Mutual funds are also taking lumps

Janet Kidd Stewart | Chicago Tribune Mutual funds aimed at retirees haven't been immune from the credit crisis. Target-date mutual funds geared to retirement dates in 2005 and 2010 and the new managed payout funds designed to invest a lump sum and automatically spin off paychecks for retirees were all in negative territory for the year through the end of the third quarter. At the end of September, the 2005 target-date funds were down nearly 15 percent for the previous 12 months, according to Morningstar Inc. The 2010 category was down nearly 14 percent. For September alone, while the... [read full story]