Suppose you're 65 and your wife is 63 and you have recently downsized your house and have exactly $500,000 to invest to supplement your superannuation. Modest risk conservative age appropriate portfolio suggestions please.
I'm starting this thread for ynot.

Please suggest a portfolio predominantly based around conservative sustainable dividend income.

My initial thoughts.

Of the Utilities I like and presently hold MEL and GNE approx. gross yields 6.8% and 9% respectively
REIT's I like and hold are ARG. PIE (exempt income about 5.2% yield) I also like GMT, lower yield about 4.5% from memory but also a PIE
Retail - I like HLG but presently don't own any. Gross yield about 10%
Retirement sector - OCA for 6% gross yield in FY19 growing strongly in the years ahead
Transport - AIR for gross yield of approx. 10%
Consumer staples ZEL for gross yield of about 14% looking forward to 2020 year.
Financials - HGH for approx. 9% gross yield
$25,000 - $50,000 in cash in a call account with HGH paying 2.5% as an emergency / medical fund

I wouldn't own bonds as the yields are too low and would use the power companies and REIT's as a bond proxy.

I am sure others will be happy to contribute and make suggestions to help you ynot.