No. of Recommendations: 1
Is it possible to set up and manage my own retirement income portofilio? Is it advisable to do so?

Yes and yes, if you follow a few rules.

There are lots of no-load fund families like Vanguard and Fidelity. Search Google for such.

There are passive (and a few managed) index funds as well that might be to your liking.

I don't have a favorite online asset allocation tool but I know Vanguard and Fidelity both offer one - and there dozens more online that can help you build a portfolio.

The hardest part of managing your own money is simply having the interest and discipline to do so. Beyond that, it is not too difficult. The mistakes people most often make include not paying enough attention (forgetting about it), putting too much attention on it (don't watch it every day), and reacting with emotion to movements in the market, both up and down.

Congrats on your coming retirement and good luck with your research!
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