When selecting funds in your 401(k), keep it simple. 

"Low cost is going to be key and simple is going to key," said Samantha Azzarello, global markets strategist at JPMorgan Asset Management and panelist on TheStreet's webinar Investing Strategies for Millennials, adding that investors should only check their 401(k)s once a quarter at a maximum.

For millennials, Azzarrello recommended target date funds which start off with an overweight position in a basket of stocks and slowly shifts investments into bonds, which are safer, as an investor ages.

Check out our entire millennial investing roundtable here.

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