First of all you have to have an employer to be able to contribute to a 401K plan, but you do have other choices that would better suit your sittuation. I would suggest you go to a bank and explain to them what you would like to do. Maybe ask them about a CD (Certificate of Deposit). Where you deposit your money for a period time and it will collect interest like a savings account but usually has a better return.

income from rent ==is my only income how can i save some for my future retirement income?

401 accounts are set up by employers for employees. Since your rental income is not part of a larger company, you would not be able to put it into a 401. You can however put it into an IRA account and there are several versions out there. Best place to start is your bank, which because you have accounts there, you'll find easy access and you can get information on a number of options.

No, he can't put it into an IRA because he is 78, too old. You can put it into a regular fund or CD or buy stocks or bonds. That's about it.

Good catch - I missed his age. Trovel is correct, you have to be under 70.5 to establish an IRA.

AARP Investment Program is a simple, affordable, no-nonsense approach to retirement investing, specifically designed for people over 50 with medium-to long-term investment goals. In addition to streamlined investment choices, members have access to experienced and knowledgeable investment counselors as well as an online resource center featuring educational materials and helpful tools. The investment program is offered to through AARP Financial, a registered investment adviser. This is a wholly-owned subsidiary of AARP Services, Inc.

Email: info@aarpfunds.com
Website: AARP Funds
Toll Free: 1-888-778-6189

A good simple outline of the various retirement accounts and criteria can be found at the Fairmark website. http://www.fairmark.com/news/egtrra/retirement.htm .

During a hearing on the financial crisis in October, Rep. George Miller, D-Calif., chairman of the House Education and Labor Committee, expressed misgivings about the future of the 401(k). The retirement plan hasn’t been as secure as Americans expected, he said, nor has it “provided the returns … or level of savings that we want it to.” He described it as “failing on several fronts.”

Miller called for a serious reassessment of the 401(k) structure and said hearings would resume in 2009. http://bulletin.aarp.org/yourmoney/retirement/arti cles/401_k_plans_too_risky_for_retirement_security _.html

Good Luck!