Strategy. Investing primarily in a combination of underlying Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity funds) using a moderate asset allocation strategy designed generally for investors in retirement who were born before 1939.Allocating assets according to a stable neutral asset allocation strategy. A revised neutral asset allocation strategy (approximately 17% in U.S. equity funds, 11% in international equity funds, 2% in commodity funds, 35% in U.S. investment grade bond funds, 5% in international bond funds, 2% in long-term treasury bond funds, 15% in inflation-protected bond funds, and 14% in short-term funds; allocations do not add to 100% due to rounding) is expected to take effect by the end of the first quarter of 2027. … Show more… Investing primarily in a combination of underlying Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity funds) using a moderate asset allocation strategy designed generally for investors in retirement who were born before 1939.Allocating assets according to a stable neutral asset allocation strategy. A revised neutral asset allocation strategy (approximately 17% in U.S. equity funds, 11% in international equity funds, 2% in commodity funds, 35% in U.S. investment grade bond funds, 5% in international bond funds, 2% in long-term treasury bond funds, 15% in inflation-protected bond funds, and 14% in short-term funds; allocations do not add to 100% due to rounding) is expected to take effect by the end of the first quarter of 2027. During the fourth quarter of 2025, Fidelity Management & Research Company LLC (FMR) (the Adviser) will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. The Adviser may modify the fund's neutral asset allocations from time to time when in the interests of shareholders.Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term.The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. Show less