Assuming you've come up with a different strategy that's netting better returns, would you care to share? And what is your strategy for hedging?
3-4% is the typical withdrawal rate that people use on the /r/financialindependence subreddit: https://www.reddit.com/r/financialindependence/wiki/faq#wiki...
My strategy would be to just put everything in a Vanguard Target Retirement Fund: https://investor.vanguard.com/mutual-funds/target-retirement... It's cheaper and safer than a financial advisor, and you don't need to worry about rebalancing. I'd also throw a little bit of money into angel investing, but no more than 3%, and I'd expect to lose it all.
For hedging, I think once a year I would just buy some OTM puts for the S&P 500. A sane number might be something like 0.2% of your assets. If you're absolutely convinced that we're on the verge of a stock market crash, then you should still use 0.2%, because you're probably wrong.
I helped my dad with a scenario like this when he retired. You approach the problem so that you draw as much income as possible from tax exempt sources and use other vehicles for growth -- which preserves your cash generating capability later.
When opportunity strikes, you overload. For example, buying NY tax exempt (and other municipal bonds) when they were depressed during the recession has yielded a decade of enhanced, safe, tax free income.
Typical senior salaries are between 60-80k.