Figure 8. A bar graph shows distribution of equity exposure of age-55-and-older participants in Vanguard DC plans in 2024. Forty-one percent of these participants were invested in a single target-date fund, with most of their equity exposure between 41 percent and 70 percent. Nine percent of participants ages 55 and older were in a managed account, with most of their equity exposure between 51 percent and 80 percent. One percent of 55-and-older participants were invested in a single balanced fund. with most of their equity exposure between 51 percent and 70 percent. The remaining 49 percent of participants ages 55 and older had equity exposure widely dispersed, including 6 percent with no equity exposure and 7 percent invested in all equities.