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I always thought a well balanced retirement portfolio should have some bond exposure. In the last couple of years, I changed the way I think.

Here's why.

We should have enough money to retire without selling any shares if we can average around 3% in dividends - and actually have some left over to re-invest.

So, the current plan is to hold between 15 and 20 strong companies, e.g. JNJ, SYY, MKC, PEP, etc. and forget about bonds - unless bond yields reach some unusually high number.

As a matter of fact, with retirement on the horizon, I have only three holdings that pay little or no div. - just looking for capital gains from these three Global Gains picks.

The key - as I see it - is not being forced to sell in a down market.

I would be interested in knowing what others think of this.

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