My time is limited, and I must manage it to my best advantage. When I make a comment, I add that I will uncheck (usually in 12 hrs). Thus I avoid most repetitive comments, nonsense, and arguments. When I respond to a reply, I also mentally reset my unck period. I also respond to PMs. BACKGROUND My journey as a self-directed investor (SDI) began in 1973, and resulted in financial independence at age 52, which also allowed me to retire from corporate life in Feb 1995. I’m now 75. Over the 22 years of my retirement, and in spite of 2 major recessions (and soon 7 years of annual RMDs), and without additional contributions, my IRA has increased 277%, whereas inflation increased 64%. There are many concerns for retirees to worry about...but for those who retire financially independent, and remain well-diversified, 'running out of money before running out of life' can be moved toward the bottom of their list. The IRA I discuss on SA is only 1 of our 6 portfolios (and about 1/4th our net worth). I mention this not as braggadocio, but as evidence young professionals can have a family and career, and also attain financial freedom over the decades to follow IF he/she and spouse are willing to live below their means (deferred gratification) so they have monies to invest and compound for their future retirement. My primary goal remains as it has always been--total return (sum of income+price change)--and my strategy is Growth & Income. Though 100% of my IRA’s positions pay dividends,TR’s income leg is a secondary goal to growth of price return. With the exception of a few high-yielders, my IRA positions have generated far greater price appreciation than income during this extended bull market. (OTOH, DGIs are primarily interested in TR’s income leg--most consider and price return a secondary goal, and some have zero interest in price return.) I invest exclusively in dividend-payers because (in C corps) dividends signal management’s ability to generate excess free cash flow, and the BoD funnels a portion of that cash directly to shareholders. To do so consistently requires conservative management--it's true, this also results in lesser TR compared to true growth stocks (this is the risk/reward trade-off). Retirees having no “earned income” (employment related wages, salaries, tips, or bonuses) cannot add new monies to their traditional IRAs. Thus an IRA in RMD is effectively 'a closed vessel with an annually enlarging leak caused by its shrinking RMD divisor'. Unfortunantely, dividend income has no direct relationship to RMDs. Dividends are ordinary income, and taxed at marginal rates when withdrawn. Nonetheless, the income paid to my IRA is twice our basic annual living expenses for food, clothing, shelter, taxes, transportation, entertainment, and insurances (but excluding variable expenses for travel and gifting). Finally (and especially germane to myself): Due to age and recent adverse health events, I’m proactively engaged in modifying my IRA to make it yet more conservative, and also when necessary, able to operate passively for long periods on “autopilot”. 2017 OBJECTIVE -- MAJOR PORTFOLIO TWEAKS I’ve set the following objectives to be met by year-end (or soon thereafter): (1) Shift time priorities--adding more daily quality of life pursuits, while subtracting from monitoring stocks, markets & economy. This shift requires...(2) Diversify asset classes--adding bond ETFs, primarily as a shock-absorber to a severe or prolonged equity decline (either foreseeable or black swan), and also an allocation to pure growth (which I've too long ignored since 2008); (3) The market capitalization of U.S. listed stocks has declined to 36% of the world’s stocks--it's not enough to own US multinationals. It's time I diversified into foreign and emerging market opportunities via dividend-paying ETFs. MY IRA CONSISTS OF 2 SUB-PORTFOLIOS My CORE Portfolio contains slow-growth defensive positions (such as Consumer Staples, Utes, Healthcare, and Telecoms) which outperformed the market in recessionary 2008 and early 2009; also 2 bond ETFs, plus SPHD (an ETF containing some companies I'd like to own, as well as some I already own). I have no plan to exit my Core positions, but I’m also not forever committed to them. Rather, I’m strongly of the opinion investments are "tools with which to meet goals"--a broken tool is worse than no tool, and must be repaired or replaced. My OPPORTUNISTIC Portfolio contains cyclicals. Cyclicals, by definition are expected to out-perform during bull markets, and under-perform in bear markets. Over time, and so as to moderate equity risk, I’ll likely exit most of my cyclical stocks, and place the proceeds in the diversified ETFs indicated (and possibly an energy ETF). CORE PORTFOLIO -- April 2017 UTILITIES .. Dominion (D) .. Exelon (EXC) .. Nextera (NEE) .. Southern (SO)CONSUMER STAPLES.. Coca Cola (KO) .. Pepsi Cola (PEP) .. Procter & Gamble (PG) .. Unilever (UL) .. Kraft Heinz (KHC) .. Mondelez (MDLZ) HEALTHCARE _ Pharma/Biotech: .. Amgen (AMGN) .. AstraZeneca (AZN) .. Bristol-Myers Squibb (BMY) .. Johnson & Johnson (JNJ) .. Merck (MRK) .. Pfizer (PFE) _ Medical Devices: .. Medtronic (MDT) .. Stryker (SYK)_ Healthcare eREITs: .. Omega Healthcare (OHI) .. Ventas (VTR) TELECOMMUNICATIONS .. AT&T (T) .. Verizon (VZ) CONSUMER DISCRETIONARY .. McDonalds (MCD) [Cyclical, but MCD out-performs in contracting economy] INDUSTRIALS .. CSX (CSX) .. Norfolk Southern (NSC) [Cyclicals, but rails are quasi-monopolies] Other eREITs .. Easterly Gov. Properties (DEA) .. Realty Income (O) [Cyclicals, but both should also perform well in a contracting economy] BOND ETFs .. 20+ yr T-Bonds (TLT) .. Inv. Grade Corp Bonds (LQD) STOCK ETFs .. High Div / Low Vol (SPHD) THESE CORE POSITIONS to exited in 2017 (via limit-sell orders): .. CVS Health (CVS) .. Comcast (CMCSA) .. Starbucks (SBUX) OPPORTUNISTIC PORTFOLIO -- April 2017 FINANCIALS _ Banks: .. Bank of Montreal (BMO) .. Toronto Dominion (TD) .. Wells Fargo (WFC) _ Other Financials: .. Mastercard (MA) .. Principal Financial Group (PFG) TECHNOLOGY .. Cisco Systems (CSCO) .. Microsoft (MSFT) .. Intel (INTC) CONSUMER CYCLICAL .. Las Vegas Sands (LVS) ENERGY .. Exxon Mobil (XOM) .. Royal Dutch Shell (RDS.B) Energy ETF: .. Alerian MLP (AMLP) OTHER ETFs: .. S&P 500 Growth (IVW) .. Core S&P Smallcaps (IJR) .. Min. Vol. Emerging Mkts (EEMV) .. Intl. Dividends ETF (IDV) .. Core Europe ETF (IEUR) These OPPORTUNISTIC Positions to be exited in 2017 (via limit-sell orders).. General Electric (GE) .. Starwood Property (STWD) .. New Residential (NRZ) .. InfraCap MLP ETF (AMZA) LIFE IS GREAT--it's been an unbelievably awesome ride!