Iyer, Arjun K.; Hoelscher, Seth A.; Mbanga, Cedric - In: Journal of Risk and Financial Management 15 (2022) 9, pp. 1-18
Target Date Funds (TDFs) have become the default investment choice in retirement accounts for most households. Later-dated TDFs (e.g., further away from the present day) allocate a more significant percentage of each dollar invested into equities relative to fixed income. As the TDF moves closer...