No social security at all OR no social security yet? That makes a difference. Certain municipal and other government employees are exempt and get a pension instead of social security. People in the private sector can get both.
If you'll be able to get Medicare when you're "of age" I'd say go for a cozy 3BD home, under $300k. Pay cash. Invest some of the rest to build up more, and sink a bit into something accessible "just in case." The $5k per month can handle all your usual expenses, including health care unless you have special circumstances. If there are no special health issues, you should be able to save some of that pension every month to add to your investments.
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