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