Although most people know it’s never too early to start planning for retirement, many Americans aren’t truly prepared, and there are many supporting statistics from the Indexed Annuity Leadership Council’s (IALC) data:

  1. One in four baby boomers (think: your dad) have less than $5,000 saved for retirement
  2. More than 40 percent of America’s workforce reports they are worried about their golden years
  3. Nearly 90% of Americans lack confidence in their retirement savings

With Medicare reaching insolvency in 2026, and Social Security in 2034, there is no better time than the present to begin helping those most near and dear to your heart plan for the years ahead. This Father’s Day, we’re sharing three ways to ease your dad’s retirement process and make the most of your family’s time together.

  1. Step in and help your dad see his retirement savings vehicles

    Not every employer offers employer-sponsored plans. In fact, our recent data on the state of America’s workforce found workers at small companies (fewer than 50 employees) are two times more likely than employees at larger companies to feel their employer is not helpful at all in retirement planning.

    To diversify options and best prepare for retirement, you should encourage your dad to consider alternative retirement savings options like fixed indexed annuities(FIAs), as they address many basic retirement concerns: protection of hard-earned dollars, tax-deferred growth, balance, and lifetime income. Knowing all the available options will help you both make an informed decision.

  2. Encourage your dad to talk to a financial professional

    Saving for retirement can be overwhelming. With all the possibilities out there, it can be hard to know what is the best retirement savings options for you. However, these vehicles don’t seem as confusing when you sit down and discuss them with professionals. Taking the fixed indexed annuity example, to decide if dad should add one to his portfolio, encourage him to consult a financial professional, who is licensed to sell FIAs. Check out 10 questions to ask a financial professional here.

  3. Spend more time with dad

    An important part to any retirement is making sure your family members feel valued and loved. It can be easy for someone, who is used to a routine, to lose their sense of purpose when they retire and many retirees can feel disconnected from their busy children. Having a structure or schedule can help your loved ones look forward to things ahead. Here are some easy, cost-effective activities you can do with your dad:

    – Go hiking, fishing, walking, biking, or jogging

    – Watch a movie, make arts and crafts, bake dessert, or cook dinner

    – Go to museums, monuments, parks, or libraries

    – Read a book together

    – Volunteer or take a class together

We hope these tips can help bring you closer to your dad this Father’s Day, as you begin to plan for his retirement. Remember, you have a special role to help your dad transition into his golden years.

3 Ways to Prepare Your Dad for Retirement this Father’s Day