"[T]here's a big question in the industry over the proper 'glide path,' whether the fund is built to land at retirement age, or to stretch out the landing for the rest of their lives. To tell you how confusing it has gotten, consider that Morningstar Inc. has almost 50 different categories of target-date and life-cycle funds. The primary distinction in those groups is the retirement year it is built around, but the underlying truth is that what was built to be a simple, straightforward decision becomes increasingly complex as competition to capture target-date assets increases."

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