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Young man and middle-aged man with stock and bond portfolios.

In this series of Tips from the Pros, Money taps the collective wisdom of expert financial planners.

If you have a 401(k) and you are looking at what stocks and bonds you should be investing in for your plan, here are some tips to help guide you.

Low cost investments & Broad diversification. Financial advisers suggest that you look at the world market when you invest. Just don't look to closely at how stocks and bonds have performed in the past to guide your decisions. Be smart and look ahead.

Calculate risk. If you are younger, then you can probably afford to take more risk because you have some time to recoup any losses you suffer. If you are closer to retirement age, you might want to scale back on the risk so you don't damage your savings too much.

Set it and forget it. If you are closer to retirement age, a target retirement date fund might be the best course of action for you. This fund allows you the broad diversification in the global market, but with low risk and higher yields. It requires very little handling after you set it up and will work for you until you retire.

Featured Advisers:

Erika Safran Safran Wealth Advisors

Benjamin Sullivan Palisades Hudson Financial Group

Gail Linn MetLife Financial Group of New York