This exchange-traded fund (ETF) makes for a good low-risk option.
You may need income in retirement, but that doesn't mean you should load up on bonds, lest inflation destroy your purchasing power. A 60 percent stock/40 percent bond mix is a good starting point.
Come retirement, you want growth and income, and a high-yield stock ETF such as Select Dividend is a way to get both a growing payout (the fund recently yielded 3.2 percent) and steady growth.