How about just hold good dividend paying stocks and just collect the dividends?

Sure, there will be corrections and surely some crashes. In fact, we are probably due one now.  That is why I don't 'drip' my dividends as right now I am keeping some powder dry for the next dip, correction or crash. 

I feel it is the best of both worlds, because you never know, the markets may just keep rising.  Staying invested 'hedges' the risk.  If there is a dip I get more dividends on sale, if there isn't I still get dividends. 

As bad as 2008/9 was, the market is higher today than it was at the peak before that crash.  If there is a crash, the market will come back and rise to new highs.  It always does.