My anecdotal evidence doesn't go back that far!! I have worked with 4 different companies since 2000, so have not been able to track the expenditure of the retiree's I looked after back then!Fair enough but the CPI is up nearly 50% since 2000 - that's pretty significant.
Also, imputted distributions rise to 5% at 71....
My main point really is that adding a reasonable allocation to Government bonds can increase the risk-adjusted return of an equity heavy portfolio.
And yes, I agree with you on bonds. It's as much about protecting your fund on the downside so it doesn't have to grow by as much to recover. And helps the retirees sleep at night too.