A Target Date Fund is a type of investment fund designed to grow assets for a specific future date, typically aligned with a retirement date. These funds automatically adjust their asset allocation over time, gradually shifting from higher-risk investments, like stocks, to lower-risk options, such as bonds, as the target date approaches. Investors choose a Target Date Fund based on their expected retirement year, such as 2030 or 2040. This makes it easier for individuals to invest for long-term goals without needing to manage their portfolio actively, as the fund's managers handle the adjustments.