Early retirement due to RIF – does this look doable?

It looks like I’m being forced into retirement a bit sooner than planned, but I think it’s actually going to be okay. I’ll be part of a Reduction in Force and will receive a severance package.

On Day 1 after separation, our situation will be:

• Me: 56
• Spouse: 59 (already retired)

Income streams:

• My pension: $12,000/year (frozen then restarted by company, why its low )
• Spouse’s pension: $32,000/year
• My SS at 62: ~$30,000/year
• Spouse’s SS at 62: ~$21,000/year

→ Roughly $95k guaranteed annual floor once we’re both on SS at 62.

Expenses:

• Required “must-spend” (utilities, health insurance, home/car insurance, etc.): $70,000/year
• With “like-to-spend” (vacations, fun, etc.): $110,000/year
• Health insurance estimate: ~$28k/year (Cobra then ACA)

Assets:

• Cash / liquid (including severance): $245,000
• Combined 401(k)s: $1,045,000 ($825k mine + $210k spouse’s)
• Home: $600k value, fully paid off, no mortgage
• Completely debt-free
• Living in Florida (no state income tax)

We have meetings scheduled with a couple of CFPs for formal proposals, but I wanted to get the community’s thoughts first.

Our impression is that this is very doable as long as we treat it as an active retirement — monitoring expenses, market conditions, and making adjustments as needed rather than a pure “set it and forget it” plan.

What do you all think? Any obvious gaps or suggestions?

Thanks!