Is the target-date fund revolution leading retirement plan participants down the wrong savings path? 

A new paper by academics from New York University and Fordham suggests as much, saying the jury is still out on TDFs, although almost three-quarters of defined contribution plans now offer them and 41 percent of all investors have assets in them. 

The automatic rebalancing that TDFs offer as participants near retirement may not be doing enough to maximize retirement income, according to the authors. 

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