A retirement-savings option that can be smart at the outset of your career probably needs to be reexamined down the road.

Target-date funds, as they’re called, offer a way to put your savings on autopilot: Holdings gradually shift away from riskier assets like stocks and toward more conservative investments (bonds and, perhaps, cash) as you approach retirement.

While they are designed to be a “set it and forget it” way to save for retirement, these funds may make sense only for a while, depending on your situation. And when you’re nearing retirement, it’s probably worth examining whether you should ditch your target date fund entirely.

“When you’re about 10 years away from retirement, say in your mid-50s, you really need to be taking a holistic view and look at your whole financial picture,” said Certified Financial Planner Chris Mellone, a financial advisor with VLP Financial Advisors in Vienna, Virginia.

“We believe a more customized asset allocation approach is needed for this segment [of investors],” Mellone said.

Roughly $1.8 trillion is invested in target date mutual funds, according to Morningstar. Most 401(k) plans — 98% — include this kind of fund in their lineup, according to Vanguard. And 80% of all 401(k) participants are invested in these funds.

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