Target-date funds have taken a beating the past few years by many investment commentators. Some criticism may be warranted, but there are several myths I think must be debunked about these funds.

* Myth #1: Performance has fallen short for retirees and pre-retirees. When critics bemoan the poor returns of target-date funds, they're generally reaching back to the worst-case 2008 performance of a single 2010 fund that plummeted 41%. That's far from the experience of most investors.

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