Let's say someone is start investing at age 60, with $500k of liquid cash.

Is starting IRA at this age would be still beneficial?

What would be the ideal approach for low risk / income portfolio for someone with no dependent, no other debt with paid off house.

Edit* - I am talking about benefit of starting IRA at age 60, not saying putting $500k LS into IRA, sry if the wording was confusing