Those who have seen their long-term financial plans adversely affected by an event are not alone. A survey conducted for TD Ameritrade found that two-thirds of American adults have experienced such a disruption.

The most common disruption (43% of respondents) has been the loss of a job or being forced to take a lower-paying job. Notably, poor investment or business performance was also among the most common reasons given (28%).

Whatever the reason, the disruption had a significant negative affect. Prior to the disruption, more than $500 was being saved per month. After the disruption, almost 80% of respondents said they reduced their savings and or expenditures and 49% said their ability to save or invest money was reduced. The net effect was a nearly 60% drop in the amount saved. Given the average disruption length of nearly five years, TD Ameritrade calculates the total drop in savings as being in excess of $16,000 per person. This decline in wealth caused 49% of survey respondents to say they may either need to delay retirement or forgo it completely. About 43% expect to have less money available than they previously expected.

Nearly half of all respondents said they wish they had saved a greater proportion of their income prior to the disruption. Many (36%) said they wish they had started saving or investing earlier.

If this data describes you, there are steps that can be taken. The first is to work longer. This will increase the amount that can be saved, reduce the number of years savings will be required to last in retirement and boost the monthly Social Security benefit. Some studies suggest that postponing retirement may even be better for a person’s health.

The second is to save more. The annual limits on contributions to 401(k) plans and individual retirement accounts (IRA) are increased once a person reaches age 50. Additional money can also be set aside in a Roth IRA (subject to certain restrictions) and or a taxable account.

Source: “Financial Disruptions Delay Targeted Retirement Age to 68 Years Old or Later,” TD Ameritrade, March 31, 2015.