If you want to make a financial plan, you need to know how much your target savings actually is. You need to consider many different things when deciding how much money you want to save, including the income you will need during your retirement so you can live comfortably.
Unfortunately, when many people consider how much money they will need during retirement, they do not accurately assess how much seniors need to save for healthcare costs during retirement. Seniors may need to spend a substantial amount of money for their care costs, especially if they suffer from any serious ailments. For example, a couple who has prescription drug spending in the 90th percentile would need to save as much as $350,000 for medical care costs if they wanted a 90% chance of being able to pay for their care.
The high cost of care is one big reason why you need to begin making a financial plan early and why you need to work with an experienced attorney to build up savings and to protect assets in case of a serious and costly health issue.