Vanguard
Target Retirement
Lifetime Income Trust
Expanding the Target Retirement lineup
2 minutes 40 seconds
Hi, I'm Dan Reyes, global head of Vanguard's Portfolio Review Department.
Retirement is changing, and people are living longer. Markets are evolving, and plan sponsors face new challenges in helping participants retire successfully.
At Vanguard, our mission has always been simple: to give investors the best chance for success.
Today, that means expanding retirement income solutions by introducing Vanguard Target Retirement Lifetime Income Trust.
This builds on the strength of our Target Retirement Series thoughtfully and responsibly.
Innovation matters, but not for its own sake. We focus on innovative solutions that solve real problems for participants and plan sponsors.
How do we decide which ideas are worth pursuing? We anchor to four product design principles.
First, every product must have enduring investment merit. Second, it must meet long-term client needs. Third, it must deliver a compelling advantage. Fourth, it must be feasible to launch.
Our research shows that our current Target Retirement Series, with its low-cost, diversified, index-based approach, meets the needs of most participants.
At the same time, we know that plan sponsors need optionality so they can design plans that meet the unique needs of their participant base.
That’s why we’re extending our lineup with solutions that provide more choice for retirement income, built with the same rigor and purpose you expect from Vanguard.
Vanguard has a long history of shaping choice architecture. We pioneered auto-escalation. We championed auto-enrollment and target-date funds as the default in 401(k) plans.
As part of our continued evolution in retirement planning, we’re helping participants take the next step by giving them the option to transform their savings into income they can count on for life.
Retirement income is top of mind for most participants
Trusted experts
Proven structure . . .
. . . from industry leaders
Maximum flexibility
Allocation begins gradually
Participants choose when and how much
A glide path built for balance
Personalized support
Support designed for decision confidence
Online tools and human assistance offer clarity
The online experience for participants delivers straightforward education and guidance to support effective planning and informed decisions about annuitization. Participants have access to dedicated TIAA lifetime income consultants for personalized, one-on-one assistance. The human consultants can provide answers about lifetime income benefits, payment options and information on getting started, personalized retirement income illustrations, and discussions at or near retirement.
Plan sponsors and participants can feel confident knowing that we’re here for them. Our personalized participant experience delivers the right mix of simplicity and support.
Lifetime income—built into a familiar TDF structure
Related links
1 2024 In-Plan Insights Program. Greenwald Research, 2024.
2 Based on AUM market share of the TDF industry. Sources: Vanguard and Morningstar, Inc. as of September 30, 2025.
3 For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is a member of one of only three insurance groups in the United States to currently hold the highest rating available to U.S. insurers from all four leading insurance company rating agencies: A.M. Best (A++ rating affirmed as of July 23, 2025 ), Fitch (AAA rating affirmed as of August 5, 2025), Standard & Poor’s (AA+ rating affirmed as of August 27, 2025), and Moody’s Investors Service (Aa1 rating affirmed as of May 21, 2025). There is no guarantee that current ratings will be maintained.
Disclosures
For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
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.
Investments in target-date 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 to more conservative ones based on its target date. An investment in target-date funds is not guaranteed at any time, including on or after the target date.
The TIAA Secure Income Account is a fixed annuity product issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY. Form series including but not limited to: TIAA-STDFA-001-NUV and related state specific versions. Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.
Lifetime income payments from TIAA Secure Income Account may include a TIAA Loyalty Bonus® which is discretionary and determined annually.
Converting some or all of your savings to income benefits (referred to as "annuitization") is a permanent decision. Once income benefit payments have begun, you are unable to change to another option.
The Vanguard collective trusts are not mutual funds. They are collective trusts available only to tax-qualified plans and their eligible participants. The collective trust mandates are managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing.
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