With a $500k portfolio you will likely pay no federal tax and pay no tax on your SS benefits. This is a pretty big deal.
Also, your medical can be very cheap pre Medicare as you should be able to qualify for a subsidized silver plan with cheese (cost sharing).
Those two factors alone could make a $35k to $45k income go a long way.
Worked for us. No Income tax in the past 25 years, but came close a few times.
A side note to this, and other long term $$$ factors. Inflation. And even though the calculators incorporate this, a look at the actual numbers helps keep perspective. ie.:
Our retirement year was 1989. $100,000. then, equals $190,500. today.
This does not directly relate to the question about $500K, but knowing the effects of inflation may help in looking at the numbers from the past, and into the future. An example:
$1Million today, with an inflation rate of 5%, would equal $2.65 Million in 20 years.
All of this is meaningless, except that the dictates of the economy over time, are NOT average, but meaningful in the period where inflation or interest rates occur. So...
Over a 20 year span, while the average rate of return might be 5%... if the first five years was 10%, the 20 year total would be higher than if the last five years was 10%. In our case, the earlier years saw higher interest rates and housing inflation.
The second, but unrelated part of this, is that the later years are typically lower in spending, and beyond the "goods accumulation" period.