I call my variable portfolio my bingo portfolio and use it for speculation but I have many individual stocks in our core potfolio.  B/c of the COLA'ed pensions and SS I have gone the dividend stocks in in our core or permanent portfolio to replace fixed income to a great extent.  Consequently we have an 80/20 portfolio in retirement with dividend stocks and blue chips replacing much of the fixed income compenents and providing for income needs.  The core is still made up of mutual funds, mostly large cap value with a growth component and the bond part is heavy on emerging market and junk with some TIPS and old GICs in cash LSBRX.

When you go this route, with decreased fixed income components, you lose the dampening effect of the fixed income portfolio and experience increased volatility.  If you have adequate assets and a cast iron stomach for volatility it is a viable way to go but the stomach factor does change when you do retire and you're totally dependent on your portfolio and it's income and that's the most significant factor you need to determine.

Roberta