Vanguard
target-date
solutions

  • Why Vanguard
  • Our philosophy
  • Our expertise
  • Portfolio construction

    Outcomes focused. Industry leading. 

    For decades, Vanguard target-date funds and trusts have helped participants build wealth and manage risk to get them to, and through, retirement. As participant needs become more varied, Vanguard’s expanding Target Retirement lineup gives sponsors more ways to find the right fit—backed by the disciplined process, governance, and scale of the industry’s leading target-date fund (TDF) provider.

    No. 1
    in TDF assets under management1
    15 +million
    investors entrusting us with more than $1.5 trillion in TDF assets2
    38 %
    of the TDF industry, more than any other provider2
    Expanding the Vanguard Target Retirement lineup

    1 minute 48 seconds

    Retirement is one of the most important journeys people take, and helping investors prepare for that future has always been at the heart of what we do.

    Behind every retirement plan is a diverse group of participants with unique needs and goals. Plan sponsors want to support that diversity without creating unnecessary complexity.

    But as participant needs continue to evolve, we have an opportunity to provide more ways to help them succeed. That’s why we are thoughtfully expanding our Target Retirement suite. We are maintaining a strong foundation while expanding to support many paths to retirement success.

    Every solution in our expanded Target Retirement suite is grounded in the same disciplined foundation: a research-driven investment philosophy, rigorous governance and oversight, thoughtful portfolio construction, and a focus on long-term participant outcomes.

    The result is not simply more products. It’s a thoughtfully constructed suite of solutions built on a common philosophy and investment framework, giving sponsors and consultants more ways to meet the needs of their participants while preserving the trust and confidence they’ve placed in Vanguard.

    Vanguard will continue to evolve thoughtfully alongside the people we serve, building on a strong foundation and creating more ways to help give every investor the best chance for investment success.

    Building on decades of Target Retirement experience. Lauren Valente, managing director of Vanguard Workplace Solutions, and Dan Reyes, global head of Vanguard Portfolio Review Department, share how we're expanding our flagship Target Retirement series to offer plan sponsors greater choice while preserving the investment approach that has served participants well for more than 20 years.

    One trusted foundation.
    Three pillars to support your goals.

    Investor first

    Vanguard is owned by its investors rather than outside shareholders,3 and we have long approached investor focus differently. That commitment has helped grow our target-date business into the industry’s largest,1 creating advantages through scale, deep in-house investment expertise, relationships with leading external managers, and institutional-quality oversight.4 We strive to pass the tangible benefits of those advantages to our investors via low costs, broad diversification, and disciplined portfolio management. It’s one way we work to help put investors first.


    Purposeful design 

    Grounded in decades of research and informed by the experiences of millions of participants, our solutions are designed to help investors navigate changing markets, stay invested through life’s transitions, and help build long-term retirement security. This commitment to evolution extends beyond investment design to include ongoing enhancements, cost efficiencies, education, guidance, and participant experiences that help support investors, from saving for retirement through spending in retirement. Participants can stay the course with greater peace of mind, and you can feel confident the design will hold up over time. 

    Consistent performance5

    Our disciplined approach helps deliver strong long-term outcomes without taking undue risk. We seek to improve participants’ net outcomes through a relentless focus on the elements of portfolio management and execution that can compound over time, including low expenses, risk-conscious securities lending, careful tax management, and efficient portfolio implementation. Together, these practices help support participants’ retirement income goals while providing plan sponsors with a fiduciary-minded retirement solution they can confidently select, monitor, and defend. 

    Expanding choice.

    Multiple options for a diverse range of participants. 

    Vanguard’s Target Retirement framework of target-date solutions is designed to meet the evolving needs of different participant populations while helping clients make confident, informed choices.  
    For those who want a straightfoward option for retirement saving
    Explore the series

    For those who may prefer the benefits of a guaranteed lifetime income stream
    Explore the series
    For those who have higher risk tolerance and want to prioritize growth
    Explore the series

    More insights. Better choices. 

    Article Image
    Expanding the Target Retirement lineup with a growth-oriented glide path

    October 30, 2026 | Investment

    Target Retirement Growth Trusts provide greater long-term growth potential for plans whose participants have a greater capacity to take equity risk.

    Article Image

    More TDF insights and research →

    Frequently asked questions

    TDFs have been the go-to choice for qualified default investments in defined-contribution plans for good reasons. Learn more about them and how our Target Retirement strategies stand out from the rest.  

    A target-date fund (TDF) is a balanced mutual fund (or a collective investment trust—CIT—in some cases for larger institutional plans) that has an aggressive asset allocation at the beginning and then automatically grows more conservative over time as a participant gets closer to their retirement year. It’s designed to maintain an appropriate asset mix for participants wherever they are in their investing lives. 

    A glide path is a formula for determining the fund’s asset allocation, which grow more conservative as the fund approaches its target date. Glide paths from different TDF providers can vary considerably. For instance, the points at which the allocations change can be different. So can the speed at which the allocations change, the sub-asset classes included, and the mix of active and passive investments. Plan sponsors need to carefully consider how these different factors align to help meet their participants’ needs. 

    While index-based TDFs are constructed with index funds, they are not index funds themselves; therefore, they are not managed like index funds. The benchmark implementation and rebalance policies for Vanguard Target Retirement Funds and Trusts seek to emphasize investor outcomes—reducing costs, delivering the expected asset allocation experience, and increasing investor wealth—over the optics of tightly tracking an uninvestable benchmark.

    While other TDF strategies that rebalance monthly can give the appearance of tighter tracking to a benchmark, they also risk substantial variations from the target strategic asset allocation between rebalances. We rebalance our benchmark daily because we believe it provides the best representation of the glide path each day of the month. 


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    Notes

    1Vanguard data as of December 31, 2025, and Morningstar's 2025 Target Date Fund Landscape.

    2DC assets are based on AUM in both Vanguard-administered plans and those administered by others. Other figures are based on AUM market share of the TDF industry. Sources: Vanguard and Morningstar, Inc., as of December 31, 2025.

    3Vanguard is owned by it’s funds, which are owned by Vanguard’s fund shareholders.

    4”Institutional quality” in this context is meant to convey a level of professional rigor and expertise combined with low costs.

    5Vanguard and Morningstar, Inc., as of December 31, 2025. Our Target Retirement Funds with a 10-year track record or longer (2060 and earlier vintages), on average, ranked in the 75th percentile among peer groups for 10-year returns through 2025. Vanguard Target Retirement Income Fund ranked 43rd out of 103 peers; 2020 Fund, 34th out of 74; 2025 Fund, 23rd out of 103; 2030 Fund, 28th out of 138; 2035 Fund, 36th out of 140; 2040 Fund, 41st out of 138; 2045 Fund, 41st out of 140; 2050 Fund, 23rd out of 138; 2055 Fund, 28th out of 139; and 2060 Fund, 27th out of 85. Only competing funds with a 10-year history were included. Results will vary in other time periods. Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For the most recent performance, visit our website at vanguard.com/performance.

     

    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 about a fund 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.

    Product guarantees are subject to the claims-paying ability of the issuing insurance company.

    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 Retirement Trusts and Funds are subject to the risks of their underlying funds. The year in the trust or fund name refers to the approximate year (the target date) when an investor in the trust or fund would retire and leave the workforce. The trust or fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The Income Trust/Fund and the Income and Growth Trust have fixed investment allocations and are designed for investors who are already retired. An investment in a Target Retirement Trust or Fund is not guaranteed at any time, including on or after the target date.

    Vanguard is responsible only for selecting the underlying funds and periodically rebalancing the holdings of target-date investments. The asset allocations Vanguard has selected for the Target Retirement Funds are based on our investment experience and are geared to the average investor. Regularly check the asset mix of the option you choose to ensure it is appropriate for your current situation.

    Vanguard Target Retirement Trusts are not mutual funds. They are collective trusts available only to tax-qualified plans and their eligible participants. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing. The collective trust mandates are managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc.