It all depends on your monthly expense.

Based on your data, I would think that your yearly income is about $60k?  If yes, then you can retire.  If not, then you can not retire.  You and your wife are 62 years old, what about SS income?  Is it already included in $3,700/month.  $500k can generate $20k income / year without touching the principal.  If you can answer some of my questions, I can give you a better answer.  I dream of retirement every night.