My father is 54, owns his home but has just $10,000 saved for retirement. I have no idea how to help him invest his money. What should we do?

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.

Where does he stand?

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.

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.