Published On: May 15 2013 01:18:04 PM CDTUpdated On: May 15 2013 01:34:00 PM CDT
A recent survey by Ameriprise Financial has shown that several unexpected setbacks, ranging from stock market declines to suddenly supporting an adult child, have taken a major hit to Baby Boomers' retirement savings. Take a look at how retirement savings are affected by economic or life events, by the numbers.
Ameriprise Financial surveyed 50-to-70-year-olds with at least $100,000 in cash savings and investments.
$117,000 - The average amount of money several "retirement derailers" set savers back.
90 - Percentage of those surveyed who had experienced at least one economic or life event that hurt their retirement savings.
3 - The number of top derailers found in Ameriprise's survey. One is low interest rates that hurt the growth of retirement assets (63%).
Another derailer is market declines (55%) and lower-than-expected home equity (33%).
And almost 20% pointed to job loss as a factor.
25 - Percentage of people surveyed who said that supporting adult children or grandchildren had thrown a wrench in their savings plan.
15 - Percentage of people surveyed who said they had lower income or higher bills related to caring for an aging family member.
11 - Percentage of people surveyed who said their savings took a hit because they were paying for their kid's education.
50 - percentage of people surveyed who said their savings is less than they had imagined and that they wished they had started saving earlier.
Click here to read about other ways that retirement savers lose money unexpectedly.
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