retirement age couple dressed for beach or travel but frowning (Photo: Shutterstock)

Nearly half of the retirees who provided information about their financial resources and expenses as part of a nationwide survey said they did not have sufficient income to maintain the same level spending for the first five years of retirement, a federal agency said in a new research brief.

The Consumer Financial Protection Bureau commissioned the study to pinpoint various ways would-be retirees can better prepare and also to take steps to minimize racing through too much of their savings in the early years of retirement. Certain financial decisions “may enhance or diminish” the ability to maintain spending levels, the study said.

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