Target-date fund managers don’t outright admit it, but they have reined in their risk-taking since the market crash of 2008, when they were barraged by furious customers, regulators, and Congress members who claimed that the labeling of 2010 funds, and maybe others, was misleading.

They may not be admitting it, but they are paying much more attention to volatility, inflation, diversification, and ensuring income after retirement.

Managers claim they haven’t actually caved in to pressure to change fund “glide paths,” – the slow shift in the ratio of equities to fixed income from the date the first dollar is invested, through the decades after the planned retirement date. Fidelity Investments’ path, for instance, still calls for about 50 percent equities at retirement, 40 percent five years later, and 20 percent fifteen years later.

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