WASHINGTON - Sixty-four percent of Mainers entering retirement will outlive their retirement savings, according to a study released today.

The study was conducted by Ernst & Young on behalf of Americans for a Secure Retirement, a coalition that includes the life insurance industry and organizations representing women, minorities, small business and agriculture.

The study found that the average Maine household will have to reduce its standard of living by 27 percent in order avoid outliving its savings.

Retired Mainers whose only guaranteed income is Social Security have an 83 percent chance of outliving their assets while those with other types of guaranteed income reduced that risk to 19 percent, according to the study.