Bonds- do retirees need them in the portfolio?

Terry Says

That’s a great question. Bonds do not look at all attractive to me, despite the higher yields. Yes, the top-rated bonds won’t go broke and default in a recession. but if interest rates rise, bond prices FALL. And who wants to be stuck with low–yielding bonds if rates rise?!
What could cause rates to rise? Inflation — or the world deciding that we have so much debt they don’t want to buy it anymore. Then rates would have to rise so we can finance our deficits.
Read more in this article called “You Can’t Hide in Bonds.” I wrote it last March, and I feel equally strongly today.