Another way to accomplish the same goal - with more upside and more risk - is to invest the 60 percent you have in stocks for growth and then sell the shares, if necessary, for income.
Relying solely on bond payments and dividends, says Coral Gables, Fla. financial planner Harold Evensky, can leave you with too-variable cash flow, the wrong asset allocation and little inflation protection.
That's why the cornerstone of the stock portfolio for his clients is the broad-market Russell 3000 ETF.
Evensky's advice: Don't be afraid to sell stocks to generate cash flow.
 Three-year annualized return: 8.7 percent
Make your money last a lifetime: iShares Russell 3000 Index
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