Junk bonds are risky - you stand to lose much of your principle. When you retire, it is equally important to plan on return OF principle as well as return on principle. If you are nearly all into equities, it makes sense to liquidate a portion of them. Depending upon your situation, first I would establish a 5 year ladder of CDs, each containing the additional necessary money(over and above social security) that you need. Then, you don't worry each year whether the market is up or down. If you still have more than 80% of your money in equities, then over a few years, move to a more balanced position of 60-70% equities, 40-30% CDs, Bond funds, Money market funds (to contain current years requirement). When the market is way up, sell some stock and live on it, rolling over the CD that matures that year. When the market is down, use the CD for that year, replenishing it later. Yes, you need income, but planning on selling stock each year, while minimizing tax, may also minimize your ability to survive 30 years on your nestegg, since a 40% down year could happen.
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