Don’t Fear Risk
"For most people, the key to investment success comes down to three words: Save, save, save," said Ken Weber, president of Weber Asset Management and author of "Dear Investor, What the Hell Are You Doing?" However, you can't just stash your cash in a savings account. "You've got to take some risk for the reward later on," he said.
Weber said that for each stage of life, you should invest with as much risk as you can tolerate. Ideally, you should be putting most of your retirement savings into stock mutual funds when you're in your 20s and 30s.
As you get closer to retirement age, you can lower your risk by investing in fixed-income assets, such as bond funds, in addition to stocks. Or, consider a target-date fund that will automatically adjust your allocation of stocks and bonds as you approach retirement.