Without knowing your current net worth and your projected net worth, it is not possible to evaluate your financial advisor’s opinion. It’s also impossible to determine whether or not you will have enough funds to buy health/dental insurance.
All of your living costs should be estimated to determine if you will have enough money to be financially independent.
Will you be receiving any retirement health care retirement benefits from your current employer? Currently people do not qualify for Medicare until they are 65 as Donald has stated. You will have to provide for your own health/dental insurance until you and until your wife become 65 years old.
If you don’t have confidence in your advisor, interview other advisors. Find an advisor you have confidence in.
Good luck, Dave
Dave, either your financial advisor is providing very incomplete and poor advice or his/her model is assuming that your personal expenditures on for health care in retirement will approximate your current expenditures. That could be a dangerous assumption. While I'm not a health care expert, the data I've seen suggests that the average retiree incurs costs of more than $6000 annually that are not covered by Medicare. It is highly unlikely that if you have health insurance from work that you are incurring that much out of pocket today. Depending on your health,other personal circumstances and coverage elections your figure could differ markedly. I'd request either a more explicit analysis of health care or start looking for a new advisor.
As for your other questions, you are not eligible for Medicare until age 65 and the same applies individually to your spouse. If you retire at 62, you will be on the hook for the full cost of your health insurance for 3 years and for your spouse 6 years.
You really need to model in the cost of any health/dental plans. Your employer may offer you an option to continue to participate in the company plan at a retiree rate. Contact your HR department to find out if such an option is available. You may also get your own coverage directly. You can get an idea of such costs by calling an insurance broker or checking out any carrier's website.
To model health and dental premiums as well as expenses, you may want to try out the tools available at www.omyen.com. They have a Retiree Healthcare Planner module.
There's also this resource available from Aetna: