Worried about a stock market drop hurting your retirement savings?

As someone who’s spent years writing about personal finance, I know how scary it can be to watch investments fluctuate. It’s even worse when you’re just about to retire.

The good news is there are lots of low-risk investment options that can protect your savings while still earning a decent return. Here are four reliable choices.

1. High-yield savings accounts (HYSAs)

If you want to keep full access to your cash while still earning solid interest, a high-yield savings account is a great starting point.

Many top online banks now offer HYSAs with rates at or above 4.00% APY. Key benefits to look for include:

• FDIC insurance up to $250,000 per account
• No monthly fees
• Little or no minimum balance requirements

Because of their flexibility, HYSAs are ideal for immediate cash needs. Whether it’s an emergency fund or short-term savings, your money can stay liquid while still earning a competitive rate.

Ready to earn more on your savings? Check out our favorite high-yield savings accounts available today.

2. Certificates of deposit (CDs)

CDs offer steady, predictable returns, allowing you to deposit money for a set amount of time in exchange for a guaranteed interest rate. That’s especially valuable if you want to protect your savings from market swings.

Many CDs’ rates are also hovering in the 4.00% range, meaning you can guarantee a strong return by locking up your money.

One smart way to keep your money accessible while still earning high rates is to set up a CD ladder. For example, you could open CDs that mature in 3, 6, 9, and 12 months.

This way, part of your money becomes available every few months while the other CDs keep earning. Then you can either use the earnings as needed or reinvest them to keep the ladder going.

Explore all of our favorite CDs and build a smarter savings strategy today.

3. Treasury bills (T-bills)

Treasury bills (T-bills) are another strong choice if you’re willing to lock in cash for a short period. These are short-term debt obligations offered by the U.S. government, with terms ranging from four weeks to a full year.

Right now, T-bills are offering yields around 4.00%. Retirees like them them because:

• They’re fully backed by the U.S. government
• The interest isn’t subject to state or local income taxes
• You can buy them in increments as little as $100

You can buy T-bills through a brokerage firm for a small fee, or directly from TreasuryDirect.gov.

Finally, a fixed annuity works similarly to a long-term CD, but often offers higher guaranteed returns — currently around 5% to 6% annually.

Like CDs, you deposit a lump sum, earn a fixed interest rate, and then receive payment — the difference being that your payments can be dispersed over time, instead of given in one lump sum. This turns your investment into a stream of income.

Deferred annuities let your money grow before payouts start, while immediate annuities provide income right away. When considering a fixed annuity, check for a death benefit so your heirs can receive any remaining funds if you pass away before the money is fully paid out.

Using a mix of HYSAs, CDs, T-bills, and fixed annuities can diversify your savings and protect it from market drops. They all provide a nice balance of safety, accessibility, and value, giving you the confidence you need to comfortably enter retirement.