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Now There Are Cryp­tocur­ren­cies for Retirees as Well

First, we had to get used to Grand­ma hav­ing a mobile phone. And, we all know the only thing worse than no one lik­ing your Face­book post is get­ting a thumbs up from Grams. Don’t be too quick to dis­miss the old­er gen­er­a­tion when it comes to tech, though. In fact, now there are cryp­tocur­ren­cies for retirees as well.

It may be hard to con­ceive of retired folks in a nurs­ing home debat­ing whether to HODL or cash-in while play­ing domi­noes. But, accord­ing to a report by World­Pay, the baby boomer gen­er­a­tion is reshap­ing the glob­al online pay­ments indus­try. They’re buy­ing more stuff online, and a cryp­tocur­ren­cy for retirees could be the next log­i­cal step.

Ven­dors often over­look this demo­graph­ic, des­per­ate to win over mil­len­ni­als. Yet these “sil­ver surfers” have bet­ter health than gen­er­a­tions before them–and sub­stan­tial spend­ing pow­er. In fact, glob­al online spend­ing by con­sumers aged over-60 is expect­ed to reach $15 tril­lion by 2020 (twice as much as 2010).

They’re get­ting bet­ter at man­ag­ing their iPhones. They’re start­ing to buy Alexa. And, they’re slow­ly open­ing up to the con­cept of Bit­coin. It won’t be long before seniors are financ­ing their retire­ment with cryp­tocur­ren­cy too.

Check out some of the lat­est ideas for blockchain and cryp­tocur­ren­cies for retirees.

An Ecosys­tem Built for Seniors

The pop­u­la­tion is aging. Accord­ing to a report by the Unit­ed Nations, in 2015, one in eight peo­ple glob­al­ly was 60 years or old­er. By 2030, that ratio increas­es to one in six, and by 2050, at least one in five peo­ple will be aged 60 or over.

It’s great that we can look for­ward to a longer life. More time to play golf, head to Flori­da, maybe even play Bin­go. But with a reduced birth rate and few­er young peo­ple to shoul­der the bur­den, that places a major strain on resources. Clear­ly, there’s a need for an effi­cient sup­port sys­tem for the grow­ing senior pop­u­la­tion.

GladAge is an ecosys­tem built for seniors to pro­vide per­son­al­ized care and ful­ly vet­ted senior homes. CEO Sun­ny Kapoor says, “On the GladAge plat­form, the con­trol is hand­ed over to the seniors as they select the type of care need­ed, shop for equip­ment or ser­vices and even review care­tak­ers who they can hire on demand.”

GladAge seeks to solve the sector’s biggest prob­lems that the tra­di­tion­al sys­tems have failed to resolve. “Lack of senior homes, a severe short­age of trained work­ers, unor­ga­nized mar­ket struc­ture and chaot­ic process­es are a few to name,” says Kapoor.

GladAge Infographic

Cur­rent prob­lems with the senior health­care indus­try.

There is a huge gap between the care homes avail­able and the num­ber of care homes need­ed,” Kapoor explains. “Even the ones that are avail­able are not fit for the pur­pose and often lack the desired stan­dard to pro­vide a home­ly atmos­phere.”

If you’ve ever stepped into a state-run senior care facil­i­ty, you’ll know what he’s talk­ing about.

Most coun­tries’ nation­al resources are stretched and non-gov­ern­ment insti­tu­tions work with lim­it­ed resources. In many cas­es, there’s sim­ply no mech­a­nism to eval­u­ate the qual­i­ty of their ser­vices. “This trans­lates into men­tal and phys­i­cal woes for our senior cit­i­zens,” he says.

To add insult to injury, most care­givers aren’t prop­er­ly vet­ted. A cur­so­ry check may reveal an ex sex-offend­er or thief. But, what about their rep­u­ta­tion and suit­abil­i­ty as a care­giv­er? After all, who wants to be man­han­dled by a sour-faced bint, or a frus­trat­ed Sergeant Major?

Non-pro­fil­ing of care­tak­ers leads to a mar­ket phe­nom­e­non of ‘any­thing is fine’,” says Kapoor. “A Scor­ing sys­tem brings in healthy com­pe­ti­tion among the stakeholders–to main­tain their pros­per­i­ty and liveli­hood they must per­form well at their jobs. “The pur­pose on which GladAge thrives is to design a decen­tral­ized senior care sec­tor equipped to evolve dynam­i­cal­ly. It does so by intro­duc­ing the most futur­is­tic tech­nol­o­gy in a tra­di­tion­al indus­try that’s over a cen­tu­ry old.”

Smart Con­tract-Pow­ered Retire­ment Plan­ning Plat­form

When Bit­coin came into the pub­lic con­science, it was pret­ty hard to imag­ine that in a few short years, cryp­tocur­ren­cy would be solv­ing major word prob­lems. Or that there would be cryp­tocur­ren­cies for retirees.

But the US retire­ment indus­try alone is worth around $27 tril­lion. So it makes sense that blockchain com­pa­nies will look more toward this space.

We all know that we need to save for our retire­ment, but many mil­len­ni­als are still strug­gling with stu­dent debt–and many boomers are strug­gling with their kids’ stu­dent debt as well. Most Amer­i­cansdon’t save enough for their retire­ment, which sets them up for a less-than-appeal­ing future.

Added to that, cur­rent retire­ment plans are owned by a cen­tral enti­ty, lack­ing in trans­paren­cy, and are unclear about the pay­outs and when you can expect to receive them.

Actus is work­ing to resolve these prob­lems and make sav­ing for retire­ment eas­i­er by using smart con­tracts to cut out mid­dle­men and cre­ate trans­paren­cy. Savers can hold a port­fo­lio of invest­ments des­ig­nat­ed to their retire­ment, from reg­u­lat­ed 401k/IRA plans to cryp­tocur­ren­cy invest­ments.

Actus Platform

The aim is to place the deci­sion-mak­ing back in the hands of the saver, rather than some face­less fund man­ag­er in a large cor­po­ra­tion. It will also incen­tivize younger peo­ple to save for their future.

Pur­chase Bit­coin with Your 401k or IRA

For cryp­to investors that are diehard believ­ers in the val­ue of its future, Bit­coin IRA lets them use funds from their 401k or IRA plans to pur­chase Bit­coin and oth­er cryp­tocur­ren­cies.

Claim­ing to ensure the safe trans­fer of your retire­ment funds into an account for Bit­coin, Ethereum, Bit­coin Cash, and a num­ber of oth­er major cryp­tocur­ren­cies, this lets new dig­i­tal investors take a more active role in sav­ing for retire­ment.

It also makes sav­ing for old age more appeal­ing, since, let’s face it, the prospect of a retire­ment home, hear­ing aid, and false teeth, isn’t exact­ly sexy.

As with any invest­ments though, it may not be a wise idea to use all your sav­ings to do this. Plac­ing the fate of your gold­en years at the mer­cy of a bull­ish or bear­ish mar­ket could be a lit­tle stress­ful as you slide into retire­ment.

Cryp­tocur­ren­cies for Retirees

GladAge is an Aus­tralian blockchain com­pa­ny, look­ing to tack­le the aging pop­u­la­tion in that cor­ner of the world. Yet, if it turns out to be suc­cess­ful, it’s a mod­el that can be rolled out across the globe.

It’s also help­ful to build micro-economies where all the trans­ac­tions can be tracked more effi­cient­ly. This assists in mon­i­tor­ing the impact more accu­rate­ly and to route the invest­ments towards activ­i­ties with high­est pos­si­ble impact,” Kapoor states.

No one wants to end up in a care home, but we don’t always have con­trol over the course our lives take. So it’s com­fort­ing to know that we may be able to at least have a say–and a stake–in the qual­i­ty of our care with cryp­tocur­ren­cies for retirees, var­ied invest­ment port­fo­lios, and the chance to do more with our 401ks.

Arti­cle first appeared on Coin­cen­tral

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