64 years old trying to safe money - Is it too late?

[bwspot]

Hello,
My dad is 64 years old and have been to Usa for 10 years. It turns out that his early retirement is around 180$ or 240$ if he retires at full retirement age.
He plans to go back to his country at some point but still tries to save some money for the retirement. He never opened any 401k or ira account. He is not a Us citizen.
He only has a green card but in 1 year he could apply for the citizenship.

Is it worth to open any of special retirement plans to increase the retirement money that he will get?

Is there any minimum retirement if you are a us citizen or it all is based on money you pay to IRS?

Any advise would be greatly recommended?


thank

[~bs]

it probably is, but if he works until 70 or whenver he can, and saves as much money as he can, he'd be a lot better off than throwing his hands up, and saving nothing...

[bwspot]

it probably is, but if he works until 70 or whenver he can, and saves as much money as he can, he'd be a lot better off than throwing his hands up, and saving nothing...

so no plan would provide him any extra savings, and he probably would have to invest a lot?

[QuarterMillionMan]

This is a good question. In my opinion it is never too late to save but given his age, I don't know about this case. Is he in good physical shape to work throughout his 60's, 70's, or even 80's. I never thought I would recommend it but he may want consider the welfare route (ie, food stamps/EBT, Medicare/Medicaid, public housing, etc.) upon attaining citizenhip status.

[segmond]

It's never too late to start saving. If you are not saving you are spending right? Spend less, save more. period.