Use a Portfolio Perspective
Many people consider their 401(k) plans their only retirement savings. This, in addition to your Social Security, might not be enough for you to have a fulfilling retirement without the fear of being short on cash.
So what do you do? Start thinking of your overall savings as your retirement portfolio. Ideally, your 401(k) is just one slice of the pie, with other savings accounts and investments making up the rest. This is important so that you can cover yourself in all financial aspects.
For example, if your 401(k) has choices with less risk associated with them, your regular investment account can focus on stocks. On the other hand, if your 401(k) plan focuses on stocks, your taxable investment account can focus on less risky investments.