Putting your nest egg at risk can be scary. Here are some tips to help secure your money

The broad U.S. stock market recently entered correction territory, meaning it declined more than 10 percent. Bond markets also have produced negative returns recently. The Russian invasion of Ukraine tops the list of geopolitical tensions. Each direction you turn exposes a form of risk that could disrupt your pursuit of financial security.

While there is never a truly risk-free phase of investment markets or the global economy, there are several ways you might be able to improve your personal finances that do not require taking on risk to grow or maintain your assets.

Not all of these options apply to everyone, but just about everyone could find something in this list that is applicable to them.

Don’t miss the match

Depending on which survey you review, between 20 and 25 percent of employees do not contribute enough to their employer retirement plan to earn the full company match. Those who can’t find a way to save more in the retirement account are passing up free money, a guaranteed, risk-free return on their investment. Some employers have vesting rules to delay the true ownership of the company-match contributions, but that is not a good reason to pass up free money.

Go easy on student debt

One reason many younger people don’t save enough in their employer-retirement plan to earn the match is that they are still directing their savings to student-loan debt. Education can be a productive use of debt if it leads to more skills and qualifications for higher career earnings, but it is easy to overdo the amount of debt. The public vs. private college cost comparison is one decision point that influences the debt load for many. Debt could also be reduced by choosing community college for the first round or by pursuing Running Start programs while still in high school. Each dollar that doesn’t need to be reserved for debt and can instead be invested can make a significant difference in lifetime financial security.

Don’t carry a credit card balance

Your personal finance risks can be reduced when you don’t carry unproductive debt. Credit or financing for things other than education or a home can be an expensive option when you can’t live within your means until you are able to afford a lower-cost way to purchase something. For the debt you do have, pay off your highest interest credit/loans first.

Delay Social Security

Unless you are unable to work and don’t have enough income or you are in poor health and don’t expect to live long, you should not take Social Security benefits when first eligible at age 62. In many cases, it is even sub-optimal from a long-term financial planning perspective to start receiving Social Security at your “full retirement age” according to the Social Security calculations. Waiting perhaps all the way to a maximized benefit at age 70 can provide much more protection against one of your largest, and often overlooked, risks – your longevity. Social Security is an expense-free, risk-free income stream that comes with cost-of-living adjustments. You can’t find this kind of insurance or return on your investment anywhere else. Waiting from age 62 to age 70 to collect Social Security leads to 76% more income. In some cases, it makes more sense to draw down other retirement savings first, allowing you to receive deferral credits for Social Security.

Delay retirement for a year

If you want to build up more protection against investment risks, working even just a little bit longer can make a large difference. An extra year of income (presumably some saved and invested) can take some stress off your investment portfolio to generate a higher return. Working longer also means less time in withdrawal mode, funding your retirement expenses.

Be tax savvy

Improving your after-tax investment returns reduces the risk of falling short of your goals by keeping more of your money. Use a Roth IRA (if eligible) for your highest expected return investments. Harvest capital losses in non-retirement accounts to offset capital gains and reduce overall tax due. Manage the order in which you withdraw money from different types of accounts in retirement to realize more efficient taxable income and possibly keep your Medicare premiums from increasing. Convert pre-tax retirement accounts to after-tax Roth IRAs during low-income years. In non-retirement accounts, own investments that don’t generate much currently taxable income.

Consider where you live

Downsize your residence to liquidate home equity as another retirement income source. Move to a state with a lower cost of living. Think about a shared-housing situation to reduce expenses.

Proactive planning and thoughtful decisions, applied over time, can help you reduce risks in some areas and better endure the risks that you can’t avoid in other areas.