Matthew Barrovecchio

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After my first summer internship, my dad urged me to open a Roth IRA and start saving for my retirement. The Roth IRA was a relatively new invention as of the Taxpayer Relief Act of 1997, but my dad was always on top of these financial matters, so he helped me open a Vanguard Brokerage Account. It was the dot-com boom and I dutifully invested my hard-earned $1,500 in JDS Uniphase, only to watch it drop 20% within a few months when the market went to pieces.

When my daughter sought my advice on choosing an investment for her retirement plan at work, I suggested a target-date fund, or TDF. My thinking: It was a logical selection for a young investor with little interest in assembling and monitoring a portfolio on her own. Allison, who’s in her mid-20s, chose a 2060 fund.