Something is nibbling away at Donna Shaw’s nest egg — devouring it, actually. A stiff $100,000, representing a sizable chunk of her total retirement savings, has gone to advisory and fund fees since she opened a brokerage account 11 years ago. Over that period, Shaw’s investments have returned a modest 4.2 percent annualized, net of expenses. With just a tiny pension and a Social Security benefit from her former husband (now deceased), Shaw is concerned about the high fees because she could be drawing on her investments for 20 years or more. So she’s considering writing a “Dear John” note and switching to an adviser who will charge her less and do at least as well.

Shaw, who retired in 2002, is considering investing in index or target-date funds through a discount broker or low-cost fund manager. But poor choices or missed opportunities could leave her starved for income.