Retirees and those approaching retirement can't diversify away all of the risk in their portfolios, but they can certainly protect some of their savings against market gyrations.
Investors are grappling with two threats at the moment: The prospect of rising interest rates and stock market volatility. On Thursday morning, the Dow Jones industrial average tumbled more than 500 points, continuing last week's wild ride.
"It's not just stocks getting crushed, also bonds are being crushed," said Douglas Boneparth, president of Bone Fide Wealth in New York City. "If your goal is preservation, neither would be your friend right now."