It’s hard to watch someone you love approach retirement with almost nothing saved, especially when that someone is your parent.

Let’s say your dad is 54, earns $70,000 a year working as a contractor and owns a home worth $400,000 outright. He’s debt-free, but he doesn’t have a 401(k) and has only $10,000 saved in a brokerage account. He’s starting to think about retirement, and you’re starting to panic. Is it too late for him to catch up? Can you help?

It’s not a great spot to be in, but he’s far from alone. A CNBC survey shows 40% of American workers are behind on their retirement savings. Meanwhile, Americans believe they will need about $1.26 million saved to retire comfortably in 2025, according to Northwestern Mutual’s 2025 Planning & Progress Study.

With your dad’s retirement savings sitting at $10,000, he’s far behind where many Americans believe he should be. Still, all is not lost.

With a steady income, no debt and a valuable home, your dad has some advantages. The key now is using the next 10 to 15 years wisely. Here’s how your family can help him turn things around.

There’s no getting around that your dad has fallen behind on his savings. Some financial advisors recommend having around seven times your salary saved by age 55, which means your dad should have $490K in his retirement account.

But he should take solace: The Federal Reserve says the 2022 median retirement savings amount for Americans ages 55-64 was only $185,000.

“There are so many individuals, young, mid-career and deep into their career, that are not saving enough for a healthy and secure retirement,” Jacqueline Reeves, the director of retirement plan services at Bryn Mawr Capital Management, told CNBC.

But your dad has some things going for him. First, he owns his home. Second, he’s debt-free, something that only 23% of Americans can say, according to WalletHub. Plus, at his age, he’s likely got several years left to work and save money.

To help your dad, you can start by considering when your dad will want to retire. If he’s in good health, he may have 10 to 15 years left of full-time work. If he can put off claiming his Social Security benefit until age 67 or later, he can maximize those monthly checks and continue to invest money for his retirement. Plus, if he waits to retire until later, he will be eligible for Medicare coverage, which kicks in at age 65.

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Next, you can try to estimate your dad’s expected living expenses in retirement. If he stays debt-free, that’s a major advantage, since there’s no monthly loan payments or lingering bills eating into his budget.

But housing is still a big piece of the puzzle. Does he plan to stay in his current home, or would downsizing be a smarter move, both financially and logistically? Once you’ve got a clear picture of his financial foundation, it’s time to focus on the next step: helping him invest for the future.

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Your dad’s first moves might include opening a Roth IRA, perhaps using some of that $10,000 savings. Since he’s over the age of 50, he can contribute up to $8,000 a year. That would leave $2,000 for him to keep in a high-yield savings account for any emergencies.

After opening the Roth IRA, consider setting up automatic investments of $500-$1,000 each month. With compound interest, that amount could grow significantly between now and retirement.

Make sure that he starts saving ASAP. If he contributes $8,000 a year to a Roth from now until age 67, with an average 7% annual return, he could build a nest egg that tops $200,000. If he pairs that with maximized Social Security benefits and remains debt-free, he should be able to cover his needs.

While keeping your dad in his home is the ideal scenario, his home equity shouldn’t be ignored. If needed, he could sell his house and downsize to create a larger pool of cash that could be invested, stashed away for emergencies or used for travel or other enjoyable pursuits.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.