Sell or Hold Dividend Stocks

I own several high dividend stocks which have appreciated significantly. Bought them long for the dividend income to supplement my pension income. One, for instance, is PAA which pays $2.52 (4.5%). This stock has appreciated more than 10k. So my quandary is whether to sell a few hundred shares to take some profit off the table, in which case I would be giving up approx. $500.00 per year in dividends, or stay with it and enjoy the extra $500.00, realizing that the stock price may very well decrease (in the short term at least).

Would appreciate any advice.

The way the U.S. dollar is being devalued every year, I'd take some profit right now.

1. That $500 in dividends will buy less and less as the years go by.
2. Tax rates will go up though, so you'll also get less later via the government taking more.
3. You don't know how long you'll live, so enjoy some of the fruits of your labor now while you can.
4. As you said, the stock price could always go down, thus wiping out the dividend anyway.