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I think an obvious answer to the 401k is to make sure you are at least contributing what you employer is willing to match (free money is the best!). One thing I would say about that though is make sure to check what your employer contribution is vested in. Where I work the match is given in company stock, and even though I like where I work and have faith in them as a company, I don't like having so much of my retirement vested in only a single company stock. So every once in a while I sell some of the company stock and move it to an index fund (the index fund has for the most part given a better return anyways).

LM

Besides the occasional selling of the company stock, I personally don't do any other managing of my 401k. Maybe I am in the wrong but with the limited number of funds available within the 401k itself, I just selected a target date retirement fund that changes my investments for me as I get closer to retirement age. Also, I still have 35-40 years before I reach the typical retirement age so I am just trying to ride out the storm right now since I am not too worried about needing the money anytime soon.

LM

@Riva951ie I would say it depends on your personal goals and involvement with your investments. Personally I only put enough into my 401k to get the match because I am not a huge fan of the investment options that are available  to me in my 401k, and I have other goals with my investments that I wont be able to achieve if I have my money tied up until retirement age. When it comes down to saving for retirement though I currently prefer putting my money in the ROTH IRA because I am still in a fairly low tax bracket and I like the idea of not having to pay taxes on it later in life.

LM

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