Your dad, 54, has only $10,000 saved for retirement, far behind the recommended amount. Yet, he owns his home and is debt-free, giving him advantages. By budgeting, reviewing insurance, and seeking financial advice, he can turn things around before retirement.

Consider setting up an emergency fund with the $10,000 saved and moving it to a high-yield account for accessibility and interest. Opening a Roth IRA and investing in services like Acorns can further boost retirement savings. Seek financial advice to create a solid retirement plan.

By taking proactive steps now, your dad can maximize his retirement savings and secure a comfortable future. Join Moneywise for more insights and interviews.

Read more at Yahoo Finance: My dad is 54, owns his home but has $10K in savings. I don’t know how to get him to invest for retirement. Please help!