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What advice should I give them to help them secure a better retirement

Regardless of how much your parents have now towards retirement, they should be putting $2000/year in an IRA for each of them. This money should be invested in an S&P500 index fund, at least. Leaving it in the bank at 5-6% is ludicrous. As a consultant, if your father works for himself, he should be looking into a Keogh or SEP-IRA, where he can put more money away.

As a previous post mentioned, your parents should be looking into reducing their expenses in preparation for retirement, especially if they are not making as much as they used to, and they have less financial resources.

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