Retirement savings full of unexpected bumps, survey says
Kristin Murphy, Deseret News archives
Nearly a quarter of the people who participated in a new survey said that supporting adult children or grandchildren had disrupted their retirement savings.
90 percent of those surveyed said they had experienced at least one economic or life event that derailed their retirement savings. Among some of the other reported detractors were caring for an aging family member (15 percent) and paying for their children’s education (11 percent).
The survey, which was conducted by Ameriprise Financial, tracked retirement savings of those ages 50-70 with at least $100,000 in cash savings and investments, found that those surveyed lost an average of $117,000 towards retirement.
The most common reason why those surveyed struggled to invest in retirement was low interest rates that hurt the growth of their retirement assets, which affected 63 percent of the survey participants.
Among those questioned, many expressed regret for not preparing for inevitable setbacks. More than half said they believe starting their savings earlier would have helped them handle financial bumps more easily.