The Retirement Black Box: Decoding the Hidden Architecture of Target-Date Funds

Most retirement investors never choose their asset allocation. It is chosen for them.

In today’s defined contribution plans, target date funds function as default investments, guiding trillions in savings through a pre-set retirement investing strategy. But these funds are not standardized. Behind identical labels lie meaningful differences in glidepath design, asset allocation, and fees—differences that can significantly alter outcomes.

The Retirement Black Box examines these hidden structur...