Credit: Getty Images / Paul BradburyKey TakeawaysAlmost 7 in 10 Vanguard 401(k) participants used professionally managed portfolios in 2025—up from just 9% 20 years ago. Target-date funds dominate, automatically adjusting investments based on age, and are often the default option. A Record Share of 401(k) Investors Are Choosing Professional ManagementFewer 401(k) savers are picking their own investments today than in years past. Why This Matters to YouMore people are letting a target-date fund decide how their 401(k) is invested, sometimes without realizing it. In other words, do nothing and you'll likely end up in a target-date fund and stay there.