Target funds are mutual fund combinations of stocks and bonds by varying percentages, depending on the number of years the investor is to hold them. The exact funds vary by fund management choice and style.
Thus, the investor buys them with an eye on his or her retirement age and expectations. Therefore, the investor ought to have a pretty good idea of his or her post-retirement plans.
All of which is not easily pre-planned. In that respect, target funds are not as practical as they are made out to be in mutual fund marketing material.
Actual retirement plans are generally contingent on variables beyond individual control. A fund you buy this year for your use ten or twenty years onward, may prove impractical. I find there are more reliable, disciplined ways to invest, implementing positive benefits available from mutual funds, but without the negatives.
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