By Dr. Brian Leite, CFA, CFP · Publishes January 5, 2027
The Retirement Black Box: Decoding the Hidden Architecture of Target-Date Funds
Over $3 trillion sits in target-date funds, the default retirement investment for millions of American workers. Yet two funds both labeled "2035" can deliver very different outcomes. This book explains why, and what to look at instead of the year on the label.
Notify me at launchWhat the book explains
Behind the simple target-year label sit decisions about glide paths, asset allocation, active versus passive management, and fees. They compound over decades into very different results. The book opens those decisions up in plain language, showing why a fund's investment philosophy matters more than its recent performance and giving advisors and committees the questions providers would rather not be asked.
What a glide path really decides. How a fund shifts risk over time, and why that shapes results more than the target year.
The choices behind the label. Asset allocation, active versus passive management, and fees, decisions that compound over decades.
How to evaluate a default. A practical framework for advisors and retirement committees comparing funds side by side.
Inside the book
The book moves in four parts: the world of defaults, the mechanics inside the black box, how to evaluate target-date funds, and where the industry is heading, including decumulation, personalization, and private markets. Each chapter opens with a case study, flags the red flags to watch for, and closes with questions to take into your next committee meeting. A step-by-step evaluation checklist closes the book.
Who it's for
Financial advisors, plan sponsors and retirement committees, and sophisticated investors who want to evaluate target-date funds rather than accept them. Many of the ideas carry over to Brian's advisory work with retirement committees.
About the author
The book is written by Dr. Brian Leite, CFA, CFP, a former Fidelity executive who chairs the Business & Economics Department at Salve Regina University. It builds on his research in behavioral finance and plan governance.
Media, review copies and bulk orders
Journalists and podcast hosts can request review copies along with the media kit and interview topics.
Frequently asked questions
When is The Retirement Black Box published, and who is it for?
The Retirement Black Box: Decoding the Hidden Architecture of Target-Date Funds publishes January 5, 2027 from Advantage | Forbes Books. It is written for financial advisors, plan sponsors and retirement committees, and for sophisticated investors who want to evaluate target-date funds rather than accept them.
Advantage | Forbes Books, distributed by Simon & Schuster.
Let's Talk
Questions about a fund lineup, an event you're planning, or a story you're working on. Send a note and Brian will get back to you.