1. The S&P 500's low yield (1.3%) and volatility make it unsuitable for retirees seeking stable income; 2. A balanced retirement portfolio is proposed to deliver 5-6% income, market-matching growth, and 30% lower drawdowns across market cycles; 3. The strategy emphasizes diversification, lower risk, and capital preservation through a mix of buy-and-hold, rotational, and conservative model portfolios.