Target-date funds are proving most popular among women and younger retirement investors, according to MassMutual's Retirement Services Division.

In the first quarter of this year, 28.4 percent of women's retirement savings were in asset allocation accounts, compared to 27.7 percent of men's retirement savings, MassMutual data showed.

Those allocations have jumped by 42 percent for women over the past five years, and increased 38 percent for men.

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