My 54-year-old dad has no savings for retirement… what can I do?

So here’s the deal. My dad drives for Uber full-time. He did an amazing job saving for college for me and my brother, but now he has almost nothing saved for retirement and no investments. Should I help him start a Roth IRA and suggest putting it into an S&P 500 fund? I don’t want him to work forever. Would appreciate any advice.

Edit: I’m 18, and my brother is 16. I’m currently working hard in college, and my plan is to get a good job so I can support myself and help my dad. Either way, I’ll make sure he can retire comfortably. I just want to get him started until I have my own income.

Edit 2: Thanks for all the advice so far! Another thing to add is that my dad wants to retire in Egypt. That’s part of why he isn’t too worried about savings—he could live comfortably there on $1–2k a month. I’ll work hard to make sure my family, including my parents, can live well. Thanks again for the help!

If this is the case, you and your brother might end up being your dad’s retirement plan if he doesn’t want to work forever.

Milo said:
If this is the case, you and your brother might end up being your dad’s retirement plan if he doesn’t want to work forever.

Yep, it sounds like you and your brother will need to help fund his retirement. That’s the reality.

@Nev
Honestly, your dad sounds like he made a smart investment in raising you both well. It might pay off in the long run.

Taylor said:
@Nev
Honestly, your dad sounds like he made a smart investment in raising you both well. It might pay off in the long run.

Thank you for saying that—it means a lot. I’ll do everything I can to make him proud.

@Taylor
Starting to invest as soon as you can is the best thing you can do. Time will be your biggest advantage.

@Taylor
Focus on your education and aim for a good-paying career. That’ll help you and your dad in the long run.

@Taylor
If you haven’t already, consider setting up automatic contributions for when you’re ready to start helping.

Milo said:
If this is the case, you and your brother might end up being your dad’s retirement plan if he doesn’t want to work forever.

It’s not fair for parents to neglect their retirement for their kids. Supporting their children is important, but it should never come at the cost of their future.

@Clancy
My dad never made me feel responsible for his retirement. This is something I want to do for him because of all he’s done for us.

Taylor said:
@Clancy
My dad never made me feel responsible for his retirement. This is something I want to do for him because of all he’s done for us.

What you’re doing is admirable. Wishing you all the best—it’s inspiring!

Taylor said:
@Clancy
My dad never made me feel responsible for his retirement. This is something I want to do for him because of all he’s done for us.

Don’t forget to spend time with your dad too. Money is important, but memories matter more. You’re doing great.

@Clancy
Imagine criticizing someone who worked tirelessly for their kids just because they didn’t save for retirement. What matters is his effort.

Avi said:
@Clancy
Imagine criticizing someone who worked tirelessly for their kids just because they didn’t save for retirement. What matters is his effort.

I’m not criticizing his effort. I’m saying there has to be balance. You can’t put all your resources into one thing and ignore your own future.

@Clancy
I get your point, but not everyone has the luxury of balance. Sometimes people do what they can with what they have.

You’ve got a lot of work ahead of you, but you seem determined. Keep at it!

Your dad gave up his retirement savings to support your education. Maybe you and your brother can help fund a Roth IRA for him?

Morgan said:
Your dad gave up his retirement savings to support your education. Maybe you and your brother can help fund a Roth IRA for him?

My partner sends money to her dad every month because he sacrificed so much for her. It’s her way of saying thanks.