A Redditor recently shared that his 60-year-old father has initiated a retirement savings plan, contributing 12% of his earnings and $100 monthly to investments. The Redditor sought advice from the FIRE community on better investment options and retirement strategies for older individuals. Suggestions included using a Roth IRA, saving at least 20% of income, and working longer to maximize savings. There were also reminders about potential family support needed if the father stops working, pointing out the challenges of late retirement savings.
"It's important to save as much as you can in general, but it's even more important for a 60-year-old who is just getting started with retirement savings."
"Prepare to support your dad if you ever expect him to stop working. There's no high guaranteed ROI investment."
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