In an effort to cater to investors exact targeted time of retirement, Putnam Investments said Friday that it was rolling out nine new lifecycle retirement portfolios, Reuters reports.
Mixing stocks, bonds and capital preservation options, the Putnam RetirementReady Funds are designed to become more and more conservative as a retiree nears his or her last day of work.
"This enables investors to pursue maximum returns while seeking to maintain a level of risk appropriate to their investment time horizon," said Richard Monaghan, who heads up the companys retail management business.
The investments are divided into five-year increments, and have maturity dates ranging from 2010 to 2045. Fidelity Investments has a similar approach on some of their retirement portfolios.