Fidelity Investments is planning to launch the Fidelity Freedom Index Funds, a series of target-date index funds in five-year increments, from 2000 to 2050, in September, The Wall Street Journal reports. The move comes as target-date funds are cutting costs by removing management charges and by putting assets in a combination of lower-cost underlying funds.

Strategic Advisers will invest each of the target-date funds in a combination of Fidelity index funds. In April, Charles Schwab Investment Management reduced expenses by around 13 basis points to 23 basis points and, among other changes, added index strategies to the selection of underlying funds its seven target-date portfolios invest in.

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