Yesterday, the Federal Reserve Board raised its benchmark short-term interest rate by 0.25%; additional rate hikes are expected later this year and next year. This news may have you thinking about buying bank certificates of deposit (CDs) or bonds for your retirement portfolio, to take advantage of the higher rates. Which is best for you?

CDs and bonds can generate income and reduce risk for your portfolio. This is especially important during retirement when a large investment loss could reduce income and increase the odds of outliving your savings. When deciding whether to purchase CDs or bonds, you need to consider the different types of investment risks.

Read more at Forbes.