You just retired. Along with a great career, you have built up a substantial 401(k) balance. It took a while, but you got the hang of investing in equities: never comfortable with the ups and downs, but always focusing on long-term growth.
However, now you need income, not growth. Over the years you owned some bonds with mixed success. Moreover, unlike your foray into equity investment, this time you cannot afford on-the-job training. You need the income now. Plus, you have less time to recover from any mistakes.