Should I rent or own a place in a retirement village?

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In Australia, there are both ownership and rental opportunities to choose from when deciding on the best retirement living option for you.

Key points:

  • There are varying tenure types that can impact your rights over a property in a village

  • Make sure to understand all the costs and fees that are associated with taking a placement in a retirement village

  • Legislation and regulations differ depending on the State or Territory you live in

Generally, the deciding factor of whether you rent or buy is subject to your current financial situation.

However, you should also consider the retirement lifestyle you want to lead and whether ownership or renting will best assist in reaching those wishes and desires.

Retirement villages can be a really attractive option after you retire, encompassing a safe environment with a close-knit community of older people with similar interests and hobbies, and active social groups.

In most cases, moving into a retirement village is a great way to start downsizing your possessions and assets.

Ownership and legalities

There are different pros and cons when it comes to owning or renting a home in a retirement village.

For instance, if you rent a home, it can be less expensive depending on how long you live there. Whereas, if you buy, you don’t have to worry about any rental issues and have greater control over your home.

Either way, a retirement home will cut into your superannuation, along with additional costs and fees associated with living in a village.

Property ownership in retirement villages comes under slightly different legislation to normal homeownership.

They have different forms of legal title and occupancy rights, and other costs such as stamp duty may or may not apply.

Types of tenure

The various forms of occupation or ownership rights of retirement villages are referred to as ‘tenure’. They will include provisions for resident consultation about the management of the community and the use of the village facilities.

The legal forms of tenure for buying into retirement villages are:

Leasehold estates: The owner/developer continues to own the property, however, you pay the market value of the unit in exchange for a period of time (49 – 199 year lease). This is generally the most common form of tenure used by ‘for profit’ developers.

Licences to occupy: The village developer or owner gives you a licence to occupy your unit which means you are permitted to stay under certain conditions such as not altering the property or surrounding gardens. This form of tenure is generally the most common used by ‘not-for-profit’ developers.

Company share arrangement: The village is still owned by the retirement village developer. They will sell you shares which entitles you to live in your unit. Although some retirement villages use this tenure, it’s not a common form of tenure.

Strata title ownership: Similar to regular strata-title schemes where the property is divided into units, this operates as a direct ownership structure. You pay the agreed purchase price, are registered on the title deed and become a member of the owners’ corporation. However, unlike regular strata, the retirement village operator may have to approve you as a resident and you sign a management contract with the village owner.

This is not a common form of tenure for retirement villages.

Community title ownership: This is a very rare form of tenure for retirement villages and operates on a direct ownership structure similar to strata, except in community title, the land is divided into ‘Lots’.

Ongoing costs

Even though you have paid the market value for your property under the different tenures, you will still have ongoing costs and fees to pay in addition to your regular utility bills and in some villages, council tax.

These additional costs are sometimes known as service or maintenance fees and cover costs for the village management and maintenance.

Be across all the costs and fees that are involved with living in a village before you move in so you are not surprised by any unexpected fees.

Always read the resident’s handbook and take legal and financial advice so you fully understand what you are buying into and what your responsibilities are.

Rental units

Some residential villages do offer accommodation rental units, sometimes known as periodic tenancy, but these are generally reserved for people with limited financial resources and are usually income assessed.

Because of this, rental units are often in high demand and you may have difficulty finding one.

Where do I find a rental unit?

Rental units come in all shapes and sizes, and can be found in both small and large villages or retirement living complexes.

The main providers of rental accommodation for seniors are non-profit organisations such as religious, charitable and other benevolent organisations and local councils. However, the private sector is beginning to develop more purpose–built rental accommodation for seniors.

How much is the rent?

You will generally be charged a rental that is a percentage of the age pension plus maximum rent assistance available from Centrelink (regardless of whether you are receiving the age pension or rent assistance).

What services do rental developments offer?

Rental developments may offer the following services:

  • Self-contained units with quality fittings

  • The provision of all meals

  • Laundry services

  • Communal facilities

  • Social activities

  • Secure environment

  • Independent lifestyle

Government legislation

There is legislation to protect the rights of retirement village residents, but this is regulated by the individual States and Territories.

The legislation for each State and Territory Retirement Acts can be found by clicking on the following links:

ACT: Retirement Villages Act 2012 and Regulations

NSW: Retirement Villages Act 1999 and Regulations

NT: Retirement Villages Act 1995 and Regulations

QLD: Retirement Villages Act 1999 and Regulations

SA: Retirement Villages Act 2016 and Regulations

TAS: Retirement Villages Act 2004 and Regulations

VIC: Retirement Villages Act 1986 and Regulations

WA: Retirement Villages Act 1992 and Regulations

Some states and territories also have Resident Associations who can help with advocacy, legal aspects and also promote the rights of residents to all levels of government.

Source: Aged Care Guide
Reproduced with permission of Care & Co Media. This article was originally published on https://www.agedcareguide.com.au/information/renting-or-owning
Important: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. 
Any information provided by the author detailed above is separate and external to our business. Our business does not take any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Defined benefit super explained

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Learn how defined benefit super works and what it could mean for retirement. 

What is defined benefit super?

Defined benefit super is a type of super account that works differently from most other super accounts.

Most defined benefit super accounts were set up by an employer. The employer’s rules help determine what you’ll get when you retire.

Defined benefit super accounts are less common and only accept certain workers or no longer take new members.

Most super accounts have a balance that rises and falls over time, based on how much money you and your employer put in and how you invest it. This affects what you’ll get when you retire.

With a defined benefit account, your super fund uses a formula to work out what you’ll get instead.

 If you’re thinking about leaving a defined benefit fund, talk to your super fund, or speak to us first. Some funds offer benefits that you may lose if you leave, and you generally can’t rejoin.

How a defined benefit account works

The formula your fund uses to work out what you’ll get when you retire may differ from what other defined benefit funds use.

It may consider:

  • the money your employer puts in, and any contributions you make (if your fund allows them)

  • your average salary before retirement

  • how long you worked for your employer

  • your age when you retire.

For example, a retirement benefit calculation might look like this.

A fund uses the following formula to work out your benefit (i.e. how much you’ll get) at retirement:

Average salary for the last 3 years × total years of service with the employer who sponsors the defined benefit account × benefit factor.

If a member:

  • had an average salary of $100,000

  • worked for 20 years at the employer, and

  • has a benefit factor of 0.15

their estimated retirement benefit would be:

$100,000 × 20 × 0.15 = $300,000

Example only
This example is simplified to show how a defined benefit account may work. Every defined benefit fund uses its own formula. Your fund may use different factors when calculating your benefit.

Are defined benefit funds still available?

Most defined benefit funds no longer accept new members. Many were offered by government employers, public sector organisations, universities and large employers.

If you’re already a member, you can usually stay in the fund while you’re eligible.

What happens when you retire?

When you retire, your defined benefit fund may offer:

  • a regular income stream

  • a lump sum, or

  • a combination of both.

Your options depend on your fund. 

What is a defined benefit income stream?

A defined benefit income stream pays you a regular income from a defined benefit super scheme.

Your fund works out how much you receive.

Unlike an account-based pension, payments do not usually depend on an account balance or investment returns.

Payments, tax and death benefits can vary between funds.

Understand how different retirement income options can work together to fund your retirement including account-based pensions and lifetime income streams. 

Before making changes to your defined benefit super

Defined benefit accounts can offer benefits that other super accounts don’t.

Making changes may affect:

  • your future retirement income

  • your access to pension benefits

  • the tax you’ll pay

  • benefits for your partner or dependants.

Before you decide, contact your fund and consider speaking to us for financial advice.

High-pressure sales tactics are putting your super savings at risk. Be on red alert for phone calls, click bait advertising and promises of unrealistic returns to encourage you to put your super into risky investments. Stop, think carefully, and check the claims first.

Questions to ask your fund

Every defined benefit fund works differently. Your fund can explain how your account works.

You may want to ask:

  • how your benefit is calculated

  • what options you have at retirement

  • whether you can receive a pension, lump sum or both

  • how your benefit may be taxed

  • what happens if you leave the fund or transfer your benefits.

Source: Moneysmart
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/how-super-works/defined-benefit-super-explained
Important note: This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.  Past performance is not a reliable guide to future returns.
Important
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

What is a managed fund

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A managed fund lets you hand investment decisions to a fund manager.

How a managed fund works

 

 

In a managed fund, money from many investors is pooled and invested to match the fund’s investment strategy. The strategies can range from lower-risk cash funds to higher-risk share and property funds. A managed fund can be a simple way to buy a mix of investments in one product.

A fund manager makes investment decisions. The company that legally operates the fund is called the responsible entity or fund operator.

When you invest in a managed fund, you don’t own the underlying investments directly. Instead, you own a stake in the fund. The value of the fund can go up or down. Some funds also pay you income, called distributions.

Some managed funds are bought and sold on an exchange like the ASX. These can include exchange-traded funds, or ETFs.

If you have super, it is likely you already invest in managed funds.

Smart Tip: Managed funds go by different names. You may see terms like unit trust, mutual fund, managed investment scheme, or Corporate Collective Investment Vehicle (CCIV).

Types of managed funds

What managed funds invest in

Single asset managed funds

These funds invest in one asset class. An asset class is a group of similar investments.

Cash funds – invest in very low-risk, short-term investments like bank deposits and short-term government bonds. They are low risk, but returns are usually lower too.

Fixed interest or bond funds – invest in loans to governments and companies. They can hold higher-risk loans that pay more interest.

Private credit funds – invest in loans that are not publicly traded. Risk and return depend on the borrowers and how the loans are structured. These can be higher risk.

Mortgage funds – invest in property loans. They can pay income so long as their borrowers keep paying. They can fall in value if borrowers default.

Property funds – invest in property or property-related assets. Some are higher risk.

Share (equity) funds – invest in shares in Australian or overseas companies. They can offer higher returns. Their value can also swing more sharply.

Alternative investment funds – include hedge funds, private equity, derivatives and commodities. These can be higher risk and more complex.

Mixed asset or multi-sector managed funds

These funds invest across more than one asset class. They are usually labelled by how much of the fund is held in growth assets like shares and property, and defensive assets like cash and bonds.

Growth – around 85% growth assets, the rest defensive.

Balanced – around 70% growth assets, the rest defensive.

Conservative – around 30% growth assets, the rest defensive.

Cash – 100% cash or cash-equivalents such as short-term deposits and bank bills.

How managed fund investments are chosen

Active funds rely on a fund manager to make ongoing decisions about investments. Some aim to beat a market index. Others aim to produce steady income or protect against loss. Some active funds use an absolute return strategy that aims for positive returns regardless of what markets are doing.

Passive funds – also called index funds – try to match a market index rather than beat it. There is less day-to-day decision-making, so fees are usually lower than active management fees.

Responsible, sustainable or ethical funds screen investments against environmental, social or governance criteria. These can be active or passive.

Benefits of managed funds

Managed funds can make investing easier for people who do not want to choose every investment themselves.

Benefits include:

  • access to a range of investments in one product

  • professional management

  • easier diversification, which means spreading your money across different investments

Risks of managed funds

Managed funds are not risk-free. The value of your investment can fall, and you may get back less than you invested.

Risks can include:

  • market risk – the assets in the fund can fall in value because of events affecting the entire market

  • sector risk – a fund focused on one part of the economy can be hit harder when that sector does badly

  • liquidity risk – you may not be able to get your money out as quickly as expected, and funds can restrict, delay or stop withdrawals in some circumstances

  • currency risk – overseas investments can be affected by changes in exchange rates

  • inflation risk – your returns may not keep up with rising prices, so your money buys less over time

  • interest rate risk – changes in interest rates can affect the value of the fund’s investments, especially bonds and other loans

  • credit risk – a borrower that the fund has lent to may not repay the loan

  • concentration risk – holding a small number of investments means any single loss has a bigger impact on the fund

  • gearing risk – if the fund borrows to invest, both gains and losses are magnified

Not every managed fund will have all these risks. The main risks depend on what the fund invests in and how it is managed.

Mia buys a diversified managed fund

Mia has saved $8,000 and wants to start investing in shares. She does not feel confident choosing individual shares, so she looks at managed funds that invest in Australian shares and overseas shares. She reads the Product Disclosure Statement to check how the fund invests, the fees she will pay, and the level of risk. Mia sees that using a managed fund could help her access a diversified mix of investments to lower her risk. She buys units directly with the manager.

Deciding if managed funds are right for you

There are a lot of different ways you can invest your money – managed funds are just one option.

Managed funds might suit you if:

  • you want a simple way to invest

  • you want your money spread across a range of investments

  • you do not want to choose and manage each investment yourself

  • you are comfortable that the value can rise and fall

Managed funds may not suit you if:

  • you want full control over every investment choice

  • you need your money back at short notice

  • you do not want to pay ongoing fees

  • you are not comfortable with the risk of losses

Managed funds are not an appropriate investment for everyone. It’s important to consider your investing timeframe and risk tolerance.

Contact us if you have any questions.

Source: Moneysmart
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/managed-funds-and-etfs/what-is-a-managed-fund
Important note: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. Past performance is not a reliable guide to future returns.
Important
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Should you sell or rent out your home before buying again?

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Sell vs. rent: at a glance

Selling your home before you buy may suit you if:

  • You want a bigger deposit for your next purchase

  • You prefer simpler finances with one mortgage

  • You do not want landlord responsibilities

Renting out your home may suit you if:

  • You want to keep the property as an investment

  • You can manage two mortgages

  • You want flexibility if the market is not ideal for selling

How selling or renting affects buying your next home

Your choice can shape what you can afford next.

  • Selling first may increase your deposit and reduce how much you need to borrow.

  • Renting out means lenders assess both mortgages and your expected rental income.

  • Rental income is usually not counted in full, which can affect borrowing power.

  • This may influence your price range, timing, or loan structure when buying your next home.

Option 1: Selling your home to buy again

Selling your current home is often the most straightforward option when upgrading. It allows you to reset your finances before moving on to your next purchase.

Pros of selling

  • Unlock equity for a bigger deposit: Selling can free up value you have built in your home, after costs, which may help reduce how much you need to borrow next.

  • Simpler finances: You usually move from one home loan to another, rather than managing two loans at the same time.

  • No landlord responsibilities: You avoid managing tenants, maintenance, or rental compliance.

Cons of selling

Miss out on potential future growth: If property prices rise after you sell, you no longer benefit from that growth.

Selling costs apply: These can include agent fees, marketing, and legal costs.

Timing matters: If the market is softer when you sell, your home may take longer to sell or achieve a lower price.

Option 2: Renting out your home and buying another

Renting out your current home means turning it into an investment property while purchasing your next place to live.

Pros of renting out

Rental income can help: Rent may help cover part of your new mortgage, although it may not cover all costs.

Exposure to future growth: You keep ownership of both properties, which may support long-term wealth building.

Flexibility: Renting can be a short or long-term option if selling does not feel right now.

Cons of renting out

Two mortgages to manage: This can increase financial pressure if income changes or costs rise.

Vacancy and maintenance risks: The property may not always have a tenant, and repairs are your responsibility.

Ongoing landlord obligations: Even with a property manager, you remain responsible for the property.

Key financial things to think about

Before deciding whether to rent or sell, it helps to pressure-test your finances. 

  • Can you afford two mortgages if rent drops or stops?

  • Do you have enough equity to buy again without selling?

  • How comfortable are you managing higher repayments if rates change?

Tax considerations 

Renting out or selling a property can affect your tax situation in different ways. Outcomes depend on individual circumstances, and rules can change over time. Understanding that tax may be impacted is an important part of deciding whether to sell or rent out your home.

Get help deciding your next move

Choosing between renting out vs selling your home can feel complex, especially when you are also planning to buy your next place. A home loan specialist can help you understand:

  • How each option affects your borrowing power

  • What your deposit options may look like

  • Your possible next steps based on your situation

We’re here to help if you have any questions.

Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/home-property/buy-next-home/renting-out-vs-selling
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
© 2026 National Australia Bank Limited (“NAB”). All rights reserved.
Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Why Transition to Retirement deserves a second look

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For many people approaching retirement, the transition from full-time work to retirement is no longer a sudden stop. Instead, it’s often a gradual process that involves reducing work hours, maintaining cash flow and continuing to build retirement savings.

One strategy that can support this approach is a Transition to Retirement Income Stream (TRIS or TTR).i

While TTR strategies have been available for many years, they are often overlooked despite offering valuable flexibility for people in their 60s who are still working.ii

What is a TTR strategy?

A TTR strategy allows you to access some of your superannuation while continuing to work, provided you have reached your preservation age. For anyone born on or after 1 July 1964, preservation age is 60.iii

The arrangement works by transferring part of your super balance into a TTR pension account. You then receive regular pension payments while continuing to earn employment income. This can help replace lost income if you reduce your working hours or supplement your cash flow while making additional contributions to super.

Unlike a standard retirement-phase pension, a TTR pension has restrictions. Generally, you must draw a minimum pension each year and cannot withdraw more than 10 per cent of the account balance annually. Lump-sum withdrawals are generally not permitted while the TTR remains in the pre-retirement phase.iv

Who might benefit?

A TTR strategy may suit people who:

  • want to reduce their working hours without a significant drop in income

  • are approaching retirement but are not ready to stop work completely

  • earn a moderate to high income and wish to boost superannuation through salary sacrifice

  • want greater flexibility in planning their transition from work to retirement.

For example, someone aged 60 might decide to move from working five days a week to three days a week. By drawing a pension from their super, they can help replace part of their lost income and ease gradually into retirement.

Combining work income and pension payments

One of the key attractions of a TTR strategy is the ability to combine employment income with pension payments.

If you are aged 60 or over, pension payments received from a TTR income stream are generally tax-free in your hands. Instead of experiencing a substantial reduction in disposable income, a tax-free pension payment can help bridge the gap.

The tax-saving strategy

Another commonly used TTR strategy involves salary sacrifice.v

In this approach, an employee diverts part of their salary into superannuation through concessional contributions, which are generally taxed at 15 per cent within the super fund. The reduction in take-home pay is then partially replaced through tax-free TTR pension payments.

For people on higher marginal tax rates, this may improve tax efficiency because income that would otherwise be taxed at personal rates may instead be contributed to super and taxed at a lower rate. The TTR pension can then be used to maintain cash flow.

In some circumstances, this strategy may also help increase retirement savings while maintaining a similar standard of living before retirement.

Opportunities

  • Smoother transition into retirement
    One of the biggest benefits is flexibility. Rather than stopping work abruptly, a TTR strategy can support a gradual reduction in work hours.

  • Tax-free pension payments after age 60
    For many Australians, TTR pension payments received after age 60 are tax-free, which can improve overall cash flow and make part-time work more financially attractive.

  • Continued super contributions
    Even while receiving a TTR pension, your employer must continue making Super Guarantee contributions if you remain eligible. This helps replenish part of the super being withdrawn.vi

  • Potential tax efficiencies
    For some higher-income earners, combining salary sacrifice with a TTR income stream may reduce overall tax and improve retirement outcomes.

Considerations

A TTR strategy may not be suitable for everyone.

  • Reduced retirement savings
    Drawing on super before fully retiring means your retirement capital may have less time to grow. If withdrawals exceed ongoing contributions and investment growth, your final retirement balance may be lower.

  • Earnings within the pension are not tax-free
    Many Australians are surprised to learn that TTR pensions no longer receive the same tax treatment as retirement-phase pensions.

    Since the 2017 reforms, investment earnings on assets supporting a TTR pension that is not yet in retirement phase are generally taxed at 15 per cent. The fund cannot claim exempt current pension income on those assets until the member satisfies a full condition of release, such as retirement or turning 65.

  • Government benefit implications
    A TTR strategy may affect eligibility for certain government benefits or entitlements.

  • Additional complexity
    Managing pension withdrawals, contribution caps, salary sacrifice arrangements and tax consequences can become complicated. Professional advice is often valuable to ensure the strategy remains effective and compliant.

Is a TTR strategy right for you?

A Transition to Retirement strategy can provide valuable flexibility for people who want to scale back work, supplement their income or potentially improve the tax efficiency of their retirement planning.

But the benefits depend heavily on individual circumstances, including age, income level, super balance, retirement objectives and tax position. What works well for one person may offer little benefit for another.

If you are approaching retirement and would like to explore whether a TTR strategy could help you achieve your goals, please contact our office. We can help assess whether the approach aligns with your broader retirement and financial planning objectives.

i Transition to retirement | ATO
ii Transition to retirement – Moneysmart.gov.au
iii Preservation age | ATO
iv TRIS requirements | ATO
v Using TTR to save on tax | Moneysmart
vi Super guarantee contributions and TRIS | ATO

The three phases of retirement: Key decisions at every stage

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Retirement starts long before your last day at work

There are certain moments in life that reshape not just your finances, but the way you live.

Starting a family, moving overseas for a job, changing careers – retirement belongs in that same category in terms of its significance.

Traditionally, retirement has been viewed as a single milestone celebrated on the day you stop working. But in reality, it’s one of the longest and most significant chapters of your life – one that’s being reshaped by longer life spans, evolving retirement rules and rising living costs. 

With Australians now living longer than ever, retirement can span decades, bringing new priorities, changing spending habits and different financial decisions along the way.1

That means retirement isn’t simply something to prepare for. It’s something you’ll need to navigate through.

Know what you’re aiming for

Before thinking about how you’ll fund retirement, however, it’s worth asking a simpler question: What kind of retirement do you actually want?

The Association of Superannuation Funds of Australia (ASFA) Retirement Standard provides a useful benchmark by estimating the annual income needed to support different retirement lifestyles.

There’s no right or wrong answer. Some Australians dream of travelling the world, while others are happiest spending more time with family, pursuing hobbies or enjoying a slower pace of life closer to home.

The important thing is having a destination in mind. After all, it’s difficult to know whether you’re saving enough – or investing appropriately – if you don’t know what you’re trying to fund.

With that in mind, here are the three broad phases of retirement and the financial considerations that tend to become most important in each.

Phase 1: Building your retirement runway

The five to ten years before retirement are a critical time for financial planning.

This is when many of the biggest financial decisions get made – when to retire, what sort of lifestyle you want, whether you’re saving enough and how to make the most of your remaining working years.

Having a clear retirement plan can make a meaningful difference. A recent report has shown Australians who understand the steps they need to take for retirement are significantly more confident about funding their desired lifestyle and more optimistic about their future than those without a plan.

It’s also the time to take stock of your financial position.

While seven-figure super balances often grab headlines, they’re far from the norm. Australians aged 60 to 64 have a median super balance of around $236,126 for men and $174,655 for women.2 

With many Australians approaching retirement with relatively modest super balances, making the most of available opportunities to contribute to super and strengthen retirement savings can be particularly valuable.

Here are several key questions to ask in the decade leading up to retirement: 

  • How much do I currently have in super and other investments, and will it support the lifestyle I want in retirement?

  • Are there any big-ticket experiences I want to budget for, such as a luxury cruise, overseas travel or helping my children financially?

  • Will I be in a position to pay off my mortgage before retirement?

  • Do I want to stop working completely, or gradually transition through part-time or consulting work?

  • Would downsizing or relocating improve my retirement lifestyle or financial position?

Phase 2: Putting your nest egg to work

Once retirement begins, your financial mindset will likely shift.

Instead of building wealth, the priority becomes generating an income that can support your lifestyle while ensuring your savings last for what could be another 20 or 30 years.

For many people, this can be an uncomfortable transition. After spending decades trying to grow your retirement savings, you’re now relying on them to fund your lifestyle 

Retirees also need to consider sequencing risk – the impact a market downturn can have if it occurs early in retirement while you’re simultaneously drawing an income from your portfolio.

As a result, some retirees choose to maintain exposure to growth assets alongside defensive investments and cash, depending on their circumstances, objectives and tolerance for risk.

While liquidity can help fund day-to-day spending and reduce the need to sell investments during volatile markets, growth remains important because inflation continues long after your working life ends.

Your retirement income may also come from multiple sources including investments held outside super and, depending on your circumstances, the Age Pension.

Here are several key questions to consider as you approach and enter retirement:

  1. Where will my retirement income come from – super, investments, rental income, the Age Pension or a combination of these?

  2. Is my investment portfolio still appropriate now that my focus has shifted from building wealth to drawing an income?

  3. Can my income keep pace with inflation?

  4. Do I have enough cash or liquidity to cover unexpected expenses or periods of market volatility?

  5. Am I reviewing my spending regularly to ensure my savings remain sustainable over the long term?

Phase 3: Planning your legacy

As retirement progresses, financial planning often becomes about much more than investment returns.

Many retirees begin thinking more carefully about how they’ll be cared for if their health changes, whether their current home still suits their needs and how they want their assets distributed to loved ones.

While these conversations aren’t always easy, planning ahead can provide greater flexibility, reduce stress for your family and ensure your wishes are understood well before important decisions need to be made.

At some stage during retirement, these are some of the conversations worth having:

  1. Is my will up to date, and have I reviewed my beneficiary nominations?

  2. Have I considered how I would fund aged care or additional healthcare needs if they arise?

  3. Does my current home still suit my needs, or would another living arrangement be more appropriate?

  4. Have I appointed the right people to make financial or medical decisions if I’m unable to do so?

  5. Does my estate plan reflect the legacy I want to leave for my family and loved ones?

Strategies to consider

Your retirement plan doesn’t need to be perfect. The important thing is to start early, review it regularly and adapt it as your circumstances change. 

Here are some practical strategies to consider. As always, it’s important to consider whether any strategy is appropriate for your personal circumstances and seek professional advice if needed.

  • Start small. Retirement planning doesn’t have to happen all at once. Start by discussing a few key questions with your partner (or you can contact us) such as when you’d like to retire and how much super you may need.

  • Review your super regularly. Make a habit of logging into your super account and checking your balance, investment options, fund performance and insurance cover.

  • Make the most of super contributions. If you’re still working, additional concessional (before-tax) contributions could help grow your retirement savings. 

  • Understand carry-forward contribution caps. If your total super balance is below $500,000 and you meet the eligibility requirements, you may be able to use unused concessional contribution caps from the previous five financial years.

  • Learn about downsizer contributions. If you’re 55 or over and meet the eligibility requirements, selling your home may allow you to contribute up to $300,000 each (or $600,000 per couple) into super.

Contact us if you have any questions.

1. ASFA Retirement Standard Budgets for various households and living standards for those aged 65-84 (March quarter 2026)
2. Median super balance, by age and sex, 2023–24 financial year – Australian Taxation Office

Source: Vanguard
Reproduced with permission of Vanguard Investments Australia Ltd
Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have not taken yours and your clients’ circumstances into account when preparing this material so it may not be applicable to the particular situation you are considering. You should consider your circumstances and our Product Disclosure Statement (PDS) or Prospectus before making any investment decision. You can access our PDS or Prospectus online or by calling us. This material was prepared in good faith and we accept no liability for any errors or omissions. Past performance is not an indication of future performance.
© 2026 Vanguard Investments Australia Ltd. All rights reserved.
Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

How floating rate bonds can make your portfolio more resilient

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Floating rate bonds tend to receive less attention than shares or fixed rate bonds.

Yet in Australia, floating rate bonds are far from niche. They play a starring role in Australia’s credit market as the favoured source of debt funding by the major banks.

Floating rates are a familiar concept in our financial lives too, with most Australian mortgages structured on variable rather than fixed interest rates.

Floating rate bonds can also deliver important benefits in a diversified portfolio. By adjusting their interest payments as market rates change, they offer the potential for regular income, lower price sensitivity to interest rate movements and an additional source of diversification alongside other investments.

What are floating-rate bonds?

Like regular fixed income bonds, floating rate bonds are loans made to governments or companies that pay investors interest.

The key difference is that the interest payments on floating rate bonds can change over time. Rather than being fixed for the life of the bond, they typically move in line with short-term interest rates.

This means investors may benefit from higher income payments when interest rates rise, while still maintaining exposure to the defensive characteristics that bonds can provide.

Floating-rate bonds provide income that adjusts as interest rates change

Why investors use floating-rate bonds

Every investment plays a different role in a portfolio.

Shares can help drive long-term growth. Fixed income can help generate income and diversify risk. Cash can provide liquidity and stability. Listed property can also provide exposure to real assets and potential income, while behaving differently to shares, bonds and cash.

Floating rate bonds sit within the fixed income part of a portfolio but offer a different set of characteristics to fixed rate bonds.

1. Regular income

Many investors turn to bonds for income.

Because the interest payments on floating rate bonds adjust over time, the income generated by these securities can move with changes in market interest rates. This can make them an attractive option for investors seeking income from the defensive side of their portfolio.

2. Reduced sensitivity to interest rates

The value of fixed-rate bonds can be affected by changes in interest rates.

Floating-rate bonds are generally less sensitive to these movements because their interest payments reset periodically. As a result, their prices may experience smaller fluctuations when interest rates change.

3. Diversification

A well-diversified portfolio typically contains a mix of assets that can behave differently under different market conditions.

Floating-rate bonds can complement shares, cash and traditional bonds by providing an additional source of income and diversification.

Accessing floating rate bonds through a single investment

For many investors, building a diversified portfolio of individual bonds can be complex.

Exchange-traded funds (ETFs) provide a convenient way to access a broad range of securities through a single investment.

Where could floating-rate bonds fit in a portfolio?

There is no one-size-fits-all approach to investing, and every investor’s circumstances are different.

However, floating rate bonds may be worth considering for investors who are looking to:

  • Generate income from the defensive portion of their portfolio.

  • Diversify beyond shares and cash.

  • Reduce price sensitivity to changing interest rates.

  • Build a more balanced portfolio through exposure to different types of fixed income investments.

Importantly, floating-rate bonds are not intended to replace every other defensive investment. Instead, they can be used alongside cash, fixed rate bonds and other fixed income investments as part of a diversified portfolio.

A useful addition to the fixed income toolkit

Floating rate bonds have become an increasingly important part of many investment portfolios because they offer a unique combination of income potential, diversification and lower sensitivity to interest rate movements.

For investors looking to strengthen the defensive side of their portfolio, they may be worth a closer look.

Source: Vanguard
Reproduced with permission of Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have not taken yours and your clients’ circumstances into account when preparing this material so it may not be applicable to the particular situation you are considering. You should consider your circumstances and our Product Disclosure Statement (PDS) or Prospectus before making any investment decision. You can access our PDS or Prospectus online or by calling us. This material was prepared in good faith and we accept no liability for any errors or omissions. Past performance is not an indication of future performance. © 2026 Vanguard Investments Australia Ltd. All rights reserved. Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Retirement planning for small business owners

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When you run your own business a good retirement plan can bring real peace of mind. Read more about your options – and why it’s never too early to start.

Planning your retirement

When you’re busy running your own business retiring could be the last thing on your mind. But planning your retirement well in advance can make it easier to enjoy the future you want.

Will you sell your business?

Many business owners plan to sell their business to fund their retirement – but it’s important to be realistic. It isn’t always easy to find a buyer who’s prepared to pay the price you want, particularly if you’re hoping for a quick sale. And, even if you intend to keep on working well beyond retirement age, unforeseen circumstances such as poor health or a change in market conditions could force your hand, so it’s important to be prepared.

Saving money for retirement

Personal superannuation isn’t compulsory for small business owners so you might be tempted to put investing in your business ahead of your savings. This can be risky as there’s no guarantee your business alone will provide enough money for you to live comfortably in retirement.

Building your business and your superannuation investment simultaneously can help to mitigate the risk. Many business owners choose a self-managed superannuation fund (SMSF) as this may provide benefits such as a lower tax rate, more investment options and flexibility when it comes to drawing an income. However, a SMSF isn’t right for everyone so you need to discuss your strategy with a professional adviser.

Planning to live longer

In general, Australians are living longer, which means you could spend decades in retirement. Ideally, you’ll have enough savings to cover your expenses well into your nineties.

Financial security in retirement could underpin many of the decisions you make about your business so it’s important to think about the lifestyle you want. As a general rule, if you own your own home, you’ll need 70-80 per cent of your pre-retirement income to maintain the same standard of living. The age pension and other government supplements provide a safety net but, at the moment, these are set at about 28 per cent of the average wage, and this is very unlikely to increase.

The most successful retirement planning is long term. Your spending and your needs are sure to change as your retirement progresses so your plan must be adaptable enough to evolve. And it’s never too early to take action. Once you have your retirement goal in mind you can work out the steps that will help you take control of your retirement and enjoy the lifestyle you want.

Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/business/small-business/moments/future/planning
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
© 2026 National Australia Bank Limited (“NAB”). All rights reserved.
Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Finances feel tight? Check if your home loan is the right fit

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For many households, managing the cost-of-living has become an ongoing balancing act. Grocery bills, insurance premiums, utility costs and everyday expenses have all increased in recent years, placing pressure on household budgets.

If this sounds familiar, you’re not alone, 77 per cent of Australians currently feel extremely or somewhat stressed about their finances, according to a recent Finder poll.i, ii

For most homeowners, mortgage repayments are the largest item in the household budget and can be a large contributor to financial stress. More than 50 per cent of mortgage holders consider themselves to be suffering from mortgage stress.iii Despite this, many borrowers haven’t reviewed their loan in years, even with significant changes in their financial circumstances and the lending market.

That’s why refinancing can be worth considering.

Small changes can make a big difference

When household budgets are under pressure, even modest savings can have a meaningful impact.

Refinancing may help reduce your repayments, improve cash flow or provide access to loan features that better suit your current needs. While every situation is different, a home loan review can identify opportunities to ensure you’re not paying more than you need to.

The objective isn’t simply to switch lenders. It’s about making sure your mortgage is working as effectively as possible for your circumstances.

Your loan may no longer be the best fit

Many borrowers take out a home loan and leave it unchanged for years. During that time, however, a lot can happen.

Your property’s value may have increased, your income may have grown, or your credit profile may have strengthened. These changes can improve your position with lenders and potentially open the door to more competitive loan options.

At the same time, lenders are constantly updating their products and pricing. A loan that was highly competitive when you first took it out may no longer represent the best value available today.

That doesn’t necessarily mean changing lenders is the right move, but it does mean it’s worth understanding your options.

More than just a lower interest rate

While securing a competitive interest rate is often a key motivation for refinancing, there are other benefits that may be just as valuable.

Some borrowers are looking to improve cash flow and create more breathing room in the household budget. Others want access to features such as an offset account, additional repayment flexibility or redraw facilities that help them manage their finances more effectively.

Refinancing can also provide access to equity that has built up in a property over time. This may help fund renovations, support future investment plans or provide greater financial flexibility.

For some households, refinancing can also be an opportunity to consolidate higher-interest debts and simplify their finances into a more manageable structure.

Signs it may be time for a review

One of the clearest signs is if you haven’t reviewed your home loan for several years. The market may have changed considerably since your loan was established.

It can also be worthwhile reviewing your options if your fixed-rate period is coming to an end. Many fixed-rate loans revert to a lender’s standard variable rate when the fixed-term expires, which can result in a noticeable increase in repayments.

A review may also be worthwhile if your property has increased in value, your credit score has improved, you’re planning renovations, considering an investment purchase or simply looking for ways to improve your household cash flow.

The value of professional advice

With hundreds of loan products available and lenders continually adjusting their policies and pricing, comparing options can be overwhelming.

We can help assess your current loan, compare available alternatives and identify whether refinancing is likely to deliver a meaningful benefit. In some cases, the best outcome may be staying exactly where you are. The value comes from knowing you’ve explored your options and can move forward with confidence.

A refinance review won’t be the solution to every cost-of-living challenge, but it could help ensure you’re not paying more than necessary on one of your biggest financial commitments and possibly take some pressure off your finances. And that’s a worthwhile place to start.

If it has been a while since your last home loan review, we’d be happy to help you understand your options.

i,ii, iii Finder’s Cost of Living Pressure Gauge | Finder

Economic Update with Bob Cunneen – October 2026

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Key events in September 2026

  • Global share prices fell in September in local currency terms. Rising energy prices, interest rates and bond yields, due to the escalating Middle East conflicts, have led to a more cautious view for share markets. The Iran War has broadened and intensified. The Houthi’s seizure of the Bab-El-Mandeb strait and attacks on the Saudi Arabian oil pipeline have caused further alarm on global energy supplies and inflation risks.

  • US share prices edged lower but were partly insulated by optimism on Artificial Intelligence (AI) and corporate profit prospects. US corporates are expected to deliver robust annual profit gains exceeding +29% in the September quarter according to FactSet. Large technology companies such as Alphabet, Amazon, Microsoft, and Nvidia continue to rapidly increase their AI capital investment which is also supporting US economic activity. However, the US central bank raised interest rates by 0.25% in September citing that US inflation “remains elevated.”

  • Asian and European share markets fell in accordance with a more cautious view on the global energy and political climate as well as central banks in Japan and Europe raising interest rates.

  • Australian shares recorded a sharp fall in September. The Technology sector continues to disappoint with a – 10% decline. There were also large falls recorded for the Resources sector of circa -5% given lower gold and iron ore prices. The Consumer Discretionary sector remains under pressure as higher oil prices and interest rates are casting a cloud on consumer prospects. There were only two bright spots in terms of a solid +4% gain for the Health Care sector and a modest +0.5% return for the Energy sector.

  • The Reserve Bank of Australia (RBA) raised the cash interest rate by 0.25% to 4.60% in September. This is the highest cash interest rate in the past 15 years. The RBA justified raising interest rates given “high inflation” with “upside risks” from rising global energy and technology prices as well as Australia’s capacity pressures. The RBA’s inflation concerns were validated by August’s Consumer Price Index data showing annual headline inflation at 4%.

Asset class summary

Asset class returns in Australian dollars – periods to 30 September 2026

 

CYTD

%

1 month

%

3 months

%

1 year

pa %

3 years

pa %

5 years

pa %

10 years

pa %

Australian shares

3.3

-2.4

1.3

2.4

11.3

7.5

9.0

Global shares (hedged)

13.4

–0.7

1.4

17.5

20.8

11.3

12.0

Global shares (unhedged)

8.3

1.9

1.2

11.2

18.7

12.4

13.5

Emerging markets (unhedged)

18.3

2.4

–0.8

23.1

21.0

9.8

10.1

Global property securities (hedged)

3.1

-5.3

-6.1

2.9

8.7

0.5

2.4

Global listed infrastructure (hedged)

4.0

–4.8

–6.5

4.8

12.1

5.8

6.4

Australian bonds

0.8

-0.9

-1.5

-0.4

3.6

0.0

1.5

Global bonds (hedged)

–1.3

–1.7

–2.4

–0.6

3.6

–0.5

1.1

Global high yield bonds (hedged)

0.5

-2.4

-1.6

1.9

6.9

2.3

4.1

Australian inflation-linked bonds

2.1

–0.4

–0.7

1.0

3.8

2.4

2.7

Cash

3.1

0.4

1.1

4.1

4.2

3.3

2.3

AUD/USD

4.3

–2.9

0.4

5.0

2.5

–0.7

–0.9

Past performance is not a reliable indicator of future performance. Sources: Australian shares – S&P/ASX 300 Total Return Index; Global shares (hedged) – MSCI All Countries World (A$ hedged, Net); Global shares (unhedged) – MSCI All Countries World in A$ (Net); Emerging markets – MSCI Emerging Markets in A$ (Net); Australian property securities – S&P/ASX 300 A-REIT Accumulation Index; Global property securities – FTSE EPRA/NAREIT Developed (A$ hedged, Net); Global listed infrastructure – FTSE Global Core Infrastructure 50/50 (Hedged $A); Australian bonds – Bloomberg AusBond Composite 0+ Yr Index; Global bonds (A$ hedged) – Barclays Global Aggregate (A$ hedged, Gross); Global high yield bonds (A$ hedged) – Barclays US High Yield Ba/B Cash Pay x Financials ($A Hedged); Australian inflation-linked bonds – Bloomberg AusBond Inflation Government 0+ Yr Index; Cash – Bloomberg AusBond Bank Bill Index; AUD/USD – WM/Reuters Daily (4 pm GMT).)

Key events in global markets over the last three months to September 2026

Global shares (unhedged) made a mild quarterly return of 1.2%. Optimism on AI has been the key driver of rising share prices in the US and select Asian markets. However, the Iran War has generated sharp swings in bond yields and commodity markets over recent months. The brief ceasefire between Iran and the US collapsed in July with the resumption of military strikes and another closure of the Strait of Hormuz as a shipping route.

While global shares have shown remarkable resilience to events in the Middle East this year, this strength is now being tested as the Iran War intensifies once again. Wall Street made historic highs in August but since then has drifted lower. European share markets have displayed a similar performance of strong gains in July and August followed by a more cautious tone. Chinese shares have delivered a subdued quarterly return as weak consumer spending and a struggling property sector weighed on sentiment.

Global bonds (hedged) posted a disappointing -2.4% quarterly return. Concerns over the inflation risk with rising energy prices and persistent government deficits have generated sharp rises in global bond yields this year. Australian bonds have also struggled with the inflation threat by recording a -1.5% quarterly return.

Key events in Australia over the last three months to September 2026

Australian shares made a modest 1.3% quarterly return, but this was a mixed performance across industry sectors. Some of the sectors that were beaten down earlier this year have made a recovery over recent months. The Health Care sector made a remarkable revival with a 25.4% quarterly return as investors considered that Cochlear and CSL had become cheap. There were also strong gains for the Energy sector given the surge in oil and gas prices with the Middle East conflict. The Resources sector also performed well given higher metal prices.

However, there were large share price declines in a range of sectors exposed to the threat of higher interest rates and a consumer spending slowdown. The Consumer Discretionary sector slumped by -10% while the Real Estate sector fell sharply by -8.7%.

Australia’s economy is confronting significant challenges given persistent high inflation and rising interest rates. Consumer spending is slowing as the ‘cost of living’ squeeze continues. Housing prices are now falling given the Federal Government’s announcement of major changes to capital gains tax and negative gearing in May as well as higher mortgage interest rates.

Australia’s high inflation remains troubling and has motivated the RBA to raise interest rates for the fourth time this year in September. Persistent price pressures remain prominent in a wide range of goods and services. Housing costs have increased by 5.7% over the year to August through a combination of higher electricity prices (13.2% annual inflation), new dwelling construction costs (5.4% annual) and rents (3.6%). Healthcare costs have risen by 3.9% and education has increased by 4.7% in the past year. This persistent inflation has seen financial markets expecting another RBA interest rate rise in the coming months.

Global prospects

Financial markets remain precariously placed between hopes that AI will drive strong economic growth and corporate profitability and the harsh reality that Eastern Europe and the Middle East remains in turmoil.

The recent escalation of the Iran War and the Russia-Ukraine War presents a severe challenge for the global economy. Shipping costs have surged while there is limited spare capacity in fuel refineries around the globe to produce sufficient diesel and petrol supplies. Should this energy shock intensify further, the pain will spread beyond the service station bowser as both inflation and unemployment dramatically rise. For central banks around the world this creates a major policy dilemma. Do central banks continue to raise interest rates to restrain inflation pressures or lower interest rates to assist economic activity and mitigate rising unemployment?

Regrettably, major central banks are being compelled to raise interest rates to address the immediate inflation threat. The US central bank joined its fellow counterparts in Europe and Japan by raising interest rates in September. Bond markets are now pricing in a sequence of further interest rate rises across the globe to address inflation risks. Global share markets could then prove vulnerable should central banks push interest rates too high and generate a recession that damages corporate profit prospects.

Australia’s persistent price pressures in food, health and housing continue to squeeze budgets. This “cost of living” squeeze is likely to weigh heavily on consumer spending over coming months. Lower house prices will also caution some consumers on their spending.

Given these complex and significant risks, investors should maintain a disciplined and diversified strategy.

Important information This communication is provided by MLC Investments Limited (ABN 30 002 641 661, AFSL 230705) (MLC), part of the Insignia Financial Group of companies (comprising Insignia Financial Ltd, ABN 49 100 103 722 and its related bodies corporate) (‘Insignia Financial Group’). An investment with MLC does not represent a deposit or liability of, and is not guaranteed by, the Insignia Financial Group. This information may constitute general advice. It has been prepared without taking account of an investor’s objectives, financial situation or needs and because of that an investor should, before acting on the advice, consider the appropriateness of the advice having regard to their personal objectives, financial situation and needs. Past performance is not a reliable indicator of future performance. Share market returns are all in local currency. Any opinions expressed in this communication constitute our judgement at the time of issue and are subject to change. We believe that the information contained in this communication is correct and that any estimates, opinions, conclusions or recommendations are held or made as at the time of compilation. However, no warranty is made as to their accuracy or reliability (which may change without notice), or other information contained in this communication. This information is directed to and prepared for Australian residents only. MLC may use the services of any member of the Insignia Financial Group where it makes good business sense to do so and will benefit customers. Amounts paid for these services are always negotiated on an arm’s length basis. MLC relies on third parties to provide certain information and is not responsible for its accuracy, nor is MLC liable for any loss arising from a person relying on information provided by third parties. Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) do not approve or endorse any information included in this material and disclaim all liability for any loss or damage of any kind arising out of the use of all or any part of this material. The funds referred to herein is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds.