Not exactly. While target date funds are designed to be long-term investments, you can usually sell these funds by placing an order to redeem shares. That said, the type of account your fund is in determines how accessible the cash is. If your target date fund lies within a tax-deferred retirement account such as a 401(k) or an IRA, early withdrawals before age 59½ could trigger penalties, depending on the circumstances of the withdrawal and company policy. (Exchanging shares for other mutual funds in the retirement account, however, will not incur penalties.) But if your target date fund is in a brokerage account, you can access the money with ease.