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.
Even though I myself own several of the dividend paying stocks you mentioned, I would not rely on individual equities alone as a retirement income strategy. Most every investor needs a balanced portfolio (some combination of stocks / stock mutual funds and bonds/bond mutual funds) that’s appropriate for that person’s risk tolerance.
Individual equities are HIGHLY risky for all the obvious reasons. Go look at GE as an example. Or worse, CTL - one of the highest paying dividend stocks in the S&P 500. They were paying a $2.16 / sh dividend until they cut it to $1/sh. That was AFTER exec management promised up and down that they were “comfortable with the dividend for the forseeable future” - about 2 weeks before they cut it.
YMMV. While dividend stocks can be a PART of an income strategy, there should be a more diversified, broader foundation in place also..and on a $500K portfolio..not sure I’d even recommend you invest in individual equities..
I also wouldn’t count on getting 5% returns..history has not shown that to be a safe withdrawal rate (SWR). Lots more discussion on that point on the forums I mentioned up-thread..4% max..3.5% better, or you may risk running out of $$ in retirement..