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!

Core Insights - The article discusses the financial situation of a 54-year-old individual who owns a home outright but has only $10,000 in savings, highlighting the need for better retirement planning and financial management [4][5][12]. Financial Situation - The individual is debt-free, which is a significant advantage as only 23% of Americans share this status [2]. - The median retirement savings for Americans aged 55 to 64 is reported at $185,000, indicating that the individual is significantly behind the recommended savings target of $490,000 by age 55 [3][4]. Retirement Planning - A survey indicates that 40% of American workers are behind on their retirement savings, with a belief that $1.26 million is needed for a comfortable retirement by 2025 [5]. - The individual has a steady income of $70,000 per year and a home valued at $400,000, which can be leveraged for better financial planning [5]. Insurance Costs - Homeowners' insurance premiums have increased by an average of 24% over the last three years, suggesting potential savings by shopping around for better rates [1]. - The article suggests that the individual could save an average of $484 annually by comparing insurance rates [6]. Investment Strategies - Recommendations include setting up an emergency fund with the existing savings and considering high-yield accounts for better interest rates [14][15]. - The Wealthfront Cash Account offers a base variable APY of 3.50%, which can be beneficial for uninvested funds [16]. - Contributing to a Roth IRA could allow the individual to save up to $8,000 annually, potentially growing to over $200,000 by age 67 with a 7% annual return [17][18]. Additional Savings Opportunities - Utilizing platforms like Acorns to invest spare change can help grow savings, with the potential to accumulate over $1,000 in a year through small daily contributions [19][20]. - The article emphasizes the importance of maximizing every opportunity to save and invest, especially in the individual's 50s [19].