By Dr. Brian Leite, CFA, CFP · Publishes January 5, 2027
The Retirement Black Box: Decoding the Hidden Architecture of Target-Date Funds
Trillions of dollars are invested in target-date funds, which have become 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.
Pre-orderWhat 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 lays out those decisions in plain language, showing why a fund's investment philosophy matters more than its recent performance and giving advisors and committees the questions the target-year label alone cannot answer.
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 are 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 through 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, retirement committees, and individual investors who want to understand what sits behind the target-year label and evaluate target-date funds more thoughtfully. Many of the ideas also inform Brian's work in investment governance, retirement strategy, and institutional advisory.
About the author
The book is written by Dr. Brian Leite, CFA, CFP, CPFA, CEBS, a former senior Fidelity institutional investment executive and Director and Endowed Chair of the Jean and David W. Wallace Department of Business & Economics 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 and browse Brian's 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 individual investors who want to understand what sits behind the target-year label and evaluate target-date funds more thoughtfully.
Advantage | Forbes Books, distributed by Simon & Schuster.
Let's Talk
Questions about the book, retirement investing, speaking, media, or advisory work? Send a note, and Brian will get back to you.