My wife and I are both 71,
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401(for both of us) $450000

Just remember, now that you have both turned at least 70 1/2, you are required to take minimum distributions from your 401(k)/IRA assets each year. With a combined $450k, at age 71, your combined minimum distribution for 2011 is about $17k, depending on your 401(k)/IRA balance as of Dec 31, 2010.

You may want to look at IRS Pub 590 for details. www.irs.gov/pub/irs-pdf/p590.pdf

AJ