(NewsNation) — Securing your financial future traditionally involves initiating contributions to your employer’s 401(k). However, The Wall Street Journal suggests a strategy shift as long-term treasury yields have reached their highest point in 16 years and stock prices are on the rise.

Some experts advise that the traditional “set it and forget it” approach to establishing a 401(k) may no longer be applicable.

However, NewsNation business contributor Gary B. Smith disagrees and describes 401(k) investing as “dollar cost averaging, plus you get the benefit, generally, of your company also throwing in money for you.”

“So every paycheck, you take out, whatever it is — 2.5, 3, 4% — which your company generally matches, so you’re buying less at the top, you’re buying more at the bottom,” Smith said. “Most people are going to be in this for 10,15, 30 years is absolutely the best way to go.”

Smith suggests consumers avoid bonds or high growth but rather maximize their 401(k) and put money that tracks the market into their plan.

“Max out as much as you can put in, that’s number one. Get the most you can from your employer,” he said. “I would put every dollar I had into some sort of fund that tracks the S&P 500. That’s the magic bullet.”

Smith advises consumers who aren’t in a position to save to watch their “extravagant expenses”

“For example, going out to eat is fun, but it’s just gotten so incredibly expensive. Little things like that — if the revenue side is not there, you just have a short horizon, you really got to look at your streaming services. Do you need Netflix, Amazon Prime, Hulu, and all those things? You just really have to cut down on that.”