I don't want to be the guy to frame the argument on this thread. All I'm saying for my particular ER - whether a bucket of cash, dividends rental/RE income, pension, Social Security, bond interest, etc., I wanted a 'safe' cover for for my 'core' expenses so I wouldn't have take so much out of my 'main portfolio' during a downturn as to disable my long term retirement.
There is a lot of wiggle room per individual here. Previous threads on this forum and others have converted income streams into faux bond lump sums and done single portfolio safe withdrawal calculations.
heh heh heh - I've done both calculations over the years but emotionally and physically I did the first - show me the money to cover current expenses and let my long term portfolio build for the future.
Cannot fault your logic.
Rule #1 of investing is ALWAYS being able to sleep at night