As a relatively recent retiree I will share my experience with 401K, Keep in mind I started saving early.
At age 55 you can move your 401k money to an IRA. If your 401K does not offer many choices or has high fees I would suggest doing so. Invest in low cost Vanguard or similar index funds, reinvest dividends. Even Warren Buffet suggests that the Vanguard total world index fund cannot be beat over the long term. Invest 70% stock index 30% treasury bonds until 65 then 60/40. Pay down debt to zero and live off the dividends and social security once you retire. The capital investment will be there if you need it +or- 20%. Avoid all get rich quick schemes, bit coin bs and remember real estate historically only goes up at the rate of inflation. US Treasury I bonds are the only bonds really guaranteed by the USA. They are a safe place to park money for your children.
Most of the big brokers have target date funds. Usually named āRetirement 20XXā or something along those lines. They will automatically balance your stocks/bonds to reduce risk as your retirement approaches.
I thought so as well but since he said IRA, I looked and there is an IRA plan that allow for employer matching, i.e., SIMPLE IRA.
A SIMPLE IRA is an employer-sponsored retirement plan offered within small businesses that have 100 or fewer employees. They are a less expensive and less complicated alternative to a 401(k) plan.