Digital IRAs are poaching 401(k) savers from workplace plans
Labor regulators steer fiduciary rule toward crypto concerns
Retirement Plans Practice Page (Bloomberg Law subscription)
Kabir Hemrajani took the plunge in 2020. He rolled over the entirety of an old 401(k) into a new kind of individual retirement account he’d heard about—a crypto IRA.
Now, the 42-year-old Boston-area video game developer said he’s lost more than two-thirds of his principal investment worth tens of thousands of dollars. But Hemrajani isn’t worried.
“I’ve been through enough boom and bust cycles of crypto that I would expect, over the next 20 years, when I want that IRA to go up that it will go up significantly,” he said in an interview.
Hemrajani is part of a new generation of retirement investors so committed to the prospect of lavish cryptocurrency returns that they’re willing to venture outside the confines of a workplace plan into the enigmatic and vaguely regulated world of digital IRAs.
Federal...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...