Target-date funds have become an increasingly popular investment choice, especially for retirement accounts like 401(k)s and IRAs. Their main appeal lies in their simplicity and hands-off approach to managing your retirement portfolio. These funds are not a perfect solution, however—and it's essential to understand their pros and cons before deciding if they align with your investment goals and risk tolerance.How target-date funds workTarget-date funds are designed to provide a diversified and professionally managed portfolio that automatically adjusts its asset allocation over time. The "target date" in the fund's name refers to the approximate year when an investor plans to retire. The fun
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