A 2% draw seems unnecessarily miserly. One can readily create a portfolio of blue chips with a dividend yield of 3%. As long as the stocks in that portfolio keeping paying dividends and raising them at a rate at least equal to inflation then you can support a 3% draw without ever touching the capital. Dividends can be cut, of course, but this type of portfolio actually saw its dividend income increase modestly throughout the Great Recession so a portfolio level reduction in dividends is a low probability. If you fund your retirement through income with no recourse to the capital then it matters little if valuations fluctuate nor how long you live. In this case, what would be the point of bonds at current low yields?