So yea, you can retire on that, right now if you want. However here are my tips:
-Don't retire. A career, business, or other for profit endeavor is the single biggest life changer. You can take a big gamble with that amount of money, like opening a brewery, or a food joint. Obviously you need to be ready to do such, and that's a whole different beast, but don't just sit back on the money no matter how much it is. I've never met a happy trust fund baby. It's always the one funding the trust fund that is happy. And during my IT career I met a lot of people in similar situations.
-Hire a estate lawyer rather immediately.
-Get really skeptical of financial advisers. Too many of them are going to give you the same advice you could get for free, from a company like TDameritrade, but take a huge amount of your money yearly. There are some really good firms and advisers out there, and you should find one, but you need to put a lot of effort into picking one.
-I've lived below my means for a long time. There really comes a point, some people say 75k a year per person, where more money, doesn't improve happiness. I've know a lot of mega rich people who essentially live the same life I do. They just ramp things up a bit and really in the end spend more to do the same thing. A 500k dollar Ferrari will get you to work as well as a Civic. What does this really mean though? It means if you spend money, make sure it actually improves your life. The logo on your shirt, won't change your life. Taking a 3 week vacation to some place you never have, will.
-Don't be afraid to spend. Man we all die. If you are on track to retire, have your family covered, and anything else you might want to do. Don't be afraid to spend a bit. However, be wary of life style changes. Going away for 3 weeks, no biggie. Buying a house that is twice as big, huge change.
-Most importantly, have a plan, and stick to it. This is an amount of money that will lead you to never need to work, nor your kids. Though everybody should still have goals & careers, make sure you plan so that if anything every falls through, it's covered. And that you can buy your kids some houses. Because it's that kind of money.