasing some of the assets as birthday gifts for their children and/or grandchildren. It could be a “cool†investment gift that might or might not work out.
One thing is for sure, since the 2020 COVID-19 pandemic and along with it, carefree money printing and hyperinflation, major financial institutions like Grayscale and Blackrock have been investing billions in Bitcoin, altcoins, and decentralized finance as a hedge again an ever devaluing dollar.
Many retail investors are taking a cue from the big boys and girls by doing the same thing—withdrawing their cash from the banks and placing it in a digital asset that can make very good gains in the short term, and uber great gains in the long term.
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