Dividend living on a 72t at 54?

Now that I'm out of work and the job market is complete shit, I'm thinking about semi-retiring (or full on retire) and I don't want to squander away what I have saved...or make a stupid mistake and give Uncle Sam more than I should.

I know what everyone says, if you have half a brain you can do it yourself, blah, blah, blah, giving away money, blah, blah, blah....

I get it and for the last 27 years I have done it myself....not much planning really, just dump money into a 401k, IRA/Roth, or some brokerage and set the investments and forget about it. I did not learn about the benefits of Roth until far too late in the game so most of my money is in a 401k.

I've talked to a couple of FA's and I don't like the thought of paying someone to take risks with my money, but I also don't have there wherewithal to take advantage of some of the vehicles, planning and tax advantages that those sort of folks make a living doing.

I'm 54 and I've been looking at doing a SEPP 72t until I hit actual retirement age then things become simpler with normal distributions and such. I understand 72t's aren't necessarily common and if you dick it up at any point, the penalties are retroactive to your first distribution. Thanks for making it complicated Mr. IRS!

One FA advised doing it and setting up the primary account comprised mostly with dividend stocks, so basically living off the dividends instead of needing to sell a lot of principal stocks. I've no clue about dividend investing except that the idea makes sense to me and I wish I had a better grasp of the ins and outs.

I'm not looking for a lavish lifestyle, wife and I have figured it out that we need about $48-55k take home to "keep the lights on and our bellies full".

Does this seem possible on an account of ~$1.3M.....this will be split into separate IRA's, one with enough for the $55k and anything left over goes into one that is more growth oriented.

Are there better avenues? What are my pitfalls and what should I be on the lookout for?