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Understanding target date retirement funds

4:24 PM ET Tue, 13 May 2014

Financial Engines CEO Jeff Maggioncalda helps consult about 9 million of the 78 million baby boomers with their 401(k) plans. In one study, his company found people are making mistakes using "target date" retirement funds. Chad Parks, The Online 401(k) founder, provides perspective. With CNBC's Kelly Evans and Sharon Epperson.