Target-date funds are a common choice for employees in their 401(k) and other retirement accounts. The set-it-and-forget-it approach makes for simple investing decisions and removes the need for any portfolio management. It's all done for you.

While they're a very common choice among retirement savers, they might not always be the best choice. What's more, retirees need to take a hands-on approach to their portfolio if they want to make the most of their nest egg.

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Source Fool.com