The real issue is not how much you are paying, it is are you getting what you are paying for? In the case of target date funds the answer is no. The idea that you should get more conservative as you approach 65 ultimately being near or at 100% in fixed income investments is a holdover from when people used to retire at 65 and didn’t live past 70. Today a 65 year old could easily live past 100. The combination of retirement as a permanent vacation at age 65 with a portfolio mostly in fixed income is a recipe for disaster.