Bonds are back: how to build reliable retirement income w/ PIMCO's Kanish Chugh
Australian Retirement PodcastShow Notes
In this episode of the Australian Retirement Podcast, Owen Rask sits down with Kanish Chugh from PIMCO to explain why bonds are back — and how retirees can build income without asking one asset to do every job.
After a decade in which low interest rates pushed many Australians towards shares and property, fixed income is offering a more meaningful source of income again. Owen and Kanish compare bonds with term deposits, franked dividends and hybrids, then unpack how government and corporate bonds can contribute income, liquidity, diversification and capital stability.
They also revisit the classic 60/40 portfolio. What happens when the “forgotten 40%” starts working again? And why do professional investors often prefer active management in bonds even when they use index funds for shares?
The conversation covers the risks that matter most in retirement: inflation and purchasing power, sequencing withdrawals during market falls, concentration in property or equities, liquidity, and the possibility that retirement lasts 20 to 30 years. Kanish also explains why each part of a portfolio should have one clear job, with a growth engine and a separate income engine.
If you’re approaching retirement, already drawing an income, or reviewing whether your portfolio is genuinely retirement-ready, this episode offers a practical framework for balancing reliable income, long-term growth and risk.
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