Asset allocation key in retirement savings plans

CNBC's Sharon Epperson interviews Kathleen Murphy, president of Personal Investing at Fidelity Investments, about the importance of asset allocation in retirement savings plans in the new year.

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Murphy said that in 2015, investors need to determine what their long-term plans for retirement savings should be. That basically boils down to deciding how they're going to allocate investment savings between asset classes-meaning, the amounts invested in equities (or stocks) vs. fixed income (mainly bonds).

"Once you decide that-that asset-allocation mix you're comfortable with where you can sleep at night-then contribute very consistently to that long-term plan," she explained.