For US citizens or those with a Social Security there is the option to buy I Bonds. Overall Bonds have been quite boring the last few years, but for those of us that are getting closer to retirement it is a good idea to have some in our portfolios.
The initial interest rate on new Series I savings bonds is 7.12 percent. You can buy I bonds at that rate through April 2022.
Individuals are limited to only purchasing $10k of bonds per year. In addition, you can buy up to another $5k each year by using your Federal tax refund (if you have one). My wife & I have purchased $40k of bonds this year - $10k for me, $10k for her, plus we established revocable living trusts for each of us to enable us to purchase another $20k/year ($10k for each trust). I am also planning to send in an additional estimated tax payment for around $5k to ensure we will be able to purchase another $5k with our return.
Caveats: You cannot sell them for a year. If you sell them in less than 5 years, you will be penalized the last quarter of interest. But at over 7% (annualized), I won't mind giving up 1.75% if I need the money. After 5 years, there is no penalty and you can hold them for up to 30 years.
Below is a link to a good article on how to buy I-bonds and the same site taught me about the revocable living trust for purchasing I-bonds.
https://thefinancebuff.com/how-to-buy-i-bonds.html
I plan on rolling several years of cash reserves into these I-bonds over the next couple of years.