Many people think of retirement as the end of the road: It's the last stop on a long road before you get to kick back and enjoy your golden years. But if you're going to retire in a way that's financially secure, retirement is actually something that needs to be planned for from the beginning — and it needs to be planned for over and over again.

That's because there are so many factors that can affect your retirement, both positive and negative, that it's impossible to account for them all at once. You could lose your job or get divorced, or you could earn a big promotion or win the lottery. And whether you're anticipating something good or bad, planning for it can help you make sure that whatever happens, your retirement savings will still be in good shape.

Another factor to consider is that life expectancy is increasing meaning that we will live longer. At the same, the cost of living goes up over time. The cost of living tends to rise at an annual inflation rate of 2%, according to the Bureau of Labor Statistics. That can make it harder for your money to keep pace with your expenses.

Therefore you may need more money than you think: It may seem like you'll spend less in retirement because you won't be commuting or dressing for work anymore, but that's not always true: You may want to travel or take classes or get involved with other activities — all of which cost money. It is a costly mistake to underestimate your expenses during retirement.

I am a Government Officer and so now during my retirement, I am receiving a pension from the Government. The pension that I am receiving now is about 60% of my last drawn basic salary. From the start, I have already planned to have an additional source of income from my investments if I want to maintain my current standard of living. In order to make wise investment decisions, I have educated myself on financial management and investment. Having an Economics degree and a Master of Business Administration help to some extent. Sadly our education system is lacking when it comes to teaching students about money and financial management.

My principle is quite simple, it is my money and only I have my self-interest at heart. The financial planners, experts, insurance agents and brokers have only one concern; how much commission they can earn from the financial transactions that they try to sell to you.

I only learn about cryptocurrencies when I joined the Steemit blockchain in 2016. Before that I was totally ignorant about the subject matter, I thought that it was just a fad and worse still a scam. The more I learn about cryptocurrencies, the more I liked it. Now my thinking has changed by 360 degrees. If you want to invest in cryptocurrencies long-term and profit from them, then they need to be part of your investment and retirement planning.

I like to share 3 major reasons why cryptocurrencies are part of my investment for retirement.

I Have Total Control Over My Cryptocurrencies

The fact that cryptocurrencies are decentralized means that I have complete control over my assets. This allows me to own and store them without the participation of a third party. Cryptocurrencies cannot be controlled by or manipulated by any government and central bank. Just take a look at the current Ukraine crisis where fiat money and the monetary system have been weaponized.

Furthermore, the value of the assets is not established by the exchange or a middleman, allowing traders to profit from the current exchange rates to the fullest extent possible.

2. Store Of Value Against Inflation

Previously the US dollar was backed by gold. Once this was abolished, the US Government can print as much money as they want. With so much money chasing the same amount of goods and services, inflation is inevitable. At the same time, the national debt of America is into trillions. The reason why the US dollar has value is that it is used in international trade. Other countries are forced to have US dollars in their reserves in order to trade. With such a scenario, it is wise to convert a percentage of our fiat currency into cryptocurrencies.

On the other hand, the supply of bitcoins and other cryptocurrencies is finite. Only 12 million Bitcoin can be mined. As a result, they are deflationary assets, meaning their purchasing power increases with time. Therefore my investment in cryptocurrencies is a store of value against inflation. Bear in mind that inflation is expected to soar to the pandemic and the Ukraine crisis.

3. I Strongly Believe That Cryptocurrencies Are The Currency Of The Future

Cryptocurrencies operate by using digitally encrypted information, rather than physical currency, to transfer value between accounts. This secures the transaction and helps to eliminate the need for physical money. This has to lead to lower fees, faster transactions, less risk of lost cash, and higher security overall.

At the same, more corporations and even countries adopting cryptocurrencies, especially Bitcoins. Corporations that want to diversify their assets have included Bitcoin in their balanced sheet. Just recently El Salvador has accepted bitcoin as legal tender, which means that people and companies have to accept bitcoin as payment. All of this points to cryptocurrencies especially Bitcoin as the currency of the future.

Perhaps the question should not be “Should Cryptocurrencies Be Part Of Your Investment And Retirement Planning?”. Instead, we need to ask ourselves which cryptocurrency should we invest in and the percentage of our total investment that should be allocated to cryptocurrency.

Please note that the above is not financial advice 😀😀😀. Instead, it is an entry for the silver prompt challenge organized by the Silver Bloggers Community.

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The Silver Bloggers Community

The Silver Bloggers Community is started by @lizelle also affectionately known as Sliver-Blond Lizzie. This community has provided a platform for those 40 and above to share their stories and experiences. You can join the community here. I am honored to be part of this community and I consider this community as my tribe. The community runs the Blog of the Month challenge and recently has introduced the Silver Prompt Challenge.