1) At some point one needs an income source being retired, and 2) I have too much $ in KMP relative to our other investments, so if we need income it makes sense to reduce our investment there. Getting 'killed' taxwise means paying more than we have to. I have heard some sellers that were long term holders having to pay very large amounts when they sold. I just would like to not have that happen.
You should not sell KMP. I know that it would be nice to be more diverse, etc., but the cost of doing so (selling) will leave you MUCH LESS to reinvest - and probably with a lower return. Ergo: a much reduced retirement income. You really have no reasonable alternative to holding KMP until you die. Will the world suddenly stop transportina fuel via pipelines? The risk is preferrable to decimating your portfolio.