Your pension isn’t a bond, despite what lots of people think. It’s an annuity. It simply decreases the amount of your cost of living that your portfolio has to cover. You should set your asset allocation appropriately based on what you need it to generate to cover the remaining cost of living. Dividends are irrelevant. BND isn’t a great fund, despite what bogleheads think. If you want bonds, it is better to own a couple of individual bond funds, so you can cut stuff like corporate bonds out, due to their correlation with the stock market.
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Your pension isn’t a bond, despite what lots of people think. It’s an annuity. It simply decreases the amount of your cost of living that your portfolio has to cover. You should set your asset allocation appropriately based on what you need it to generate to cover the remaining cost of living. Dividends are irrelevant. BND isn’t a great fund, despite what bogleheads think. If you want bonds, it is better to own a couple of individual bond funds, so you can cut stuff like corporate bonds out, due to their correlation with the stock market.