I really wanted people to understand an issue with bonds that I have written about several times over the years (search my columns at my website, using “bonds’) for a full explanation. The problem is that when interest rates rise, bond prices fall. And if you need to sell, you could take a loss.
There is nothing wrong to having a high quality bond component to your portfolio, but I would keep the maturities at maximum 10 years and stagger the maturities so that when the shorter term debt matures, you can reinvestat higher rates — if I’m correct that rates should rise because of inflation and our continuing government issuance of debt.
And I’d also advise some inflation hedges, like gold stock mutual funds in that balanced portfolio.