I think if people got too concerned about the low yield and future returns of bonds that they could sell some bonds to purchase a CD ladder. It would take away the risk of losing principal. Of course if rates fell any further, one would miss further appreciation.
If I were 63 instead of 53, I think I would go this route. A CD ladder of one, two, three, four, and five year CD's makes a lot of sense. The yield would be awfully low. If rates rose, the ladder would benefit as each year the maturing CD would purchase a new five year CD.
I agree with the article. I would not sell bonds and put the proceeds into higher risk investments. Chasing yield is a prescription for heartache and disappointment.
A fool and his money are good for business.