But Ben, don't you have a guaranteed income stream with both the Federal basic benefits plan and Social Security?
Yeah, I have the pension, TSP*, and in the next year SS. However I also have "sideline dough" that I don't, at this point in time, feel comfortable shoving into the stock market, nor the real estate market, because that's totally overinflated where I live as well. I expect a crash out of both. I'm not concerned with my income stream - I'm more concerned about bleeding investment money either through inaction, or investing it in something right now that is almost certainly going to crash and likely take a good while to recover. Which again, wasn't a concern at 40, but is a concern to me now.
*TSP is not really a guaranteed income stream for me because as of now, I have chosen not to take the annuity at the current crappy rates. So my money is invested in the various TSP funds, which fluctuate with the market. I could easily be down 30-50% there in a big market crash, even with most of my money in the L Fund.