Even the best-laid plans can go awry as people prepare for retirement. This brief shows that about 7 in 10 Americans in their 50s and 60s develop health problems and disabilities, lose their jobs, or lose spouses to death or divorce over a 10-year period. These shocks substantially erode retirement savings, especially for unmarried people cannot turn to their spouses for support. The findings highlight the limitations of the safety net when things go wrong in late midlife.