My dad, 75, only has $31K saved to retire and he’s freaking out — how do I help him save his retirement?

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However, Americans 65 to 74 had a median retirement savings balance of $200,000.The reason older people have less money may boil down to the fact that by 75, many people have been retired for a while. And that means they’ve been steadily drawing down on their nest egg.Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPI'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast)On the other hand, there are people in their mid-70s and even beyond who continue to work — whether it’s because their jobs are a labor of love or a matter of financial necessity.Let’s say your father has hit 75 and he’s still plugging away at his desk job. With just $31,000 saved for retirement, it’s natural that you’re both worried about how he’ll get by.But if your father still earns a salary of $70,000 a year, his situation is far from hopeless. And if he’s able to work a few more years, he still has the chance to boost his savings.Axios analyzed data [1] from the Bureau of Labor Statistics and found that almost 19% of Americans ages 65 and over were still working as of 2024. And that alone can help compensate for a lack of savings. Plus, there’s Social Security.The average retired worker today collects about $1,980 per month, or $23,760 per year, in benefits, according to the Social Security Administration. And with $1,240 from his savings, that would bring him to about $25,000 for the year.Hopefully, your father claimed Social Security at 70, since there’s no financial incentive to hold off on taking benefits beyond that point. In addition, if he is collecting a $70,000 annual salary, he may have more than enough income to cover his expenses. At this point, he should be able to either save some of his salary and, hopefully, the majority of his Social Security income.Investing those in tax-advantaged accounts like IRAs and 401(k)s can help you build a nest egg to coast through retirement.Of course, one thing to keep in mind is that if your father is 75 years old with a traditional IRA, he may already be on the hook for required minimum distributions (RMDs). With a 401(k), RMDs can sometimes be deferred if the plan holder is still working.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,600.75 +12.50 (+0.19%)Dow Futures45,930.00 +76.00 (+0.17%)Nasdaq Futures24,142.00 +28.75 (+0.12%)Russell 2000 Futures2,424.00 +7.80 (+0.32%)VIX15.00 +0.24 (+1.63%)Gold3,680.50 -5.90 (-0.16%)PortfolioSign in to access your portfolioSign inTop gainersIONQ IonQ, Inc. 55.61 +8.56 (+18.19%)WBD Warner Bros. 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