Investing during retirement

Hi. I’m 65 and retired. My wife is retiring in the fall. We have a substantial amount invested in Vanguard and Fidelity accounts. We also have
about 5 or 6 years living expenses in cash. I’ve
been thinking about getting some out of securities, but I’m clueless what to do with that money to keep it safe, as we couldn’t afford another huge downturn. Anything ideas you would have would be greatly appreciated. Thank you.