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, a CFP professional with Practical Financial Planning in Cleveland.
Alan B. Ungar, CFP professional with Critical Capital Management in Westlake Village, California, 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 lofty 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."