A target-date fund is a mutual fund or exchange-traded fund designed for retirement: A target-date fund automatically adjusts the mix of stocks, bonds, and other investments as you approach the target date, your retirement year. The fund names include a target retirement year, such as 2045 Fund or 2060 Fund, representing the approximate date an investor expects to retire and begin withdrawals. Target-date funds are popular for investors seeking simplicity and convenience. H