Nancy Schlossberg on the beach at Longboat Key, Fla. with her granddaughter Stevie, 2 1/2, and her daughter-in-law Michele Schlossberg. — Mentally preparing for retirement. N (Photo: Rod Millington, for USA TODAY)

You look at things differently when you’re about to retire. You’re far less likely to buy a trampoline, for example. And you’re probably far more risk-adverse in your investments, too.

And that’s a good thing, because you will no longer have an income that will replace your losses in a downturn. And unless you can generate enough income to cover your withdrawals — an unlikely feat in this low-interest world — you’re going to have to learn smart selling, rather than smart buying.

The funds you pick for retirement should keep an eye on risk, generate some income — and charge relatively little for their services. After all, the less you pay your fund company, the more you keep for yourself.

What’s more, you should have a variety of funds that invest in different types of investments: Stocks, bonds, cash and others. Diversifying among different types of assets reduces your risk. The days of owning a few stock funds should be long gone. In a downturn, all your holdings will simply fall in tandem.

Here are five funds you should consider as part of a retirement portfolio. You may not want to invest in all of them, or any of them. But each could form a component of your retirement portfolio.

Vanguard Target Retirement Income (VTINX). This is a fund of funds, and is intended as an all-in-one solution for retirees seeking both growth of principal and income. The fund has about 65% of its assets in bonds, 9% in international stocks, and 20% in U.S. stocks. A good slug of the fund’s bond component is in Treasury Inflation Protected Securities, or TIPS, which give you some protection against rising prices. Current yield: 1.80%. Expenses: 0.16%, or $16 per $10,000 invested.

RiverPark Short-Term High Yield Retail (RPHYX). This is an unusual fund. It invests in short-term, low-quality bonds that have a very low probability of failure. It’s designed as a place where you can park your money and earn more interest than you would in a money fund. Currently, the fund yields 3.65%. Since its inception in 2010, it has had one losing quarter, when it fell 0.07%. Fees are on the high side, though: 1.18%, or $118 per $10,000 invested.

Schwab U.S. Dividend Equity ETF (SCHD). If you’re looking for a portfolio of large-company stocks with a long history of raising dividends, this is the fund for you. The fund’s criteria looks not only for high dividends, but high-quality earnings and balance sheets as well. Current yield: 2.58%. Expenses: A rock-bottom 0.07%, or $7 per $10,000 invested.

American Century Equity Income (TWEIX). If you’re looking for a fund with active management and a good record of paying out above-average dividends, then this is the fund for you. Managers keep about 20% in convertible bonds to cushion on the downside and add income. Expenses are 0.93% — a bit below average for the category. A $10,000 investment would cost $93 a year. Yield: 2.21%.

Vanguard High Yield Tax Exempt (VWAHX). High-yield municipal bonds aren’t as junky as high-yield corporate bonds, in part because municipal defaults are relatively rare. And Vanguard’s offering invests in fairly high-quality bonds: 77% are rated A or better. The fund’s yield is 2.46%, which is free from federal income taxes. Expense ratio: A decidedly non-junky 0.20%, or $20 a year per $10,000 invested.