The dollar's collapse: What it means for us

[Travis Retriever]

My mom asked me that, "If we woke up and the dollar collapsed, how would it effect us?"
I pointed out that it would mean that her and my dad's pension would be worthless, but that, depending on how fast her and my dad's salaries caught up, it might mean she and him would be able to pay off their house very soon.

I feel like I am missing a lot here.
I know that obviously, any cash assets would be worthless.  But I'm also wondering if it would be an all at once thing like my mom implies it would be.

I'm asking because I noticed that as I tried to explain it to my mom, I wasn't very good with details.
So what would it mean?

[MrBogosity]

Short term, you'd find it difficult buying groceries etc. Gold and silver would quickly come around as alternative forms of currency, and those who had stocked up on that would be in a much better position.