Life may begin at 50, but it is also the age which is likely to be the most expensive of people's lives, new research suggests.
People approaching their half-century often face a "financial pinch point", whereby they are not only dealing with their own large living expenses such as a mortgage which is yet to be fully repaid, but also covering the costs of family members, such as children going through university, a report from Investec Wealth and Investment found.
At around £27,230, the average living costs faced by 50-year-olds are almost £3,800 higher than the typical annual spend of all other age groups, Investec found.
People aged 50 typically spend £5,020 a year on housing costs such as mortgage or rent, £7,030 on living expenses and around £1,230 on education, the research carried out among 2,000 people found.
It is also an age where people tend to try to ramp up their savings as they look ahead to their retirement. The research found that 50-year-olds are likely to be saving and investing the most money, at around £4,880 per year.
As their outgoings are ramped up, it is also a time when they may find that their earning power starts to decline, as official studies have shown that pay tends to peak between the ages of 40 and 49, the report said.
By the time people have reached 60, cost pressures have started to ease back and they amount to just over £20,000 a year, with many people having finally paid off their mortgages and seen their children fly the nest by this age.
Nick Gartland, senior financial planning director at Investec, said: "Turning 50 used to be a signal to increase retirement savings, but times have changed as today's generation face additional financial pressures that make this difficult.
"As today's 50-year-olds can expect to live for another 30 years, this poses additional challenges."
A glimmer of hope for put-upon 50-somethings was offered in news from the Council of Mortgage Lenders (CML) yesterday.
The CML has found that fewer first-time buyers are now needing to turn to the "bank of mum and dad" in order to make the jump on to the property ladder, which in part has been due to the widened availability of low- deposit mortgage deals as a result of the Government's Help to Buy scheme.
Here is how people's typical annual outgoings change throughout their lives, according to the Investec research:
Aged 21, £26,930
Aged 30, £23,430
Aged 40, £26,030
Aged 50, £27,230
Aged 60, £20,890
Aged 70, £18,740
And here is how the average annual costs of £27,230 of someone aged 50 add up, according to Investec:
Housing (mortgage/rent), £5,020
Living expenses, £7,030
Education, £1,230
Transport, £2,080
Child costs, £600
Investments, £4,880
Holidays, £1,360
Christmas, £590
Other general costs, £4,440
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