Too late to start an IRA?

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[Post New]10/20/2023 14:45
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Anonymous
My partner will be 67 in 2039. He works a physically demanding job, so I would like for him to be able to retire as soon as he is eligible to collect SSI, either at 62 or 67 depending on our finances at the time. He has no other retirement than SSI. My question is whether it's too late to start an IRA for him. Would it make sense to put anything into one at this point? I fund my own 401k and IRA, but I am ten years younger than he is. Would it be better to just put money in the stock market and not in an IRA? I'm just not sure how much we can really fund an IRA in the next 11 to 16 years. Thoughts?
[Post New]10/20/2023 16:11
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Anonymous
yes. Its worth it. get started right away.
[Post New]10/20/2023 16:13
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Anonymous
If he puts in 7K a year for 16 years he will have 200K when he retires (assuming 6% returns).
[Post New]10/20/2023 16:50
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Anonymous
Anonymous wrote:If he puts in 7K a year for 16 years he will have 200K when he retires (assuming 6% returns).


Yes, definitely worth it. It also has other benefits, eg some protection from creditors/law suits, tax advantages etc.
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