The following looks at some long-term history for the S&P 500 (since 1950).

I'm 63 my wife is 60. I sold my company in March of this year for 1.5m to be paid over the next 5 1/2 years at 20k per month. Sale includes paying our medical insurance until I reach Medicare age. After that I pay my wife's insurance until she's medicare age as well as all supplements for both. I also have stocks and mutual funds worth about 1m, savings at approx 800k (not invested sitting in Ally @ 2.5%) A paid off home @ 500k and paid off lake house at 200k. I am putting approx. 250k into the lake house then we will sell our home and live at the lake full time. I paid off both our kids homes and they are paying us 1k per month each interest free for about another 15 years (I have this in separate accts. in hopes of never using it and giving it back to them when paid off). Right now we spent about 150k a year but 25k of that is for our home. I've done the retirement calculator and it seems okay but I worry about where and how I should be invested.

I have been a growth investor for the past 25 years.
The pot is now big enough to sustain me or my wife individually or combined according to those sites recommended here and the Fidelity software.
My Fidelity Advisor has simply said, "Don't do anything stupid and you're in great shape."
The issue is that my wife continues to work and generates a very good income while I've been retired the past 7.5 years.
She is now discussing how and when to cut back on her work over the next 2-3 years.
We're both 62 although I'm 1955 vintage vs her 1954 vintage so a bit of impact on SSN.
Since we both have significant IRA's, I don't want MRD's to cause us Medicare penalties.
I'd also like to move some of that IRA into Roth's when our income goes down (she doesn't work).
To engage her in the planning process I looked at enrolling in a class at a local private college, Retirement Planning in Today's Economy.
I've done all that coursework already so I called the sponsor to learn more about where this class leads.
The teacher is a Retirement Income Certified Planner who is also working on his CFP.
Seems to hit the nail on the head, I need to shift from Growth to Income production to replace my wife's income.
Of course, he'll enroll us in his service which can be a fee for service or him managing the accounts.
The fee for service is $2500 to set up the plan which I am responsible to enact and maintain.
Scheduled consults are $150 for questions/review.
Compared to the amount of management fees for this, it seems to be a great deal.
I'd like to hear other opinions about this and should I try to get other people to review his plan?
He is SEC registered with no filings or complaints and I think I've contacted the right person for this task.
There are so many promo's for Financial Planning and Management services that take 1-2% annually, I want to avoid those.
What am I missing?

Yes, we've talked this one to death, but I'm still struggling.  I've come to the conclusion that if you have adequate retirement savings, the issue of when to take Social Security is pretty much a wash assuming you make to to age 80 and beyond.  I was first inclined to wait to age 70.  Then I decided, no.  Take it at age 66 when I reach FRA.  Now, I'm struggling once again.  The big  benefit I see to waiting to age 70 is that if you look at it as a guaranteed annuity, for me it's an extra $800 bucks a month inflation adjusted of guaranteed income.  Is it worth the deferred gratification?  I still don't know

This is a bit of a read, but I think you will find it worthwhile.
 
There are SO many advantages to deferring benefits:

1. Between ages 66 and 70, your benefit grows roughly 8% a year
   
   
2. I could use those 4 deferral years to maximize my Roth conversions which would reduce the amount of taxes that I paid on my SS benefits later because my RMDs would be less.
   
   
3. If I died before my wife, she would receive higher survivor benefits if I claimed at age 70 instead of age 66.
   

1. When the IRS says that you will receive the same amount of lifetime benefits regardless of the age that you claim (assuming you die when the tables say you should), they mean exactly that. But what they don’t say is that the increased benefit at age 70 does NOT compensate you for the time value of money.  It only  compensates you for the four years of missed benefits, not the compound rate of return that you could have gotten on those benefits.
   
   
2. Spousal benefits max out at age 66.  They do NOT increase at 8% a year between ages 66 and 70 like workers benefits.  So by deferring until age 70, our total benefit is not 32% higher but only 21% higher (or slightly over 5% a year).
   

After someone retires, do they change spending habits or not?
This article speaks about eating out 3X a week, take multiple cruises every year, have all daughters and wind up paying for multiple weddings. Most of what is written here seems utterly bizarre and out of character to both new and older retirees to me.
 
Let's hear your thoughts and comments.

What are your thoughts on dividend stocks vs bonds. Certainly, dividend stocks pay better than bonds right now. I was watching a google talk by Donald Yacktman that pointed this out.

Wrath – never get angry; just fix the problem and move on.
Greed – greed causes investors to lose more money investing than at the point of a gun.
Sloth – don’t be lazy; if you don’t pay attention to your money – why should anyone else?
Pride – when things are going good don’t be prideful – pride leads to the fall. You are NOT smarter than the market, and it will “eat you alive” as soon as you think you are.
Lust – lusting after some investment will lead you to overpay for it. 
Envy – this goes along with Lust and Greed
Gluttony – never, ever over-indulge. Putting too much into one investment is a recipe for disaster.
 
Advice is often worth exactly what you pay for it, and sometimes not even that. A friend passed these along to me some time ago and I thought to share them with you.

I already have a small position in Macy's, with covered call of strike 30 in my IRA, established back in January when it was trading below 30.
 
Thinking of increasing it significantly, I want to make it 7-8% of my portfolio.
 
But this time I wan to play it more safe, I will sell call of strike 28 Jan 2019, for premium of $3.
This will yield around 5% from dividend and another 5% from call premium, total yield of 10%.
 
Pros and cons of this stock:
 
Pro:
1. They have around $12-20 billion in real estate.
2. They are still profitable and pay 5% dividend from profits.
3. Easy to buy this company above $30 due to macy's brand value and Real Estate.
 
Cons:
1. Retail as we know, is dying but management of public companies wont shrink their operations since that will make their salary and bonuses smaller, they will usually run it till it goes bankrupt.
2. Management may make it hard for acquisitions since currently they enjoy nice salary and bonuses since it seems to be highly profitable company, only because they don't have to pay rent. Management strategy is to sell RE in small chunks and use that cash for their expenses making the company look profitable. They would like to simply keep selling RE and run this company for 20-25 years from those cash flows till everything runs out.
3. Value of Retail real estate is falling since most people now shop online.

ATT is my only communication stock and keeps me in line with the Dow Jones Average according to FFF's  analysis feature.  5% dividend doesn't cover the the losses.  I'm too old to wait too long for recovery at present rate.  Does anyone have a better suggestion in this sector or should I hold on for long term?