You probably have 20-30+ years to live, you should not spend the money all at once. You may not always have part time job and Social Security may not always cover you expenses.
Better to spend ~5% of the total each year IMO
figure $10-12K per year.
You can never have too much money saved (but you can have not enough saved). I mean it's better to spend less than too much and find out you have not enough to live on when you're 80+ and no longer able to work.