A target-date mutual fund is a type of mutual fund that is designed for investors with a specific retirement date in mind. The fund's investment strategy is tailored to the retirement date of the investor, and the fund's asset allocation is gradually adjusted over time to become more conservative as the target date approaches. The target date is typically the year in which an investor plans to retire, and the fund's name usually includes the target date. For example, a fund with a target date of 2050 will have a name like "2050 Retirement Fund." The asset allocation of a target-date mutual fund is typically more aggressive when the target date is far away and gradually becomes more conservative as the target date approaches. This is done by decreasing the proportion of stocks and increasing the proportion of bonds and cash in the fund's portfolio. The idea is that as an investor gets closer to retirement, they may want to take on less risk and have more of their portfolio invested in more conservative investments. Target-date mutual funds are considered to be a one-stop solution for retirement savings as they provide diversification and professional management, and automatically adjust the asset allocation over time. They are suitable for investors who have a long-term investment horizon and a moderate to low-risk tolerance. However, it's important to note that past performance is not indicative of future results, and it's important to regularly review the fund's holdings and make sure it aligns with your investment goals.