The problem is where do you move your money to? Most bond funds are near all time highs including Real Return and Income. In fact a legitimate argument can be made that there is a bubble in bonds. If this is true should money be moved into dividend paying stocks? Into CD's paying 1.5% for 5 years? Treasuries paying 1.46% for ten? A REIT? Any REIT? Gold within 10% of its all time high? Real Estate? Rental property? Art? Wine? Comic books?
I've asked this question on here before but if one sells PTTRX, what should one buy? I have a significant position in All Asset but with several CD's maturing I really can't find a better alternative to Total Return.
I am retired for four years and have moved mostly out of stock into bonds. I have most of my money in PTTRX, PAAIX, VWINX, VWELX,SGINX and a few Stock funds and have done pretty well with around a 4% annual return. I don't move money around, if Bonds go down usually interest rates go up. I just ride the ups and downs out. Besides, stocks right now are pretty risky in my opinion.