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With respect, "low risk income" is an oxymoron.

Let me suggest things most retires should be concerned about:

Loss of money -- as is buy high and sell low
Loss of purchasing power -- as in earning a x% returns (which usually are taxable) when inflation is x+y %

My approach to avoiding the second concern is invest a large (for us that is 65%) of our portfolio in equities - things like an S&P index fund.

My approach to avoid the first concern is more nuanced. A portion of our fixed income is in a money market. Those funds generally are in the amount equal to 12 to 18 months of spending. We also have another hunk of our fixed fund in short term bonds. A third hunk of fixed in corporate bonds.

The last paycheck we had was May 1, 2008. The above approach meant we did not have to sell any equities in 2008 or 2009. That meant the "risk" from the great recession had past as measured by the S&P. I plead guilty to accepting the idea a financial panic/meltdown like 2008/2009 is unlikely to happen very often.

From Investopia:
Risk involves the chance an investment's actual return will differ from the expected return. Risk includes the possibility of losing some or all of the original investment. Different versions of risk are usually measured by calculating the standard deviation of the historical returns or average returns of a specific investment.
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