Yes, you can take money out of a target-date fund. You do this by selling your shares of the fund. Then you can take the proceeds and put them in another investment or leave it in cash. Read the fund’s prospectus to see whether you have to pay any fees for selling the asset. A target-date fund is different from a retirement account like a 401(k) or an IRA, where there can be an early withdrawal penalty if you withdraw funds prior to age 59 1/2. 401(k) plans that use a target-date fund as their default option go out of their way to communicate that customers are free to move the money out of the target-date fund if and when they so desire.