If you read the news or watch television, you might think it’s all doom and gloom when it comes to retirement savings.

But the fact is, it really isn’t all that dreary out there for retirement savings or those nearing the age where retirement isn’t just a pipe dream.

The retirement savings system isn’t all bad and there are some bright spots and optimistic indicators.

According to the Employee Benefit Research Institute, about 67% of Americans think they’ve saved enough to retire. And about 82% of current retirees think they have enough to last – even if expenses rise.

So what’s with all the optimism? Doesn’t this fly in the face of bloggers and pundits saying we are all doomed?

One thing to consider is that many retirees scale back expenses or have lifestyle changes that allow their money to go further – in other words, they make due with what they have on a fixed income.

And if you are nearing retirement and you are concerned with your savings (or lack thereof), there is still time to grow your nest egg.

By boosting your savings, even by a few percentage points, you can have a decent cushion in 5-10 years.

It’s a good idea to not think about Social Security as part of your retirement portfolio or to use it as a benchmark on what you can or cannot afford because there is a chance you could lose your benefits or see them cut in the future.

For generations with a few more years to save, the future looks even brighter, with more and more workers enrolling in employer plans and improving the composition of their portfolios.

In the end, if you can save more and live frugally now, you can have a happy and comfortable retirement!

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If you have other questions about retirement plan loans, email us or call 937.308.0758.