How does the mix inside most target date funds change as the target date nears?

1. A target date fund is built for investors with a particular retirement date in mind, often named in the fund itself. 2. Most are designed so the allocation changes automatically and becomes more conservative as the target date approaches. 3. In practice that means starting with a lot of stock and shifting toward a mix weighted more toward bonds. 4. A fixed allocation describes a balanced fund instead. 5. Two funds sharing a target date can still glide differently, and none of them guarantees sufficient retirement income. _Source: US SEC Office of Investor Education and Advocacy, "Mutual Funds and ETFs: A Guide for Investors", section Target Date Funds_