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none - good thought on less cash if taking dividends. I think taking or re-investing dividends is a personal preference. My personal preference is to take divdends in retirement rather than re-invest. That way I can keep a proportionally smaller cash stash and I like the dividend "paycheck".
Also, although I think your revised plan is fine, I wasn't necessarily saying you should drop Wellesley entirely. Keeping it gives you the diversification of some active management and also some large cap value stock. Since you say you have both before and after tax accounts, you could keep Target 2015 in one and Wellesley in the other (probably Wellesley in the smaller). If Wellesley is in a taxable account I would definitely go ahead and take the distributions rather than re-invest since you will be paying taxes on them any way.
Just some possible thoughts for fine tuning with not too much more complexity; think you'll do fine either way....
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