Photo: Flickr / Alex E. Proimos
Living to 100 will cost you a shocking $3.5 million over your lifetime, reports SmartMoney’s Jonnelle Marte.Using data from the U.S. Bureau of labour Statistics, Marte revealed that nearly half of that $3.5 million will be spent by your 50th birthday.
Boomers in their 60s will spend the most as they transition into retirement, mostly on housing.
Nearly $155,500 will go to their mortgage, utilities and home decor.
But while 60-somethings will spend the most, they may have the most fun: $46,700 goes to entertainment and eating out.
Of course with age comes rising costs of health care.
For that, 70-somethings will shell out $56,500, while 80-somethings will spend 57% more for health insurance and half as much on entertainment as 50-somethings.
90-somethings will spend roughly $190,200 on nursing homes, out-of-pocket long-term care and assisted living.
These figures are frightening given that 25% of American workers feel lousy about their retirement savings and only four per cent of employers in a survey felt their employees had enough socked away for their golden years.