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Glum senior couple wearing hats and eyeglasses. (Photo: Shutterstock)

A growing number of retirees are overspending early in retirement instead of gradually reducing the amount of money going out. As a result, nearly half of people who retired between 1992 and 2014 lack the resources to sustain their level of spending.

The Consumer Financial Protection Bureau commissioned a study to identify ways to increase retirement preparedness and protect retirees from overspending their savings in early retirement. This is what they found:

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