While mutual fund and other financial service firms would have the public believe they are heading into disastrous retirements, the Congressional Budget Office recently reviewed 21 reports and concluded that half of Americans will be able to maintain their lifestyles in retirement, 25% will face hardship and the remaining 25% could go either way, The Arizona Republic Reports.

But the ability to live comfortably in retirement hinges on whether seniors will be able to maintain their health so that they can work and/or avoid expensive medical costs, noted Jonathan Pond, a financial planner and commentator on PBS who has a book pending on the subject. Pond and other financial advisers also agree that many retirees will not be able to afford expensive hobbies like golf.

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