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michael,

Consider setting up a bond ladder. Three to five years worth of cash invested in bonds, everything else left in stocks. Meet your cash flow needs from stock dividends, bond cupons, and bond redemptions. Each year if the market is good, you replenish your oldest bond, if it's bad you wait for a year or two. You get the cash you need and protection from needing to sell stocks in a bear market.

If you need more advice on how a bond ladder works, take a look through the old posts on this board, or just ask.

cheers,
GW
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