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A lot of people tend to pick targeted retirement funds that end in "zero" rather than "five"—and that could be a costly mistake, according to a new study.

The study, published online in the Journal of Consumer Research, found that this so-called "zero bias" affects the amount people contribute to their retirement savings and can lead to an investment portfolio with an incompatible level of risk.

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Zack Needles

Zack Needles is Global Managing Editor, Regional Brands at ALM. He is also the Managing Editor of The Legal Intelligencer, Pennsylvania Law Weekly, Delaware Business Court Insider and Delaware Law Weekly. Contact him at 215-557-2373 or [email protected]. On Twitter: @ZackNeedlesTLI.