I've been Linehaul for almost 20 years, with a couple of years to go. I've got approximately half of seven figures in my Fidelity 401-k account. I don't know how that stacks up against your potential pension but I do know that every last dollar has my name on it.
Then you've done reasonably well,....probably better than most of your fellow co-workers. But,.....what happens at the next economic downturn? I started a 401(k) in 1995 to back up the defined-benefit plan I was in,....and I saw at least 4 times when I lost half the value of my "investments",.......including the downturn of 2001, where it was almost 2/3rds of what I supposedly had in my account.
At that point,....they were actually dipping into the cash share that I had contributed. And,...I reacted by removing all my "shares" into a safer money market fund......The electronic equivalent of stuffing my money in a mattress......I could NOT escape the 401(k) agreement...(..unless I quit or got fired..)
Until age 59-and-a-half,.........that "money" does NOT have your "name on it". You've entered into an investment agreement with Fidelity, exchanging your control over investments for tax deferrment. As you see above,...in the event of an earth-shaking catastrophe in Wall Street,...you can actually lose some...(or most, if not all)...of the cash that you've got coming out of your paycheck due to the investment agreement.
I'm sure you've read all the paperwork,.....and you are aware of all the disclaimers making no guarantees. I don't think people in a physical-work setting,......where you're burning up your abilities to do your job simply by getting older,........should have to solely trust the vagaries of the stock market for their futures.
$500,000 at a 3.5% annuity will give you $17,500 a year, divided into 12 checks, is $1458 a month.........before taxes . Yes, you pay taxes when you retire. Not as much, but that's what "tax-deferred" means.
You've got a little ways to go, Brother, and I honestly wish you the best of luck in doubling your investments in the next 10 or so years.