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If by 'convenience angle' you mean that Fidelity is doing the work that you could do on your own, yes, I believe that's what this is all about. Based on what I heard in the video, these funds will consist of a basket of other Fidelity funds, so you're paying expenses for the underlying funds, as well as the fund/s you're in. And the balance of the underlying funds becomes more conservative over time.

They seem to have some of aspects of a variable rate annuity, without the annuity, but note that there are no guarantees.

I for one don't see any value in having Fidelity do this for me. I'd rather control my own destiny. But I do understand that some folks are willing to pay extra to have the details handled by someone else--I'm more hands-on than that.

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