Generally, I consider REITs as part of my equity allocation except for FRIFX, which performs more like a high yield bond or conservative allocation fund. I had FRESX in my portfolio for about 20 years and it was an excellent diversifier. As I got closer to retirement, I shifted about half the money into FRIFX. Now that I’m retired, I’ve shifted the entire real estate allocation into FRIFX due to its lower volatility, higher yield and better risk adjusted returns. REITs are not perfectly un-correlated with stocks but different enough to make a difference. Eg, FRESX had excellent returns during the 2000-03 bear market, the best of my portfolio. However, in 2008, it performed worse, but rebounded remarkably in 2009.

I find it is not as uncorrelated as I would like, though. Used to own a lot of RWT.
As I have posted before, I don't know what to think or do about true diversification in retirement.
DSEEX, which is its own kind of semi-wack, plus wack Pimco bond things, plus FRIFX, and that is it, if you ignore sundry hot-tip losers

Yes. Have TIAA Real Estate in my retirement portfolio.

So you have read and studied the fact sheet along with understanding that it is a dividend strategy fund? It seeks to invest in the highest dividend companies and employees the Dogs of the Dow strategy for about one third of invested assets ... and, the other two thirds is invested choosing high yielding stocks from the broader market. Below is what Sun America states as to the funds objective.
Fund Objective: Seeks total return (including capital appreciation and current income) by employing a “buy and hold” strategy involving the annual selection of up to 30 high dividend yielding common stocks from the Dow Jones Industrial Average (DJIA) and broader market.
In addition, Morningstar rates its sustainability to be in the top two percent of its category. My own experience is that it has performed well, in the past, during market downdrafts. Will it continue to do that? Most likely; but, there are no guarantees when it comes to investing.
In checking the funds holdings (again at Morningstar) I am finding its two largest holdings one being Macy's is up ytd 61.35% and the other Darden Restruants is up 16.53%. You might wish to view the Morningstar report on the fund's portfolio holdings while performing your due diligence as it will give you a list of its top holdings along with their year to date returns.
I am not going to debate the attributes of the fund or defend it. It one of three funds that I hold in my domestic equity sleeve found in the growth and income area of my portfolio. The other two funds held within this sleeve are American Funds Fundamental Investor (ANCFX) and Federated Strategic Value Dividend (SVAAX).
Again, I wish you well in doing your due diligence.
I'm thinking if you have great concerns with the fund then perhaps it might not be for you. But, again I'm happy with it for it has generated a good income stream since I have owned it (and now being in retirement that is important to me) paying out last year about $2.00 per share in dividends and capital gains distributions combined. That computes to better than a 10% distribution yield. Plus its ten year (full market cycle) rolling total return is 12.82% putting it in the top one percent for its category.
And again, if you are not happy with it perhaps you will find something more to your liking.

The latest tax proposal - to tax only inflation adjusted cap gains - is projected to give 97% of its benefit to the top 10% income earners (according to the Penn-Wharton Budget Model).
https://www.businessinsider.com/trump-capital-gains-inflation-index-tax-cut-is-it-legal-2018-7
This one looks even more lopsided than buybacks, because the only ones who benefit are those with securities in taxable accounts. The exposure to the stock market for middle class workers is primarily through retirement plans which get no benefit.
(In IRAs and employer-sponsored plans, there's usually no cost basis to adjust for inflation, so retirement plan investments get nothing out of this proposal.)

@Crash: It sounds as though you are an former President. Those guys would also have a hard time getting an interview! A former neighbor, PhD industrial psychologist, got great satisfaction out of working during retirement in the electrical department of our local Home Depot. Best of luck!

@ Crash: I think you answered your own question for a part time job. Fishing guide !!!!
Enjoy your retirement,
Derf

I look at and take action from time to time on those assets in individual stocks, MFs, and ETFS that I manage myself. However, my retirement portfolio I touch only after consulting with my TIAA advisor, usually once per year. I could look at the latter daily, but don't; the other positions I monitor M-F because it's one of my hobbies. I'm aware of the contradictions and absurdities of my situation. If you asked me if I was a long-term investor, I'd say yes, but that I check on Asian markets and futures early every day. I've been doing this for more than 25 years, so I guess it is for the long term.

I myself completely concur in MJG's
>> Frequent looking encourages frequent action
You gotta be really disciplined to sit tight when things are going against your hopes.

Speak for yourself. (I would not have objected had MJG addressed this from his personal perspective as you did. Instead, he linked a study about the hazards of frequent trading.)
Personally I have a template divided into sub-groups (ie: diversified income, real assets, equitiy growth, etc.). The allowable ranges are generous (much in the way an allocation fund lays out the acceptable limits). So rarely do I need to change anything. However, since my distributions come directly from the total investment pool (not from a separate cash account) it can sometimes be a bit challenging pulling out money (especially for a big-ticket item) without altering the percentages.
I don’t know anyone personally for whom “looking” is a problem. To the contrary, I know / have known several who never look, don’t seem to care, possess very little knowledge, and are headed for real trouble in retirement.

Umm ... What aspect of a portfolio?
I’m reminded of Patrick Henry’s “I have but one lamp by which my feet are guided”. That is that I want to be as disconnected from the major indexes as possible. I take roughly 30 seconds most weekdays to pull-up my financial app and compare my portfolio’s daily change with some other barometers. Up / down matters little. What I want (at 20+ years into retirement) is low volatility. Friday was a pretty typical day. My portfolio lost 0.03%. (That’s a bit overstated because it doesn’t include interest/dividends which accrue daily on many holdings.).
Some other baramoters Friday:
TRBCX -1.13%
KCMTX -0.96%
DSENX -0.68%
VFINX -0.66%
TRRIX -0.06%
Split Benchmark* +0.01%
* My combined split benchmark = 50% TRRIX and 50% RPSIX
Readers will note from the benchmark that aspirations for growth are very subdued. Hey - I’m 72 and have already lived longer than I deserved based on earlier lifestyle. Why push the envelope and reach for return?
I use a great (subscription based) app from Apple. Takes one-click and 30 seconds (or less) to view the relative daily volatility. Aside from that one measure, I could care less. Might spot-check YTD (at Lipper) on 5 or 6 funds once every month or so - purely out of curiosity.
Disclaimer: I am not qualified to give investment advice. I make no recommendations to others. One size does not fit all.

My recent mantra for portfolio review is changing from "Core and Explore" to "Core and Income". Core is low cost, well diversified and simple. Income is high quality, diversified, and uncorrelated to the market (my core). Explore is a small percentage of an overall portfolio that may or may not pan out as an investment idea.
Buffet's core is 90% S&P 500 Index / 10% ST Bonds...no explore here. The 90% of his Core is for growth and 10% for income during market downturns. Your income needs maybe greater than 10%, especially if your portfolio is small and market downturns last multiple years.
It's a math problem.
Say you need $1K of income each year:
10% of 10K is $1K, but if the market downturn last 3-5 years you need $3K-$5K or 30%-50% held as income because this portfolio is so small.
10% of $100K is $10K...you have the luxury of increasing you income up to $3K ($3K X 3 years) is less than the $10K you have set aside which is also still less than 10%.
10% of $1,000,000 is $100K...this would provide $30K for 3 years...$20K for 5 years...without having to touch your core.
Your income needs over a 3-5 year period should drive your income portfolio percentage.
So, working backwards if you need $20K of income and your portfolio is $500k Using Buffets 90/10 portfolio as a guideline you would have to tweak it to 88/12:
$20K x 3 years = $60K/$500k = 12% of portfolio (88/12)
$20K X 5 years = $100K/$500? = 20% of portfolio (80/20)
Second point, we explore too much...it's exciting, but not always profitable or practical.
Do you consider MAPOX / PRWCX your core (55% of your portfolio)
Do you consider PTIAX as income (Buffet's ST Bond) your at 4%.
Ask yourself, how do these other funds fit into a "Core & Income" portfolio?
Worry about "Explore" later.
Age difference between you and your spouse:
If TRP offerings simplify things for you, look at their Retirement Funds. Very inexpensive, very diversified. Very simple. PRWCX would compare well with a TRP retirement date of 2040 so I also can see this being your core, but at 36% its hardily "at bat" much. Maybe Pair PRWCX with 2 retirement different dated funds that reflect the age difference between you and your wife's ages. This would provide you with 3 core funds. When your 90 & your wife is 70, these retirement date funds will have transitioned with age as well.
Finally,
Manager risk is real. Institution risk is real.
Some here would spread this core out among managers and among institutions.

When we move in a year's time, we will have HIGHER monthly expenses than we do now. I'll be on Medicare. Wife needs to be working, still 46 yrs old a year from now. She has exceedingly great evaluations from her current job. We're expecting it won't be a problem for her to find something, most likely doing the same thing. She'll get a stellar recommendation from our doctor-friend out there in AZ. Maybe she could even work at the same hospital as doctor-friend. (Janitor, making $15/hour right now.)
Holdings: MAPOX 18.9%
PRWCX 36%
PTIAX 4.02%
RPIHX 14%
PRSNX 8.79%
PRIDX 8.1%
PRDSX 6.08%
VSCIX 4.11% (wife's 403b)
KISS It. Keep it simple, Stupid. Shall I "raid" and empty-out MAPOX with its quarterly divs, and redistribute it into my bond funds? I deliberately chose bond funds that pay monthly. to meet monthly expenses. RPIHX is TRP Junk Bonds, global. Not long ago, it replaced PREMX, EM bonds.
I want to keep the lineup around 50/50 stocks/bonds. Morningstar X-Ray tells me I'm at 55 stocks and 37 bonds right now. I suppose that includes bonds held in MAPOX and PRWCX....... The rent and electric bill (A/C) will surely be our highest expenses. I bet the A/C and other appliances will cost us about $500/month through most of the year.
If I unloaded MAPOX, then I'd have one less fund to worry about, and one less separate fund family in the mix. I would be ALL in TRP, then. Oops, except for PTIAX, and I do intend to keep and grow that one. Very good divs, though lower than during ZIRP days.
AZ is not the best State for taxes re: retirees, but it's not awful.
http://im.mstar.com/im/newhomepage/Miller_State_by_State.pdf
Then there's food. Internet (common use room, not in indiv. apartments) and gym might be provided, depending on the apartment complex we choose. Booze. Eating out. Entertainment. Taxes. Gas. Insurance. Wife will ostensibly be able to get health ins. at her job. I do expect to buy a medi-gap policy to supplement Medicare. And my SS check will be smaller, paying for Medicare. My pension grows a tiny bit each year. Up to $700.00 right now per month. We have no revolving debt. We're collecting reward points and intend to take the offered cash, rather than to choose from the fancy menu of options offered by the credit card outfit. Our 2nd car will be paid-off before we go.
The 403b can be rolled over. Maybe into the new job's 403b or to an IRA.
This is a long post, but what thoughts might you have for me? I'm eager to hear.

https://www.sec.gov/Archives/edgar/data/809707/000080970718000027/fist1convertiblesoftclose072.htm
FIST1 P1 07/18
SUPPLEMENT DATED JULY 27, 2018
TO THE PROSPECTUS DATED MARCH 1, 2018
OF
FRANKLIN INVESTORS SECURITIES TRUST
(Franklin Convertible Securities Fund)
The prospectus is amended as follows:
I. The following paragraph is added to the “Fund Summary” and “Fund Details” sections for the Franklin Convertible Securities Fund to read:
Effective at the close of market (1:00 p.m. Pacific time or the close of the New York Stock Exchange, whichever is earlier) on August 29, 2018, the Fund will be closed to new investors. Existing investors who had an open and funded account on August 29, 2018 can continue to invest through exchanges and additional purchases. The following categories of investors can continue to open new accounts in the Fund: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on August 29, 2018; (2) employer sponsored retirement plans or benefit plans and their participants where the Fund was available to participants in such plans prior to the close of market on August 29, 2018; (3) employer sponsored retirement plans or benefit plans that approved the Fund as an investment option prior to the close of market on August 29, 2018, but that have not opened an account as of that date, provided that the initial account is opened with the Fund on or prior to February 28, 2019; (4) other Franklin Templeton Funds and Funds for which Franklin Templeton investment managers provide advisory or sub-advisory services upon prior approval by the Fund’s investment manager; (5) trustees and officers of the Trust; and (6) members of the Fund’s portfolio management team. The Fund may restrict, reject or cancel any purchase order, including an exchange request, and reserves the right to modify this policy at any time.
Please retain this supplement with your prospectus for future reference.

https://www.sec.gov/Archives/edgar/data/313212/000031321218000073/emsstatsticker72718-20183.htm
497 1 emsstatsticker72718-20183.htm
T. Rowe Price Emerging Markets Stock Fund
Supplement to Prospectus Dated March 1, 2018
Effective September 4, 2018, the T. Rowe Price Emerging Markets Stock Fund will close to new investors. Accordingly, the prospectus is supplemented as follows.
Under “Purchase and Sale of Fund Shares” on page 6, the following is added:
Effective at the close of the New York Stock Exchange on Tuesday, September 4, 2018, the fund will close to new investors and new accounts, subject to certain exceptions. Investors who already hold shares of the fund at the close of business on September 4, 2018 may continue to purchase additional shares.
On page 11, the information under “More Information About the Fund’s Principal Investment Strategies and Its Risks” is supplemented as follows:
Subject to certain exceptions, the fund will close to new investors and will no longer accept new accounts after the close of the New York Stock Exchange (normally 4 p.m. ET) on Tuesday, September 4, 2018.
After September 4, 2018, purchases will be permitted for participants in an employer-sponsored retirement plan where the fund already serves as an investment option. Additional purchases are permitted for an investor who already holds fund shares in an account directly with T. Rowe Price on September 4, 2018; however, purchases will be limited to that account and the investor may not open another account in the fund. Additional purchases will generally be permitted if you already hold the fund through a financial intermediary on September 4, 2018; however, you should check with the financial intermediary to confirm your eligibility to continue purchasing shares of the fund.
After September 4, 2018, investors will continue to be able to convert from one share class of the fund to a different share class of the fund, provided the investor meets the eligibility criteria for the new share class. New T. Rowe Price IRAs in the fund may be opened only through a direct rollover from an employer-sponsored retirement plan. If permitted by T. Rowe Price, the fund may also be purchased by new investors in intermediary wrap, asset allocation, and other advisory programs when the fund is an existing investment in the intermediary’s program.
The fund’s closure to new investor accounts does not restrict existing shareholders from redeeming shares of the fund. However, any shareholders who redeem all shares of the fund after September 4, 2018, will not be permitted to re-establish the account and purchase shares until the fund is reopened to new investors. Transferring ownership to another party or changing an account registration may restrict the ability to purchase additional shares after the close of the New York Stock Exchange on September 4, 2018.
The fund reserves the right, when in the judgment of T. Rowe Price it is not adverse to the fund’s interests, to permit certain types of investors to open new accounts in the fund, to impose further restrictions, or to close the fund to any additional investments, all without prior notice.
The date of this supplement is July 26, 2018.
F111-041 7/26/18
Institutional fund version closing:
https://www.sec.gov/Archives/edgar/data/852254/000085225418000044/iemstatsticker72718-20184.htm

Now that I have your attention @larryB...continue.
What impact will tariffs have on funds?
I believe @Catch22 tried to offer some help regarding your OP which had to do with funding "retirement without a pension".
A worthy question that many here would be happy to discuss, but for some reason that wasn't worth retaining and instead you decide to react as if Catch22 was picking on you.
Relax. We are all here to learn and share. Being a member since 2011 I hope you can appreciate that.
For me, when it comes to political forces...I can't control the wind, but I can adjust my sails.
Tariffs are a tax on goods and services and an added cost to business, but free trade isn't always fair trade.
I'm brushing up on the topic of Tariffs which the US has imposed on trade as early as 1789. Tariffs were the greatest source of income for the federal government up until 1913. The US never adhered to free trade until 1945. We used tariffs as a form of protectionism for our industries and our workers.
Tariffs_in_United_States_history
What the US seems to be trying to protect today has more to do with intellectual property since China wishes to confiscate the intellectual property associated with the production of more and more sophisticated products. That's a problem.
On the topic:
trade-tariffs-are-not-the-endgame-intellectual-property-is
As for your retirement portfolio, these market disruptions might be very good periods to buy good solid companies that have been temporarily hurt by this "unsettled news".

I had considered posting regarding "retirement without a pension" scenario. Tis that simple.
Have a pleasant remainder.

@larryB
Your original post text had a question at the end about how to navigate retirement without a pension. What happened?

Since, the stock market now sits towards all time highs perhaps some other retail investors that went through the Great Recession will comment on how they tranversed it. I am sure there were more ways than just one to do this with good success. A point of infomation about my above post. I did very little selling in my mine and my wife's IRAs and they recovered just fine although I did go towards a more aggressive equity asset allocation in them as the market began to recover. Note, we were not taking distributions from the IRAs when the Great Recession came upon us; but we were taking from the inheritance account to improve our standard of living. My answer now being in retirement is to hold more cash and take no more than one half of what my five year average total return is in my portfolio and to reduce spending during periods of market declines. In this way my portfolio grows over time so when a good market dip or swoon does come and the portfolio loses value my valuation drop want sting as bad as it otherwise would had I not grown its valuation. I'd sincerely be interested in learning what other retail investors did (within their own portfolio) to navigate their way through the Great Recession. Perhaps, we will hear from some that were taking distributions during this period and some that were within a few years of retirement as I was. With my current asset allocation I figure I can weather a 25% decline in the equity markets pretty well and have a portfolio decline of about eight to twelve percent perhaps no more than fifteen. Interestingly, this seems to be the amount of cash I currently hold (15%). Again, I'd reduce withdrawals along with spending. RMD's could if necessary get reinvested in mine and my wife's joint taxable account. My current withdrawal rate is about 2% of all the portfolios combined investment value. The portfolios generate income at about 3% plus any capital gain income distribution when combined bumps the total income yield upwards toward the 4% to 5% range. Again, an interestingly, I am holding about three to four years of portfolio income generation in cash.

@BrianW,
Thanks for your question as to how I transversed the market swoon during the "Great Recession."
Without going into great detail; but, explaing what I did and why. My parents passed in 2004 so I got step ups on the assets I received from their estates. When 2008 came and the market began to pull back I was at about 70% equity at the time and I sold down when a position developed a 10% loss and continued to do so until I was about 40% equity. Since, a good bit of my investment wealth was in a taxable account this put a sizeable loss on my books. Also, I was at about 40% equity when the S&P 500 turnned upward at the "Devil's Number 666" and sitting on a wad of cash. As the market turned up I began to average back in asset classes that had the faster moving currents. Having a sizeable loss on my books I was able to reposition from time-to-time booking profit and using the losses to cover my gains. I was able to do this for a good number of years and getting my portfolios position pretty much like I wanted them. In time, I started reducing equity and again selling down equities as the markets continued to advance keeping my asset allocation in mind. In addition, I made some nondeductable contributions to mine and my wifes IRAs. Today, these nonductable contributions help as we take RMDs as they are not fully taxable due to the nondeductable contributions made. My accountant deals with this.
Currently, in retirement, my family's portfolios combined bubble at about 15% cash, 35% domestic equity, 15% foreign equity, 25% fixed (bonds) and the rest in other assets such as convertibles, perferreds, commodities, etc. For what it may be worth I consider this to be an all weather asset allocation. In the past several years I have not done the buying and selling (repositioning) that I once did as I have fully used the losses. However, I still do some selling to harvest some of the gains over time but keeping joint income (husband and wife) back of the threshold for higher medicare premium assesments.
There you have it ...
Old_Skeet

Hi Guys,
Well, Ted was dead-on-target.
I tried, but failed to resist submitting a comment on retirement planning. It's a life changing decision. There is no simple, single number for everyone.
I have been and continue to advocate for Monte Carlo simulations as a useful tool in the retirement planning process. No other tool will allow you to explore future uncertainties so easily and with so much mathematical rigor. Monte Carlo codes generate thousands of cases to define the likely success odds.
The Internet now provides any candidate retiree access to a number of fine Monte Carlo codes. Don't be intimidated by the Monte Carlo title. You need not be an exert in this or any other mathematical field. Inputs are easy and easy to change to permit a ton of parametric studies. You get to customize your inputs for your special circumstances and comfort level.
I like this Link for an excellent Monte Carlo code:
https://www.portfoliovisualizer.com/monte-carlo-simulation#analysisResults
You can explore many scenarios in a very short time. The codes most significant output is a projection of the survival odds for whatever your withdrawal rates or time period are input. I recommend that you test varies assumptions and possibilities. No problems! Enjoy and learn.
Also, good luck.
Best Wishes