My husband and I are 44. We moved to this country and started to save aggressively for retirement six years ago. Each year my husband puts about $10,000 in his Oregon state government employment-based retirement fund. I put $5,000 in my Roth IRA and about $10,000 in my SEP IRA. How should I invest my retirement funds? Right now I have all of my savings in Fidelity's Freedom Funds 2040. Is that reasonable, and should I make any changes? — Bao W.

In general, your investments look good, says Andy Tilp, an advisor with Trillium Valley Financial Planning in Sherwood, Ore. But you may want to consider diversifying your portfolio even more broadly. If your husband's contributions go into the Oregon Public Employee Retirement System (PERS), he doesn't have much control over how those funds are invested. "The investment choices within the Oregon PERS are set by the Oregon Investment Council," says Tilp.

First, review your husband's portfolio holdings and match them up with your own holdings. Look for areas where your combined portfolios have little exposure. For example, Tilp notes the Fidelity Freedom 2040 fund leans fairly heavily on large-cap stocks (Morningstar classifies the fund's investment style as "large blend"). If your husband's portfolio has a similar tilt, you may want to consider adding exposure to other areas of the market, from mid- and small-cap stocks to real estate and global bonds.

How much you add depends on several factors, from your risk tolerance to your long-term financial goals."The goal is to have a very broad and diverse portfolio," says Tilp, "that provides steady growth and buffers any downside."

— Austin Kilham

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