How to factor in a pension in retirement calculation

I figured I would ask the experts on Money Talk this question. My wife and I both have pensions through our jobs and our combined income is roughly $140,000. We have $300,000 in an investment account (very conservative) and both have Roth IRA's with a combined value of $325,000. Our combined income with the pensions at retirement should be 85% of our salary with healthcare included. We have no debt (house and cars paid for) and children are grown. We would like to retire in 7 years (both of us will be in our mid fifties). Are we ok our should we be doing something different? Someone at work is claiming we (pension employees) are millionaires based on pension payments spread out over 25 years.