A line graph shows the average participant-weighted equity allocation by participant age in Vanguard defined contribution plans in 2005, 2010, 2015, and 2023. Age is assessed in five-year intervals from those younger than 25 to those 70 and older. The 2005 line is hump-shaped, with the equity allocation rising from around 55% for savers younger than 25, peaking around 70% for ages 35 to 39, and dropping thereafter to about 45% for those 70 and older. The lines for 2010, 2015, and 2023 all have downward slopes, with the equity allocation starting at over 80% for those 25 and younger and declining to around 45% for those 70 and older.