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The boglehead consesus is BND. I personally don’t love it because it’s corp bonds which in a sense has overlapping risk profiles with equities so you’re kinda doubling down somewhat. VGIT is treasuries so that’s a good way to go.
Fixed income allocation can get rather deep. Technically the optimal thing to do is LDI where you duration match your portfolio to hedge the duration of your future liabilities. But most people don’t even really have a clear idea of what that is.
45 is still rather young. If you’re planning on still having income then intermediate-long duration treasuries I think makes sense as those act best as portfolio diversifiers. For pure capital preservation TIPs/short duration treasuries would be your best bet.
As you approach the point of relying entirely on portfolio withdrawals I would really consider annuitizing a portion of your portfolio. It gets a bad rap but SPIAs and other simple contracts can actually help increase your spending by guaranteeing some level of income. Reducing the need to worry about withdrawals and SORR.
Just FYI I’m 25 so take that w a grain of salt lol. I do work in quantitative research though focusing on portfolio optimization and LDI for large pension funds. Personally I hold EDV.

The boglehead consesus is BND. I personally don’t love it because it’s corp bonds which in a sense has overlapping risk profiles with equities so you’re kinda doubling down somewhat. VGIT is treasuries so that’s a good way to go.
Fixed income allocation can get rather deep. Technically the optimal thing to do is LDI where you duration match your portfolio to hedge the duration of your future liabilities. But most people don’t even really have a clear idea of what that is.
45 is still rather young. If you’re planning on still having income then intermediate-long duration treasuries I think makes sense as those act best as portfolio diversifiers. For pure capital preservation TIPs/short duration treasuries would be your best bet.
As you approach the point of relying entirely on portfolio withdrawals I would really consider annuitizing a portion of your portfolio. It gets a bad rap but SPIAs and other simple contracts can actually help increase your spending by guaranteeing some level of income. Reducing the need to worry about withdrawals and SORR.
Just FYI I’m 25 so take that w a grain of salt lol. I do work in quantitative research though focusing on portfolio optimization and LDI for large pension funds. Personally I hold EDV.