I'm retired at 62 with a secure nest egg — do I still need a financial advisor, or should I cut the fees and go solo?

Core Insights - The transition from wealth accumulation to preservation and distribution introduces new risks for retirees, impacting long-term financial security [1] Group 1: Retirement Risks - Sequence of returns risk is a significant threat for retirees, where early market downturns can force the sale of investments at depressed values, potentially reducing portfolio longevity [2] - Rising healthcare costs and long-term care expenses can severely deplete savings, while longevity risk increases as life expectancies rise [4] Group 2: Withdrawal Strategies - The order in which different account types are accessed for withdrawals is critical, as taking money from the wrong account can lead to unnecessary tax liabilities [3] Group 3: Advisory Fees - Advisors typically charge around 1% on assets under management (AUM) for portfolios up to $1 million, translating to $10,000 annually for a $1 million portfolio, which can accumulate to over $300,000 in fees over a 20-year retirement [5]