- Target-date funds are hugely popular and often the default “set-it-and-forget-it” choice—81% of Gen Z and 70% of millennials have all their 401(k) in them, and TDFs hold about $4.8 trillion.
- Critics like Bill Bengen say TDFs get too conservative in retirement, arguing retirees need higher stock exposure (he recommends ~65% stocks) and that glide paths can ignore market context.
- Alternatives for people who want a different approach: fixed “lifestyle” allocation funds (e.g., Vanguard LifeStrategy 60/40) or hiring a financial advisor for a tailored plan.
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