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Much useful stuff to ponder. Thank you all. A few quick followups:

1. Agree, very much: figure out the strategic direction first and then work out tactical details later. Strategy is oriented towards reliable income stream, preserving capital, and setting up some sort of scholarship fund for our first grandchild, expected in March.

2. Yes, it is TIAA "Traditional." I misspoke. And it does have a payout calendar, although I need to check the details on that. (I started this back in 1975.) Maybe keeping a portion of it in a TIAA annuity will make sense after all.

3. I will be sure to question my Schwab guy about whether he gets compensated for steering me toward any particular funds.

4. I do own some REIT preferreds. I used to own PFF (and also a Nuveen preferred fund), but the extreme volatility in them a few years ago (esp. the leveraged Nuveen) scared me away and into indiv. issues with less volatility. I shop around among REIT preferreds pretty regularly, with help from the very smart folks on the TMF REIT board.

5. Absolutely agree: it is an awful time to put money to work, hence my dilemma. I stand at the plate with my bat on my shoulder waiting for the right pitch. And wait and wait.

6. I will educate myself about floating rate exchange traded assets, incl. GYC. Right now, the only floating rate asset I own (if this even qualifies as such, as I understand it) is TIPs.

Again, thanks very much.
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