You couldn’t rely on $500K alone. The best yield, blue-chip dividend stocks are paying only 2-3% (oil sector is a bit higher) but that would only give you $10-15K/year in dividend interest. It also exposes you to a very high stock market.
CDs and bank interest is crap, thanks to global central banks
your pension is a help as will social security coming as well. Without a woman or kids around, life will be inexpensive.
I personally enjoy working, so I’m not at your age, but God willing, I will keep going well into my 60s. I would keep working, but that’s me.
You may need to re-visit some of the blue chips. Currently, AT&T is at 5.83%, Verizon is at 4.25%, Exxon is at 5.10%, Altria is at 6.88% and Ford is at 6.7%. There are great opportunities to get great blue chips now, lock in the $/dividend, and watch the dividends increase each year.