3 million to retire?

[Goldy1]

I live in Michigan not to far from Canada. I never considered moving there. I hae joked about it for "free" healthcare, but it's not like you roll over the other side of the bridge and get your citizenship.
Maybe there will be healthcare reform policies in the US by the time I retire, but I do not assume so.
My mortgage is almost paid, but it scares me I could lose my life savings due to health issues(even tho we are healthy) I would actually say it' s like one of my only fears in life other than a car accident. (gosh what a grim post huh lol)

I would like to take trips when I retire. I want to budget for that. I don't want to sit in my rocker and play bingo.
I never figured out how much I need to save. I just save as must as I can without being a miserable old miser.

I look forward to retirement, but I also want to continue to savor and enjoy my youth!

[Zunow]

> but it scares me I could lose my life savings due to health issues

What am I missing? I understand it's expensive, but you do have health insurance, right? If so, get on a plan that has maximum annual contribution of something lowish ($7,500) and unlimited or very high ($6M) total care they will provide.

If you do that, how would you "lose your life savings" in a bad-case medical scenario?

[Ronin]

I'm not going to have have $3M saved when I retire, but I do have a job that pays our a 90% retirement, so I don't think I'll need that much

[disneysteve]

I understand it's expensive, but you do have health insurance, right? If so, get on a plan that has maximum annual contribution of something lowish ($7,500) and unlimited or very high ($6M) total care they will provide.

How exactly do you propose people pay for such a plan? I'm a professional earning a 6-figure income. I'm 44 and in good health. My health plan isn't anywhere near as good as what you describe and it is way expensive. I can't afford to spend 2 or 3 or 4 times as much per month to get a much better plan. And for an older person, the premiums would be even higher than for someone my age.

[swanson719]

A high deductible HSA would more than cover that. DW and I have looked into it, and for our situation could get a $10,000 deductible HSA which would be ideal. We carry roughly $480,000 in medical each year for DW's dialysis and treatment, so the $10,000 would be ideal in that situation. For now, Tricare covers it, but it's definitely going to be difficult to find affordable insurance aside from an HSA if I get out.