Vanguard Target Retirement Funds

Target-date strategies

Selecting a target-date fund (TDF) series for your qualified default investment alternative can be a critical step in designing a defined contribution (DC) retirement plan that can stand up to the scrutiny from many quarters, including regulators.

Vanguard Target Retirement Funds offer a sophisticated design and a clear, straightforward glide path that's a natural fit for autoenrollment and default investment programs—a TDF strategy that can help lower your fiduciary risk and can help improve your plan participants' odds of achieving their retirement goals.

Trusted by more fiduciaries than any other target-date series*, Vanguard Target Retirement Funds are built for the long-term—and provide participants with the comfort of knowing that the interests of Vanguard are aligned with theirs.

Brian Miller, CFA

Senior Product Manager

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Enduring investment solutions

With Vanguard, you'll have a target-date retirement solution that is implemented with a well-diversified set of market-cap-weighted index funds. The embedded diversification of this approach provides balance against the marketsā€˜ natural ups and downs.


Reaching goals through a holistic approach

Vanguard's TDFs are designed by investment, plan design, and participant behavior experts. This integrated approach puts participants at the heart of your target-date offering, giving you confidence that your TDF option can help your participants reach their retirement goals.

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Defendable performance year after year

The combination of consistent, prudent product oversight and our history of reducing costs help you deliver defensible performance to investment committees and plan participants year after year.

Sophisticated portfolio construction

The Target Retirement Funds are designed by Vanguard's respected investment managers and asset allocation experts and are grounded in ongoing, cross-disciplinary research. The glide path reflects a long-term, holistic view of retirement investing.


Research & commentary

* Based on assets under management. Sources: Vanguard and Morningstar, as of December 31, 2019.

**Target date is the year stated in the fund name. Target retirement allocations are based on a projected retirement age of 65.

Vanguard Target Retirement Funds offer the simplicity of an index-oriented, well-diversified portfolio that is strategic and straightforward in its approach. The funds are composed of five underlying index funds and follow an easy-to-understand asset allocation glide path. Underlying this simplicity is Vanguard's deep investment expertise, knowledge of the capital markets, and insights into participant behavior.

Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments (stocks) to more conservative ones (bonds and short-term reserves) based on its target date. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after the target date.

All investing is subject to risk, including the possible loss of the money you invest.

Diversification does not ensure a profit or protect against a loss.

There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.

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Vanguard Target Retirement Funds