  We find the optimal investment strategy for an individual who seeks to
minimize one of four objectives: (1) the probability that his wealth reaches a
specified ruin level {\it before} death, (2) the probability that his wealth
reaches that level {\it at} death, (3) the expectation of how low his wealth
drops below a specified level {\it before} death, and (4) the expectation of
how low his wealth drops below a specified level {\it at} death. Young (2004)
showed that under criterion (1), the optimal investment strategy is a heavily
leveraged position in the risky asset for low wealth.
  In this paper, we introduce the other three criteria in order to reduce the
leveraging observed by Young (2004). We discovered that surprisingly the
optimal investment strategy for criterion (3) is {\it identical} to the one for
(1) and that the strategies for (2) and (4) are {\it more} leveraged than the
one for (1) at low wealth. Because these criteria do not reduce leveraging, we
completely remove it by considering problems (1) and (3) under the restriction
that the individual cannot borrow to invest in the risky asset.
