My father is 71 years old and still working, but doesn't have a traditional IRA and 401k. He's never been into investing in the markets and instead has made his money in construction contracting, architecture, consulting, and real estate development. That said, he made most of his money earlier in his career and has worked off-and-on for the last 25 years. He makes good money WHEN he does work, but at 71 only has so many realistic working years left. He does own a few properties. He collects $3k+/mo in social security. His health is fantastic.
I'm a bit worried about him not having the traditional retirement accounts setup. I searched but wasn't able to easily find info on tax-sheltered investing for 70+ year olds. Is it too late for him to invest, other than a taxable investment account? What sorts of investing can he do at this point?
His wife is 56 and also doesn't have an IRA or 401k. Her personal earnings are not very significant. I'd think it would be worthwhile to get her started with an IRA and 401k.
Submitted December 13, 2020 at 11:13PM by Matador808 https://ift.tt/3ni4Ubd
