I am 59 With $1.6 Million and Ready to Retire. Not Budgeting for This Expense Almost Stopped Me.

At 59, $1.6 million may be enough to retire, but leaving work also means giving up health insurance coverage from your employer. Medicare generally doesn’t become available until age 65. Paying marketplace premiums during that six-year gap could increase your withdrawal rate, and that may undercut the longevity of your nest egg.