Have you checked to see what’s in your 401k?

I recently had a conversation with someone close to me about what was in their 401k. And by ‘401k’, I also want to include people in similar retirement plans (e.g. Roth IRA and 403b). So, just let ‘401k’ refer to retirement plans in general.

Anyways, the person had no idea what was in their 401k (in fact they seemed to not even understand how a retirement plan works, as if it grows through magic). Why could it be a problem to not know what’s in your 401k?

Because theoretically most of their money could be in bonds. And if you’re young, that’s not a good…