Most economists agree that the threat of a double-dip recession has passed, but there still are serious concerns facing the U.S. economy in 2011. It’s a situation that can make investors wonder where to put their money in the new year.

A good first step in mapping out an investment strategy is to assess your risk tolerance from various angles. Particularly for conservative investors, a good understanding of lesser-known investment risks — such as inflation risk — can assist in making informed investment decisions in the new year.

Key considerations include:

> Investment risk — It is possible to lose money by keeping your money in the stock market. But, it’s also important to keep in mind the risks involved in pulling out at the wrong time. Many jittery investors pulled all their assets out of the stock market just as it hit bottom two years ago. While they’ve remained on the sidelines, equity markets have bounced back significantly — in some cases representing a missed opportunity to recuperate much of what was lost.

> Inflation risk — If you’re one who sat out the stock market’s climb, you may have stuffed your cash into “safe” investments such as U.S. Treasury bonds. Treasuries are an attractive investment for conservative investors because of the protection they offer from the U.S. government. But, it’s worth noting that despite having rallied significantly over the past two years, Treasury yields are at historic lows, and there is potential for them to underperform inflation. If the uptick in inflation that many economists are predicting comes true, it is possible that investors essentially could lose money while invested in Treasuries.

> Opportunities for yield — So what is the conservative investor to do? For those not willing to venture back into stocks yet, it may make sense to dial up their risk tolerance beyond low-yielding Treasuries and into bonds that offer higher yields. The search for yield doesn’t have to be a giant leap. Investors can find opportunity in the middle of the quality spectrum. Certain investment-grade corporate bonds and higher-quality, high-yield bonds offer greater yields than Treasuries and better compensation for inflation risk.

> Stay diversified and get help — After a big market rally, it can be tempting to chase performance by buying stocks and bonds that have risen the fastest. Unfortunately, many investors make the move when it’s already too late. It’s just one more reason why choosing individual securities can be so challenging.

A financial adviser also can help you ensure you have a diversified portfolio, with the right mix of stocks, bonds and cash for your risk tolerance.

This column is provided by Ameriprise Financial Services for Tim Dameron, its senior financial adviser in Rocky Mount.