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How to make a million after age 70

Savings » How To Make A Million After Age 70

Forget about making a million
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Forget about making a million © Visionsi/Shutterstock.com

Forget about making a million

Of course, one question looms over this entire enterprise.

"Why is it so important to make $1 million in the first place?" asks Kenneth Robinson, founder of Practical Financial Planning in Cleveland.

Alan B. Ungar, president of Critical Capital Management in Westlake Village, Calif., believes that a quest to become a millionaire after age 70 is simply reckless.

"Get-rich schemes very rarely work," he says. "Somebody who is 70 or older would be foolish to give it a try."

Twining says it is possible that some 70-year-olds might want to get rich out of concern for the well-being of dependents they will leave behind. Otherwise, he says, it is rare to encounter older investors with such grandiose goals.

"It would be quite odd to have a 70-year-old with this objective," he says. "Most people at age 70 are thinking about bigger things than money."

Robinson believes many 70-year-olds can achieve their retirement goals -- and overall happiness -- on less money.

"Buying whatever the $1 million is supposed to buy might not actually make the client happy," he says. "Rich but unhappy is a failure."

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