NEW YORK -- Most retirement planners agree that retirees should maintain some equity exposure during retirement in order to keep up with inflation and a retirement that could last three decades or longer, but what this level of exposure should be -- and whether or not the government should set some parameters -- is being widely debated.

Target-date funds are intended to help unsophisticated investors manage their changing asset allocation needs over time. Most investors assume the funds will grow more conservative and protect their savings as they approach the target retirement date.

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