Retiring next month. If you had a choice between a fixed income security paying a guaranteed 5% indefinitely with with close to 100% safety or taking the money and putting it into a mutual fund, what would you do?
looking for relatively safe long term income.
I don't know if you're doing it intentionally, but you're using "code words" that pretty much restrict your options. You're also chumming for annuity sales sharks.
"Relatively safe long term income" could be interpreted to mean "low-volatility insured products" like an annuity or a CD. Maybe an I bond or a TIPS portfolio.
If that's what you have in mind then you should use the Prudential investment to "annuitize" your minimal survival income... maybe 25%-50% of your expenses. The "good" thing is that you'll have a baseline income, the "bad" thing is that you're depending on Prudential to pay for it. Maybe you'd feel better if it was insured by PBGC or some other agency who'd pony up to replace the coverage if Pru went under.
Once you've decided how much you're willing to entrust to Pru then you could decide on the rest of your portfolio's asset allocation by calling this one the equivalent of a junk bond or a corporate bond-- whatever seems appropriate. Then tailor the rest of your ER portfolio appropriately.
If by "relatively safe long term income" you mean "Vanguard's Wellesley fund", then you have a bit more of a tolerance for volatility and, with the Prudential investment anchoring your portfolio, you could invest more in equities... maybe put the rest of your portfolio in a total stock market index fund.
But with the words you're using it's hard to recommend more than annuities, bonds, & CDs.
If you really want to dig into it then you could run sample ER portfolios through FIRECalc or FinancialEngines.com by assuming that 20% of your portfolio is the Prudential investment, then 40%, 60%, and so on with the rest of the portfolio invested in equities. At some point you'll max out the portfolio's survivability, and at that asset allocation you could decide if that suits your appetite for volatility & risk of losing principal.