My dad runs his own lawn maintenance business and has never had a retirement account. I'm nervous because he only has about 10 years to save for retirement.
Here is his financial situation:
- He and my mom have the house paid off, Newer vehicles are paid off
- My mom, is stay at home, and helps with the finances part of my dads business
- My dad is very good saver, hes only had the business for the last 15 years, prior to that he was working for a low wage at a pear orchard
- He plans to retire at 67ish
- His after tax income is $32-60k a year depending, how much he wants to work in given year
- He has one employee, my younger brother
- Hes willing to invest (retirement) somewhere between 10k-25k a year
Some questions I need help with:
- What retirement accounts would work best? Or a combo a two? SEP, ROTH, IRA
- Should he lower his income as he gets closer to retirement or try to maximize it?
- When my brother stops working for him (in a year) should he switch to Solo 401k?
- Any other ideas for helping him maximize retirement with his business?
Any suggestions or links to info/threads would be super appreciated.
Submitted December 15, 2020 at 10:24PM by jimhalpert43 https://ift.tt/2WmpHhM
