Smart thinking
I'm running on "moderate conservative" for now. I don't have enough fixed income yet, but most of that seems to involve various methods of loaning my money to the government. I've had pretty good luck with a Thrivent high-yield bond fund that's returned 7 or 8 percent for years.
Cash is crap, with interest returns far below 1 percent. If you have it in a savings account that has any service charges at all, you're doing better stuffing it in a mattress.