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Many target date funds are too aggressive in their exposure to stocks, putting investors at risk for market downturns after retirement, when they can least afford it, warned Putnam Investments executives Tuesday at a retirement panel talk in New York.

At the event, Putnam announced the launch of a retirement investment think tank, Putnam Institute, whose initial study shows that equity allocations in target date funds since the 2008 financial crisis have typically ranged from 35% to 65%. However, the institute’s research director, W. Van Harlow, said the percentage of stocks in a post-retirement portfolio should more appropriately range between 5% and 25%.

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