The biggest challenge that retirees face at the end of their careers is how to make ends meet financially without a paycheck.

Social Security provides basic income to millions of retirees, but it’s important for those who’ve successfully set aside money in retirement savings to invest well and make their investments work as hard as possible for them.

After retirement, many investors turn away from the stock market toward less volatile fixed-income securities, such as bonds and bank CDs. One strategy that involves using bonds or CDs can help you ensure that you’ll have set amounts of income ready for you at fixed intervals throughout your retirement, while also giving you flexibility if it turns out that you don’t need as much income as you had initially projected. This strategy, known as a bond ladder, is easy to use and can also help you boost how much income you get from your portfolio.

The bond ladder strategy involves building up a portfolio of multiple bonds that fit with your investment needs. To set up the initial bond ladder, you can buy a large set of bonds that mature at different times, typically investing equal amounts that match up with your anticipated expenses. Alternatively, you can invest in smaller groups of bonds at regular intervals, gradually building the whole bond portfolio rather than seeking to do so all at once.

An example can make bond laddering easier to understand. Say you have $100,000 in retirement savings in 2018 and anticipate needing to replace $20,000 of income each year over the next five years.

To build a bond ladder, you could invest $20,000 in a bond that matures in 2019, $20,000 in a bond maturing in 2020, and equal $20,000 amounts in bonds maturing in 2021, 2022, and 2023.

Alternatively, you could invest just a quarter of your $100,000 total right now in one- to five-year bonds, and then invest another $25,000 three months from now in five bonds with maturities from one to five years. You’d then repeat the process six months from now and nine months from now to be fully invested.

There are two key benefits of bond ladders. First, if you anticipate spending down all of your savings according to a set plan, then the bond ladder ensures that you’ll have the money you’ll need when you need it. Strictly speaking, if you know you’ll need a fixed amount several years from now, you can even invest a bit less than the full amount now, because you can count on the interest that the bonds pay to help you reach your target. It’s usually safer to go ahead and invest the full amount now if you can, because that way, the interest can help offset any erosion in the purchasing power of your money from inflation over the period.

Bond ladders are also beneficial when you don’t expect to spend down every penny of your savings. That’s because when a bond comes due on your bond ladder, you can reinvest whatever money you don’t need right away in a new bond that matures after the last bond in your current portfolio.

For instance, in the example above, when the first one-year bond matures in 2019, you could take any amount remaining and invest it in a new five-year bond that will mature in 2024, a year after the five-year bond you initially purchased matures in 2023. Because longer-term bonds tend to pay higher interest rates, bond laddering can boost the total amount of income you’re able to get in interest payments from your investment portfolio.

Despite their advantages, bond ladders aren’t perfect. Traditionally, bonds haven’t had as good returns as the stock market has provided, and so for those who need their money to grow during retirement, bond ladders aren’t the ideal solution for all of your investment capital. In other words, you end up paying for the certainty that bond ladders provide by giving up some potential return on your investment.

More importantly, bond ladders lock you into a set of assumptions about when you’ll need your money, and it can be difficult or costly to get at your money before that if circumstances change. If you use traditional bonds for a bond ladder, then market-price changes can result in a loss of principal if you try to get at your money early. Some people use bank CDs instead of regular bonds in order to eliminate this market risk, but in that case, you can end up paying a penalty for early withdrawal that forfeits the interest that your CD generated over a certain period of time.

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• Motley Fool Issues Rare Triple-Buy Alert

• This Stock Could Be Like Buying Amazon in 1997

• 7 of 8 People Are Clueless About This Trillion-Dollar Market

Bond ladders can be useful for those seeking to replace set amounts of income at fixed intervals. They won’t produce the same growth that stocks can, but they’ll offer peace of mind that your financial needs will be met while giving you some flexibility in producing as much income as possible from your investments.

CNNMoney (New York) First published May 14, 2018: 1:27 PM ET

New York Governor Andrew Cuomo wants each state college to have a food pantry for students.

It’s one of many proposals he included in his annual State of the State report.

The plan would require all public colleges to either provide food pantries on campus, or come up with a “stigma-free” way for students to consistently have access to healthy foods.

Cuomo is asking state lawmakers to provide $1 million to the State University of New York (SUNY) and City University of New York (CUNY) systems to implement the program.

Chancellors at both schools applauded the proposal, which could help expand their existing efforts.

A 2015 survey done by CUNY indicated that nearly 15% of its students go hungry at some point because they can’t afford to buy enough food. More than half of its 24 campuses already have food pantries.

SUNY launched a task force to study the issue in November. The school said that 70% of its 64 campuses either have food pantries on site or have a partnership with a local community pantry.

Related: There’s a hunger problem on America’s college campuses

The issue of food insecurity on college campuses has been drawing nationwide attention. Some public policy advocates say it’s a growing problem, but critics say food pantries are simply doling out undeserved handouts.

In a recent national survey, nearly half of students said they had experienced food insecurity (having limited access to nutritious food) within the past 30 days. There are at least 573 colleges with food pantries in the U.S., according to the College and University Food Bank Alliance.

Temple University professor Sara Goldrick-Rab, who studies the issue, said she was optimistic that Cuomo’s proposal would move the conversation forward.

“I’ve got to say, while it’s not exactly how I might craft this, it’s nonetheless a big deal. Hardly any governors have recognized this as an issue outside Jerry Brown,” said Goldrick-Rab, who is also the founder of the Wisconsin HOPE Lab, which seeks ways to make college more affordable.

Brown, the governor of California, pushed for including $7.5 million in the state budget last year to address food insecurity on college campuses.

But more can be done to address food insecurity in addition to food pantries, Goldrick-Rab said.

The University of Albany, for example, has instituted a Swipe Out Hunger program that allows students to donate their unused meal credits at the end of the semester.

Goldrick-Rab and other advocates would like to see campuses make sure students know how to sign up for Supplemental Nutrition Assistance Program (SNAP) benefits if they’re eligible, and ensure they can use those benefits on campus.

Providing small emergency grants to students could also help. It may mean those who have found themselves strapped for cash when dealing with a one-time incident — like a car breaking down — may not have to forgo meals.

“But these are all Band-Aids. The state has to grapple with why students are becoming food insecure,” Goldrick-Rab said.

Related: She’s on a mission to make America’s colleges hunger-free

Cuomo’s plan to require food pantries on every campus is just one part of his “No Student Goes Hungry Program,” which would affect students in kindergarten through college. It aims to end “lunch shaming” by banning alternative lunches sometimes given to students who can’t afford to pay. In some cases, these students are currently given lesser-quality lunches, a press release said.

It would also ensure that schools required to provide breakfast to do so after the school day has begun, making it more accessible to students. It would expand the state’s investment in its “Farm to School” program and provide more incentives for schools to buy locally-grown foods.

The program will need approval from the state legislature, where control is currently split between Republicans in the Senate and Democrats in the Assembly.

Last year Cuomo, a Democrat, proposed making tuition free at public colleges for students whose families earn less than $125,000 a year. Lawmakers approved the plan and included funding for the scholarship in the budget. It went into effect his past fall.

Progressive policies like this one have drawn national attention for Cuomo, stirring talk of a possible presidential run. He called the state a “vanguard for social progress” in his address on Wednesday.

CNNMoney (New York) First published January 3, 2018: 4:24 PM ET

Editor’s Note: This story originally published on August 15, 2018.

Talking about money is hard for many people. Asking for more money is even harder.

When you finally muster up the courage to ask your boss for a raise or give salary requirements to a potential employer, then you have to come up with a reasonable number. You don’t want to lowball yourself, but you also don’t want to aim too high and seem like you’re out of touch.

“I am a big fan of shooting for a number that delights you, not one that satisfies you,” said Selena Rezvani, author of “Pushback: How Smart Women Ask -— and Stand Up — for What They Want.”

But your number still needs to be in reason.

The key to negotiating a salary is knowing your value. That way, you can feel confident in your number.

First, you need to establish a range for what other professionals within your role and in your industry make. Consult a variety of sources, including websites like Glassdoor and Indeed and professional associations, talk to recruiters and don’t be shy about asking people in the industry if they are comfortable sharing their salary.

How much to ask for: 10% above your current salary

If you feel underpaid at your current gig, don’t be afraid to speak up and ask for a raise.

But do your homework first.

Track your accomplishments: successful projects you’ve worked on, ways you’ve increased revenue or saved the company money, innovations and effective collaborations.

“Be aware of your unique skill set,” said Joel Garfinkle, executive coach and author of “Get Paid What You’re Worth.”

“Identify your value and prove your overall impact on the organization.”

Bring positive notes and glowing reviews from team members and clients to highlight your accomplishments, and be sure to call out future results you will bring to the company.

“Create fact-based quantifiable data of your accomplishments,” said Garfinkle. “That can be a very persuasive way to show the measure of the impact you’ve had on the company.”

How much to ask for: 15-20% above your current salary, or reasonable market rate for the position.

This is your opportunity to get the biggest salary increase. It’s also a chance to reset if you feel you were being underpaid at your last job.

But, if possible, try to put off salary talk until later in the interview process.

“Before you discuss salary, tell the hiring manager you need to understand the position, its responsibilities, title and everything that would be involved so you can have a better sense of the position and your worth,” advised Garfinkle.

Research a fair salary for the position and emphasize your qualifications and skill set. Once you have an employer hooked, you have more bargaining power.

“Yes, the company is taking some risk, but you are the one taking a bet on them and leaving gainful employment,” said Rezvani. “They expect you to want and need a good deal.”

How much to ask for: likely nothing

Switching careers or breaking into a new industry means you likely have less leverage to negotiate for a bigger paycheck.

“You aren’t in the strongest power position because it’s hard to show value in a new career or industry,” said Garfinkle.

In fact, you might have to brace for a salary cut depending on which industry you are switching into. For instance, if you’re going from the private sector to the public, don’t be surprised to see your pay reduced.

The key to salary negotiation when switching careers is showing how your skills and experience match up with the needs of your new employer.

For instance, Rezvani worked with a client who was a fabric buyer breaking into an unrelated field, but she emphasized how her experience negotiating rates could be advantageous to her new employer.

“If you have a really clear link between what you have done and how it can be used in the new job, I think you can be aggressive with 5-8% above where you are today,” she said.

How much to ask for: other benefits

Sometimes, no matter how good a case you make for a raise, it’s just not in a company’s budget, or within a manager’s power to grant.

But there are other compensation options.

Ask for other benefits like an additional week of paid vacation, a more flexible work schedule, professional training or stock options.

And don’t leave the room without a follow-up plan. “Ask to revisit the situation in three months,” said Garfinkle. “Somehow get a commitment from them.”

An old saying among investors is that annuities aren’t bought, they’re sold. This is because annuities often are very complex, very expensive financial products that carry heavy commissions for the advisers who sell them.

Unfortunately, that saying is frequently very, very true.

Annuities are insurance products that are frequently marketed for their investment-like features. In general, the more complicated a product is, the more expensive it winds up being — either through direct costs and fees or through cases of “the large print giveth, the small print taketh away.”

As a result, if you’re considering an annuity, your best bet is to keep yourself focused on why you need the annuity and what features of that annuity really matter to you.

The best reason to consider buying an annuity is because you have money set aside for your retirement but have no interest or ability to manage that money. For instance, if you’ve worked your entire career without thinking about investing, and then you get a lump-sum distribution from your retirement plan at work, you might be a candidate for an annuity. Alternatively, if your spouse always took care of the household finances but is no longer able to, an annuity may be right for you.

Still, even if you fit into one of these categories, you should know what you’re getting into and the downsides of even the best-designed annuity. For one, it’s only as good as the financial strength of the insurance company issuing it. If the insurance company goes bankrupt, you’re at the mercy — and limits — of the state’s insurance-guarantee program for any potential recovery.

For another, in most cases, annuities promise to pay you for a certain amount of time — and that’s it. Frequently, that amount of your time is either for your life, the longer of your life or your spouse’s, or a specific calendar duration. If you want to leave an inheritance to your children, your alma mater, or your favorite charity, you either can’t do it with your annuity or it will cost you significantly to do so.

In most cases, the simplest form of annuity is the best to buy — the one known as a single premium immediate annuity. As the name implies, you make a one-time investment in the annuity and the annuity company begins immediately (or possibly, the very next month) paying you a monthly income. A key reason these annuities are often the best is because they’re the simplest, and thus the easiest to compare across providers.

Because single premium immediate annuities are so easy to comparison shop, annuity companies often offer solid and competitive deals on those straightforward plans. Part of their hope is to establish their reputations for “fair dealing” with their customers, and then upsell you on a more complex (and likely profitable for them) offering.

The big benefit for you is that you can turn your lump sum of cash into a reliable, predictable income stream that can potentially last the rest of your life. A key thing to watch out for, though, is that as soon as you get beyond a plain vanilla contract — such as adding inflation protection, second-to-die rights, or a guarantee your estate will get back at least what you paid into it — the costs start adding up. The insurance company knows that most annuity buyers want those features — and is happy to charge to provide them.

In a similar vein, you often can find a reasonable deal on another form of straightforward annuity known as a single premium deferred annuity. With this type of annuity, you also make a one-time investment and the annuity starts paying out that monthly income at some agreed-upon time in the future. These can be useful if you have temporary income early in your retirement — such as a severance benefit or proceeds from a deferred-compensation plan — but will need the income in a few years.

The key trick to shopping deferred annuities is to keep it simple there, as well. Once you start getting past the plain vanilla promise of a fixed payout starting at a specific date in the future, different plans and providers get tough to compare — and the costs can really add up. For instance, many annuity providers will steer their deferred annuity customers toward variable annuities. Those offer the potential of higher returns while you accumulate money, followed by a guaranteed payout based on the unknown future value of your account once you annuitize.

The danger to you is that once you get into the realm of variable deferred annuities, the insurance companies start to stack the deck in their favor. For instance, if they offer “stock-market-like returns,” they often have “participation rates” or other caps that limit the total percentage you can earn on the upside when the stock market does well.

Related links:

• Motley Fool Issues Rare Triple-Buy Alert

• This Stock Could Be Like Buying Amazon in 1997

• 7 of 8 People Are Clueless About This Trillion-Dollar Market

The act of mixing insurance and investments in an annuity may sound good on the surface, but the costs and fine print quickly add up to make them less useful for you. If you want to invest, then invest. If you want a guaranteed fixed income for life, consider an annuity. It’s when you try to combine the two together that you most often find yourself paying more than you should for less total benefits than you otherwise could have gotten on your own.

CNNMoney (New York) First published May 15, 2018: 10:00 AM ET