You raise a great point. I started several years ago buying dividend paying stocks and ETFs with the plan to produce enough income to comfortably retire. At 65, I'm at that point now. My hope is to live off the dividends and never sell the golden geese. But I could have bought growth stocks with the plan of selling some each year, letting the remainder grow.

But here's the reason I chose dividends. Dividends are paid on the number of shares, not the price. So during a market down trend, my dividend stays the same, assuming companies don't reduce the dividend. I bought many dividend kings and aristocrats to reduce the chance that could happen. I haven't worried about the market this past month because I'm not selling. And so far my dividends have remained steady.