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Last quarter, the economy grew by the largest amount since the summer of 2007, but there are signs that things are still getting worse. More
You don't have time to own a dozen funds. And you don't need to. You can get a diversified portfolio with just one target-date fund. This hands-off investment changes allocation and strategy as you progress toward retirement. Last year, more than three-quarters of 401(k) plans had target funds, reports benefits consultant Hewitt Associates.
If a target fund isn't an option, trim your portfolio to three index funds: one total domestic stock market, one total foreign and one bond. For recommendations, see the Money 70; for your ideal mix, use the asset-allocation calculator to the right.
If your plan offers automatic rebalancing - 42% do, according to Hewitt - sign up for it; the account will periodically shift investments to get back to your desired allocation.
NEXT: Week six: Automate the rest of your investments
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