You’ll get the expected return but if inflation is 2-4% and if you’re holding bonds yielding 1% over 30 years, the real returns will be -1% to -3% per year. So

You’ll get the expected return but if inflation is 2-4% and if you’re holding bonds yielding 1% over 30 years, the real returns will be -1% to -3% per year. So you’ll have taken a real loss in purchasing power even if you’re paid in full.