By The Time You Hit 50, You'll Blow Nearly $2 Million On Living Expenses

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.

Now see 12 reasons making a will should be priority this year >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.