Target-Date Fund / 目标日期基金

Target-date fund is the retirement-year product structure discussed in vol.109. FOF派VS指数派，关于个人养老金账户该配什么的一场辩论. The episode uses a pension 2035-style example: investors with an expected retirement date near the target year can use a product whose equity exposure is expected to decline as retirement approaches.

The key mechanism is the glide path. [[JiangHuaan|蒋华安]] emphasizes that a target-date fund still needs active management, but that judgment should operate inside the contract, glide-path range, benchmark deviation limits, and pension objective rather than becoming unconstrained style rotation.

Key Claims

• A target-date fund connects Asset Allocation to the investor’s expected retirement year.
• The glide path should generally lower equity risk as the investor ages and the liability date gets closer.
• The product is a candidate for default-style pension investing because it turns age, retirement date, and risk capacity into an allocation structure.
• Active decisions can exist inside the product, but they must be disciplined by the glide path and risk range.
• A target-date fund is not automatically superior to index funds; it is useful when the investor needs allocation, rebalancing, and behavioral discipline built into the product.

Connections

• [[PersonalPensionAccount|个人养老金账户]] — account context where target-date funds become especially relevant.
• [[JiangHuaan|蒋华安]] — source guest explaining glide-path discipline.
• FOF Product Design — target-date products as bundled allocation and product-governance work.
• Portfolio Suitability and Drawdown Psychology — investor-fit and holding-path reasons for using a glide path.
• Passive Investing — contrasting route when an investor chooses direct index exposure instead of a managed pension product.