The problem with retirement is not the fees. It is that the whole structure is inappropriate for a single person who can live between 0 and 40 years after retirement. Either you need way too much or you will run the risk of running short. A traditional benefit like a pension is way more appropriate as there less variability in the large population.
People are happy to sell you variable or fixed annuities. You're asking someone to cover the risk of your longevity though, so expect to have that work out in their favor not yours.
