As is well known I am one who has a split investing personality. On one hand I have a well diversified portfolio intended as an inheritance to be passed on to our children which is situated outside of T-C. At the same time I have most our our income generating investments with T-C. With respect to the latter, about 95% of it is invested in fixed income the overwhelming majority of it invested in the TIAA Traditional Account.

I HATE volatility but I accept it in the inheritance account as it is intended to have a long life, 30 to 50 years; in essence it is money that I have purposely placed beyond my reach (not really true but I do not change the allocation except with input from the advisor for this account). Thus my split investment personality.

I/we are fortunate, we have lived prudently and were/are able to educate our kids very well and we have more than enough funds to meet our projected needs, so I have no need to take on much risk in the income (T-C) investment. Thus I can relate to Bob's situation with a diversified portfolio but I am also very sympathetic to Sy's with a need to conserve wealth and leave his wife a dependable income. 

One can be both; neither is better than the other. One does what one believes is best to achieve one's goals. 

Ray