If you have any debt (credit cards, auto, student loans), I would pay that off before adding more than the 12% to retirement.

If you are debt free and have some short-term savings, I would contribute to a Roth IRA before adding to the 401k. At a mid 5 figure income level, the tax savings from the 401k aren't that impressive. Meanwhile, the IRA gives you some flexibility to draw funds for a first time home purchase, major medical expense, or potentially the option to withdraw prior contributions without penalty. You then have the flexibility to invest according to your knowledge and risk tolerance.

I would probably only choose the 401k if the tax reduction was meaningful and I earned too much for a traditional IRA (those 2 things typically coincide). Another possibility is if your company has a good ESPP program, ideally one that allows you to sell shares immediately after they are purchased (no minimum holding period). If there is a holding period (my employer requires 1 year), you have to think very hard about how much risk you are taking on during that time.