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While recent studies estimate the total savings needed for retirement at about $1 million, specialists caution against a one-size-fits-all approach, and many Australians could be “comfortable” on less.

The approach of retirement requires a profound change in how investors approach markets and construct portfolios, including arranging their income needs around three distinct periods of retired life, the financial advice firm’s founders said.

The RBA’s sharp policy shift towards higher rates has put significant wind in the tail of “boring, old” bonds. But do Australians understand the role they play in the fixed income spectrum, and what they can do for portfolios?

The popular debate lacks nuance. Neither is foolproof but both can play a crucial role in building portfolio resistance and balancing the risk/reward dynamic.

Much of what keeps Australian investors up at night – and the biggest investment mistakes they make – could be avoided through a greater focus on financial literacy, especially as markets “start acting like markets again”, the private wealth manager’s directors Jamie Nemtsas and Drew Meredith said.

ETFs have “well and truly taken over from actively managed funds” in investor preference for growth investments, advisers say – but when it comes to cash, they recommend eschewing the increasingly popular ETFs in favour of direct investments.