Does my bond strategy make sense?

I invest in bonds for income. However, that’s is in anticipation of possible future income needs. Now all interest is reinvested.

44% of our brokerage account is in three municipal bond funds – short term, intermediate and long term. When including the Fidelity Intermediate Bond Fund that is in my IRA, about 27% of our total portfolio is in bonds. 

My thinking now is that as interest rates rise, my interest payments will as well and when bond prices decline as a result, the interest being reinvested will purchase more bonds, thus when interest rates stabilize or decline, I will have more more bonds generating interest income. 

I see this interest as additional income (in part) tax- free for Connie as a survivor. It is unlikely, but possible, we both would use the interest income in the years ahead.

A pretty secure income stream, a big chunk tax-free and a pool of assets to pass on. I realize equities would have generated more growth over the years, but that was not my goal. What is your opinion on this income security for the future? 

Keep in mind we are living on a pension started 17 years ago without a COLA plus SS. We are ages 87 and 83.