My life, i.e. the time of my life, as the next clause explains it.
Because of mine iniquity; either through my deep and just sense of my sins, which have provoked God to afflict me in this manner; or for the punishment of mine iniquity, as this word is frequently used.
My bones, in which my chief strength lies.
Are consumed; the juice and marrow of them being almost dried up with excessive grief.