This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.

If you’re near or already in retirement, an active management approach will help offset the volatility we’ve continued to see. You can restructure your strategy utilizing option-based tools, two of which are highlighted here:

Fixed index annuities: FIAs can be leveraged as an alternative to bondsand help your portfolio in three different ways. First, they can take on the role of an accumulation tool by earning interest based on a stock market index. If the market goes down, you at least break even. Second, FIAs can be utilized as a pension-like retirement income tool by paying you an amount each month for life. And third, a long-term care rider in combination with an annuity can help cover long-term care expenses should the need arise in the future.

Buffer exchange-traded funds: If you’re looking for portfolio protection and aren’t as concerned about major gains, ETFs are an option. Like an annuity, they are tied to an index, and returns are capped at a certain percentage. However, these also come with a built in “buffer”, which help offset market loss and provide you the opportunity to sell exposure if the index value declines.

Remember to embrace change: As the investment world evolves, it’s important your investment strategy stay up to date as well.