Q I am 60 and would like to retire in two years. I am self-employed and have 98 percent of my retirement money in fixed investments. About half is in a Treasury money market fund and a CD with Vanguard. The other half is in a qualified plan from my former employer. I would like to put most of my retirement savings into some investment that will yield a guaranteed 5 to 6 percent. Are there any safe, risk-free, no-fee, reliable places to earn that kind of return?

WAYNE, PLYMOUTH

A I imagine your portfolio has held up well, since the bulk of it is in safe fixed-income securities. Congratulations. I wish there was an investment like the one you describe. But the simple answer to your question is no. I'm sure there are products being marketed to savers that offer a 5 percent to 6 percent return, but they aren't a safe place for money, they're not risk-free, and they aren't a no-fee product, let alone low-fee.

You can't get away from the trade-off between risk and return. So, let me raise a couple of additional thoughts. There is a risk-free, no-fee security if bought directly from the U.S. Treasury through www.treasurydirect.gov. It's called Treasury Inflation Protected Securities or TIPS. The return will be relatively low, but inflation won't eat away at the value of your money either. That's a big deal. The money will be there when you need it.

You could also explore putting some money into an immediate annuity, which buys a measure of financial safety and financial comfort. You get a predictable monthly income (or quarterly or annual depending on the chosen payout option) on the investment for the rest of your life. However, there are a number of things to consider. You should do business only with a highly rated insurance company, or an immediate annuity sold through a well-known mutual fund company. You want to work with a company with a blue-chip balance sheet. You'll need to shop around because your stream of income depends on how much you invest, your age, the interest rate and other variables.

Remember, diversification is one way to protect yourself over time. For you, staying diversified within safe fixed-income securities remains a sound idea.

Chris Farrell is economics editor for American Public Media's "Marketplace Money." Send questions to cfarrell@mpr.org.