target-date funds are aimed at people planning for retirement and have appeal because they offer a lifelong managed investment strategy that should remain appropriate to an investor's risk profile even if left unreviewed. research suggests that age is by far the most important determinant in setting an investment strategy, thus target date, or age-based funds are particularly attractive as default investment funds. they do not offer a guaranteed return but offer a convenient multi-asset retirement savings strategy through a single outcome-oriented fund.