Is Crytocurrency for Real?

Workers' retirement confidence

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  March 29, 2022

Together with  Cryptocurrency still feels a bit unreal to me. Maybe it's the silly names (TurtleCoin, anyone?) or the brotastic culture, but it sounds like Monopoly money in the metaverse. Yet the truth is, cryptocurrency is real, and it's here to stay. As we approach April 18, it's worth remembering that cryptocurrency is subject to taxation just like other assets. The IRS has added a question to the Form 1040 asking taxpayers did you, "receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?" Today's featured story explains what to know if you answered yes. And if you answered no, that's fine too. We're not at the stage where every diversified portfolio needs cryptocurrency. It's very volatile, and I'm not tempted to roll the dice on it now. Best wishes, P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. Timely Retirement News, Insights and Advice

How Is Crypto Taxed? It's taxed like other assets, but many crypto holders aren't aware of their obligations. READ MORE

Less Than Half of Workers Are Confident They'll Have Enough Money for Retirement Employers are even less optimistic, according to a recent survey. READ MORE

4 Reasons Higher Mortgage Rates Are Actually Good for Homebuyers Rising rates could cool off an overheated market, for starters. READ MORE

7 Things You Might Not Know About IRAs Presented by  Did you know that a nonworking spouse can open an IRA? Not only that, they can also contribute as much as the wage earner in the family. This is just one of the many overlooked facts about IRAs. If you're thinking about funding your retirement, an IRA might be on your mind. Keep reading to find out six more  must-knows, including the advantages of turning 50, how to contribute if you're a freelancer or side-gigger, and opening Roth IRAs for children.   LEARN THE HIDDEN IRA ADVANTAGES Reader of the Week

Please welcome our Reader of the Week! Marcia, 56, is a writer in Rochester, New York.

What are you up to these days? I'm a self-employed business book ghostwriter who helps CEOs, entrepreneurs and business owners produce and publish high-quality titles. My business has doubled in the past year, and I'd say it was a combination of earning a reputation as a book doctor, or someone able to quickly fix manuscripts that weren't what publishers expected, so publishers sent me clients, and then branching out to let business leaders know that I'm available to help them produce great books. Most of my clients today come from referrals from past clients. When I'm not writing fascinating books for clients, I'm writing papers assigned by professors in the doctorate of business administration (DBA) program at Temple University. The DBA is a three-year program and I'm at the end of year two. It is a low-residency program, and attendance is mandatory at the in-person weekends. And, for fun, I'm an eBay seller, though not as much in recent months due to the two previously mentioned activities. I specialize in clothing and textiles, such as bedding. I have a gift for spotting anything Lilly Pulitzer and Pottery Barn, it appears. Fun! What are your plans for retirement? Although I'm saving aggressively for retirement, I've also come to accept that I enjoy working, so I may never fully retire. That recognition has helped reduce some of the stress I feel about being able to afford full retirement. Retired or not, I would like to spend more time in Maine, so I've been looking to buy a lake house there to be able to get away to. In the last couple of years, I've been following Dave Ramsey's advice to establish emergency funds, pay down all debt, and save the rest in retirement and investment accounts. Getting rid of debt really helped me shift my thinking about how to get ahead, and to recognize the importance of maximizing savings. Smart! Is going back to school in your 50s a good investment? I think that depends on how you define "investment." Will it propel my career forward? Maybe. I'm hoping it opens some doors to teach business classes. For me, however, the main reason I enrolled was that I love learning, and I think education is a great investment. I'm so grateful to my alma mater, Wellesley College, which put me on the path to being a writer, and to my parents, who made it possible for me to attend. Retirement News From Around The Web What's Your Real Inflation Rate? Use this calculator to find your personal, "me-flation" rate based on your individual consumption patterns. MORNINGSTAR 10 Social Security Myths That Refuse to Die For one, the program is not going bankrupt. AARP This Retired Couple Cut $40,000 in Debt They relocated to a lower-cost-of-living area and then got financial counseling. SQUARED AWAY BLOG 7 Ways to Cope with Financial Anxiety Start with a clear picture of where you stand. NEXT AVENUE Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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