It’s definitely a risk for sure, because if yields rise, bond prices will fall (and your bond investments alongside). On the other hand, stocks are so richly valued right now, it’s also risky because there can easily be a sizeable market correction (many believe we’re due for one already), or at a minimum more volatility than you would typically find with bond investments.

Depending on your relative risk tolerance for each, you might construct a bond tent accordingly with matching proportions – greater % in bonds if you think stocks are riskier, and vice versa. You could also consider investing in e.g. TIPS, which would mitigate the effects of interest rate increases, or even real estate, which is less correlated (or at least lagging correlation) to the markets.

Sounds like a sensible strategy where you may not really need to sell or rebalance any of your equity holdings since you’ll have enough cash cushion to tide you over until SS/pensions. But if you think your annual spend in retirement will be 70k, will SS/pensions combined be enough to fully fund that? SS by itself won’t be. You’ll also need to account for inflation, since 70k in 2021 is worth more than 75 in 2036 when you’re about ready to draw SS.