I never thought that target-date funds made much sense for an investor who wanted to put even a little bit of thought behind his or her investments. Target-date funds are a one-size-fits-all approach to investing, beginning with a somewhat aggressive equity to bond ratio, and moving towards a more conservative ratio as the investor gets older. But, who said that because someone is 60 years old that he or she should have 60% of his or her portfolio in equities, and 40% in bonds? If the investor is solely relying on his or her 401k plan (the most common place target-date funds are found), then it is possible the investor should have a more conservative mix than a an average target-date fund would have. Or, if the investor has IRAs, taxable accounts, and 401k plans in addition to his or her 401k plan with target date funds, the investor could be significantly more aggressive than the target-date fund. Read this WSJ article for the official insights on target-date funds.