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

Core Insights - The article discusses the financial considerations for individuals aged 75 and over, particularly focusing on retirement savings, Social Security benefits, and investment strategies to ensure financial stability in retirement [1][2][3][4][6][10]. Retirement Savings and Income - As of 2022, the typical American aged 75 and over had $130,000 in retirement savings, while those aged 65 to 74 had a median balance of $200,000 [6]. - The average retired worker collects about $1,980 per month, totaling approximately $23,760 annually in Social Security benefits [3]. - A scenario is presented where a father earning $70,000 annually and receiving $2,600 monthly from Social Security may still face a shortfall in covering annual expenses of $33,600 [14][15]. Employment and Financial Strategies - Nearly 19% of Americans aged 65 and over were still working as of 2024, which can help mitigate the impact of insufficient savings [3]. - The article suggests that individuals can enhance their savings by working longer and considering strategic financial moves, such as rolling over traditional IRAs into Roth IRAs to avoid required minimum distributions [6][15]. Investment Options - Investing in market-resistant assets like gold is recommended for those nearing retirement to protect against market volatility [7]. - The article highlights the option of opening a gold IRA account, which allows for penalty-free rollovers from existing retirement accounts [8]. Financial Planning and Advisory Services - Consulting a financial advisor is emphasized as a crucial step for individuals to develop a clear retirement plan and improve their financial situation [15][16][17]. - Advisor.com is mentioned as a resource for finding vetted financial advisors who are legally required to act in the best interest of clients [16][17].