I am retired and 75 years old. I rely on a large portfolio of municipal bonds and income from my deferred income accounts to maintain my style of living. I hold the bonds to maturity or call and never pay attention to price fluctuations. I buy only high-grade bonds, 100 bonds at a time, (Aa1 or AA+ or better) and only pay attention to coupons that will maintain my income. I buy bonds where the yield-to-call is close to yield on new issues due on the call date. This always means premium bonds. I now find that to get coupons of 4% or 5%, I pay a higher premium price. Since these bonds mature in 15 to 25 years, and I have older bonds with higher coupons, and I have cash equivalents and constant withdrawals from my IRAs, I have no difficulty maintaining the desired income level with minimal change in my net worth. I would be much interested in your opinion of this strategy. Following your lead I avoid laddering.
R.Z., Florida