Investing postretirement can be much more complex than it was during your career. You’re going from the simple (but not easy) plan of “throw all the money you can into your retirement account” and “invest for the long term” to the much more complicated process called  “Um . . . I think we’re supposed to live on this nest egg somehow?”

The reason why postretirement investing can seem like an entirely different game is because your goals are now different. During your career, you focused on growing your nest egg through contributions and investment returns. While you may have worried about market volatility, you also knew your portfolio had time to bounce back.

After retirement, however, your aim shifts from growth to protection, which can feel like a more complicated objective. The good news is that even though investing is different postretirement, the average retiree can master the new rules.

Protect your principal and your buying power

There are two specific hazards your money faces in retirement: loss of principal and loss of buying power. If you lose principal, you risk running out of money in retirement. But if your money loses buying power due to inflation, you risk running out of money in retirement.

Unfortunately, the best way to protect your nest egg is to park it somewhere very low risk—where it will lose buying power over time because of inflation.

And of course, the best way to protect your money’s buying power is to invest it in higher-risk/higher-return assets—the assets that are more likely to go for a dive at the wrong time and demolish your principal.