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I’m 64, single, considering retirement after fighting cancer — I have $1.6 million. Should I retire?

I am 64 years old, single, and live in the Bay Area of California. I was diagnosed with cancer in July 2019 and stopped working in November of 2019. I went on disability for a year, through November 2020. The cancer treatments were successful and I am now cancer-free.

So now I am contemplating retiring. Financially, I own three rental homes that produce $1,250 per month in net income. My Social Security would be $2,500 per month if I take it now, or $3,000 per month if I wait until Full Retirement Age, which is 66½ years old. My accounts total $1.6 million, of which $700,000 are in individual retirement accounts, $600,000 invested in stocks with Fidelity and $300,000 in cash. My estimated expenses are $8,000 per month. In 2021 about $10,000 per month will be due to my COBRA health insurance premiums. In early 2022, I can enroll in Medicare.

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