Franklin LifeSmart 2020 Retirement Target Fund

Fund Description

The fund's investment goal is to seek the highest level of long-term total return consistent with its asset allocation. Total return consists of both capital appreciation and income, with the fund placing an increasing emphasis on fixed income as the target date 2020 approaches, and reaching its final and most conservative asset allocation approximately seven years after the target year. The fund invests primarily in a combination of other Franklin Templeton mutual funds and Franklin Templeton and third party exchange-traded funds (ETFs).

Along with an expectation to retire in or near the year 2020 and delay withdrawals until required minimum distribution age, the fund is designed for investors that want:

  • the simplicity of an asset allocation fund paired with a risk management approach.
  • active and flexible portfolio management.
  • a specialized multi-asset strategy team managing complex investment decisions.

Strategy Statement

"Designed for investors who anticipate retiring on or around 2020, the fund provides asset allocation which adjusts to become progressively more conservative as the target date approaches."


Thomas Nelson, CFA

Thomas Nelson, CFA®

  • Joined Franklin Templeton in 2007
  • Managed Fund Since 2013
Wylie Tollette, CFA

Wylie Tollette, CFA®

  • Joined Franklin Templeton in 1995
  • Managed Fund Since 2021
Berkeley Revenaugh

Berkeley Revenaugh

  • Joined Franklin Templeton in 2019
  • Managed Fund Since 2021

Strategy, Benefits, Results


Through a dynamic asset allocation approach, the fund provides investors with a target retirement date solution that seeks to:

    • Grow: Emphasizes growth early by increasing equity exposure in the fund’s earlier years
    • Defend: Reduces equity exposure during periods of extended market volatility
    • Reach: Becomes increasingly conservative beyond target retirement date age of 65, reaching for incremental growth until investors are ready to draw income at required minimum distribution age
    • Sustain: Designed to convert into a managed payout fund seven years after reaching retirement target date


  • Behavior based: Designed with an understanding of investor behavior and expectations throughout the journey to retirement
  • Outcome engineered: Reflects the need for growth but responds to potential damage a prolonged bear market can wreak in the retirement savings home stretch
  • Integrated best thinking: A global, integrated, and disciplined approach to asset allocation, capturing Franklin Templeton’s best thinking across and within asset classes