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.

More from Video

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

KPMG US Chair and CEO: Survey Shows CEOs are Still Worried About Cyber

KPMG US Chair and CEO: Survey Shows CEOs are Still Worried About Cyber

Rent the Runway co-founder Chats with Cramer on Equal Pay and a Good Pair Jeans

Rent the Runway co-founder Chats with Cramer on Equal Pay and a Good Pair Jeans