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There are plenty of books out there on retirement planning. Most advise to start early.

For late starters, I think your parents should begin with a detailed calculation of their net worth and their expected retirement income as well as their expected retirement income needs. Does he still own his business? What is it worth? It sounds as if he did not participate in Keogh or other retirement plans for the self employed. Are there other assets?

If this is the case, then their early retirement will depend on deploying the assets they have in a way that generates secure income. The net worth calculation will tell you what you have available.

If all else fails, real estate investing could work in this case. If rental property can be purchased at a price for which rental income will finance the mortgage, once the mortgage is paid off, you have a steady flow of income.

But take a very close look at redeploying the assets they have. Sale of their home moving into one side of a duplex and renting out the other is a standard strategy. There may be plenty of others. Hopefully you will find assets not previously recognized and be able to convert them to better use.

Otherwise, its going to be save, save, save, and they may not get much growth from these savings because time is so short. Still, solid equity investments must be the way to go.

Best of luck to you.
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