@goals^n^dreams Bogleheads is a big site so I suspect you stumbled across a very weird corner of it where people are investing in those two funds. Most Bogleheads use some version of a three-fund portfolio:
https://www.bogleheads.org/wiki/Three-fund_portfolio
When
@Matt says TD 2050 is "risky" I assume he means it has a lot of equities so will be relatively price-volatile. At your age this is a good feature of your retirement savings. I would suggest the real risk of investing in a Target Date fund is that it has any bonds in it at all (currently 10.1% of holdings). See my rant about the subject here (and Matt's thoughtful-as-always replies):
https://saverocity.com/forum/threads/why-hold-bonds-for-the-long-term.501069/
I think Target Date funds are absolutely spectacular if you have no interest whatsoever in managing your investments. Keep the TD 2050, contribute the maximum every year, and you'll be fine. When you decide to start saving in a taxable account, buy the TD 2050 there too (in order to keep from undermining the diversification of your portfolio), invest as much as possible, and you'll be fine.
But since you've already shown some interest in managing your investments, that suggests you are already the kind of person who needs to be "involved" in their investments, and that is an extremely dangerous thing to be if you don't have a base level of knowledge.
You've already indicated you're the kind of guy who would move from a diversified target retirement date portfolio of passive mostly-equity indexed funds to an actively managed mostly-bonds income fund ("Balanced funds typically offer a higher allocation to stocks; however, this fund is unique in allocating about one-third to stocks and two-thirds to bonds.").
So here are my action items for you:
1) DO NOTHING. This is the best idea of all, but you do not give me the impression that you are the kind of person willing to do nothing for 40 years.
2) Read. Pick any one or two of "Common Sense on Mutual Funds," "Winning the Loser's Game," "A Random Walk Down Wall Street" and "Stocks For the Long Run." Any one or two of those will convince you that you need to be in passive, indexed, low-cost funds. Then, once you know you need to be in passive, indexed, low-cost funds, you can decide how much of your retirement savings should be in domestic equities, how much should be in international equities, and how much should be in bonds.
3) Do nothing. You already own a diversified portfolio of domestic equities, international equities, domestic bonds, and a small sliver of international bonds. After completing step 2, you may decide that you are already invested in the correct asset mix and just need to continue making regular contributions (as much as possible, in both IRA and taxable accounts) to your Target Date 2050 fund. Reinvest all dividends and capital gains.
4) Consider doing something. On the other hand, after completing step 2, you might want to to change that asset mix somewhat. For example, I only own US equities, but I'm an asshole like that. You may decide that you're best off in a different mix of domestic equities, international equities, domestic bonds, and international bonds (for example, I see no reason anyone in America should own a foreign bond fund. That's just currency speculation).
5) Do something. Finally, once you've decided to do something, be sure you understand exactly WHY you're doing it, and establish IN ADVANCE what you will do going forward. Will you rebalance your portfolio quarterly or annually (both are good, but pick one now)? How often will you shift your asset allocation away from equities towards bonds, if at all (every year, every 5 years, starting today, or starting a certain number of years from retirement?). The answers to these questions don't matter a great deal as long as you answer them IN ADVANCE. The risk of "playing it by ear" is that you, like everyone, are terrible at timing the market and will destroy your returns over time by buying high and selling low. No offense — I'm terrible at timing the market too.
Hope that helps.