Suze Orman, host of the Women & Money podcast, has been blunt about the most popular default option in American 401(k) plans. Her position: “When people ask me whether target-date funds are a good investment, my answer is simple: They’re built on assumptions I don’t agree with. Target-date funds assume you should invest based on your age. You shouldn’t. You should invest based on your needs and what’s happening in the economy.”

If you were auto-enrolled in your 401(k), the assumption she is attacking is probably sitting in your account right now. A glide path that mechanically shifts you into bonds as you near retirement can lock in losses when rates rise, at the exact moment you can…