Living to 100? That’ll be $3.5 million

From MSN Money:

The average American who lives to the ripe old age of 100 will spend $3.5 million in his or her lifetime, according to an analysis of data from the Bureau of Labor Statistics. A good chunk of that, more than $1.5 million, will have been racked up by your 50th birthday. The following 30 or so years — the average 50-year-old today can expect to live until 81 — will run an additional $1.4 million. And the lucky few who make it to 100 will need an extra $630,000.

Experts say these high costs of living often come as a shock to retirees, many of whom expect to dramatically cut back on their living expenses as they get older and stick to a fixed budget. “A lot of time people actually end up spending more money in retirement than they may have spent when they were working,” says Heidi Schmidt, a wealth manager in Dallas with USAA.

Are you saving enough for retirement?  Find out on MSN: http://money.msn.com/retirement/living-to-100-that-will-be-3.5-million-smartmoney.aspx

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About UWF Center on Aging

The Center on Aging at the University of West Florida was established in the Fall of 2010 when the School of Psychological and Behavioral Sciences faculty along with assistance from Sponsored Research submitted a grant to the State University System Board of Governors in support of aging initiatives for Northwest Florida. Its mission is to improve the quality of life of aging adults through the application of science to address challenges associated with aging and to promote healthy aging, with an emphasis on prevention. This will be accomplished through inter-disciplinary and inter-professional efforts of basic and applied research, consultation, and partnerships with community agencies. Education and training, direct services to the aging population, and public awareness and understanding of the contributions and needs of elders will be primary objectives.
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