Fixed income when rates rise

This is a hot topic at the moment. The rates in most developed economies have reached their historically low levels. Recently the economic activity indicators show there is some growth, although symbolic. This situation indicates that in the future the rates should rise in the above mentioned economies.
Raising rates have a devastating effect on fixed income securities, mostly bonds. This concerns conservative investors and retirees who rely on bonds to deliver a reliable income stream.
Below are some materials that shed more light onto the topic.

• When rates rise - What happens to fixed-income ETFs (link) - iShares
• Raising Rates: A case for active bond investing? (link) - Vanguard
• Risk of loss: Should the prospect of rising rates push investors from high-quality bonds? (link) - Vanguard
• Why invest in bonds when interest rates can only go up? (link) - Vanguard
• The role of fixed income as part of a diversified investment strategy (link) - Vanguard