A 401k is often looked at as a "set it and forget it" type of plan: allocate your investments, and simply make regular ongoing contributions from there. And if you're a young person who's many years away from retirement, that may be a very sound way to look at it.
But while a 401k may be somewhat "think-proof," your asset allocation within the plan is actually very important. A young person may not want to be too conservative, while someone who's nearing retirement may be better served with a less aggressive strategy.
Seems obvious, right? Maybe not. Podcast host Johnny Dean and "Professor" Rick Plum, CFP® offer some very helpful tips on what you need to know about your 401k investments on this week's episode of Managing Your Financial Future!
