Pre-retirees were pouring money into T. Rowe Price's target-date retirement funds during the last quarter of 2007. The company beat earnings estimates, in part on the back of increased investment in retirement funds. Target-date retirement funds automatically do what experts often advise--shifting investments to lower-risk securities as investors get older and closer to their projected retirement dates.
It will be interesting to see what happened to the trend in the tumultuous period after the last quarter of 2007.
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