my parents didn’t have the luxury of preparing for their retirement...is there any way i can help their retirement? is it possible to open up an IRA for them?

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It’s nice of you to think this way. Very heartwarming.
You can gift them $15k each without any tax implications for this year (they can invest that in a ROTH or any other vehicle that makes sense for their age).
If you can figure out a way to create passive income for them, that’s the most ideal.

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OP, I'm no expert on foreign income, but I believe if they are not US citizens, they are not eligible to open a IRA. If they are US citizen working abroad, there are some options. Not sure of other tax deferred account options in other countries though.

Retirement accounts would probably not suffice for aged individuals if your intention is for retirement income. Money needs time to grow so contributions of 20k/year won’t get you much in a conservative growth retirement account.

I would strongly suggest life insurance with long term care/living benefit riders to mitigate the cost of aged living expenses. The same 10k can potentially provide 500k in expenses. This would address most of the high cost spending needs during retirement.

If you have more than $500k... consider an annuity that guarantees lifetime income. There are riders that provides a death benefit where the initial $500k can be left to a beneficiary tax free, even after they receive the initial investment in income distributions, potentially doubling the value of your money.

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unfortunately i am 24 and don’t have that much money myself. Looking more into doing small things now to get the savings rolling to help them within 5-10 years

As of 2020 there is no age requirement for contributing tonira or Roth IRA. You can have them use those even while taking RMDs. Best bet is high dividend portfolio for a good income stream

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Do what most of the Indians do. Remit a generous monthly family maintenance to their bank accounts. They can either use that for their monthly expenses or invest it for medium term ~10 years to see gains. It could be a simpler option but gives you the satisfaction of financially taking care of them and also provide them the independence to use it the way they see it.

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if there are any tax saving way to go about this that would be awesome

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