Target-date assets are not spread evenly across vintages — they pile up in a narrow band. The 2030, 2035 and 2040 funds hold 45% of every target-date dollar in America. That concentration matters because it locates, precisely, the cohort whose glidepath decisions are about to become real: people retiring in the next 5–15 years. Any change in how those three vintages are managed moves more money than every vintage after 2050 combined.

Originally posted on LinkedIn.