How Target Retirement {{ fundOrTrust }}s work
How to choose one
What happens on the target date

Whenever you invest, there's a chance you could lose the money. Investments in Target Retirement {{ fundOrTrust }}s are subject to the risks of their underlying funds. The year in the {{ fundOrTrust | lowercase }} name refers to the approximate year (the target date) when an investor in the {{ fundOrTrust | lowercase }} would retire and leave the workforce. The {{ fundOrTrust | lowercase }} will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement {{ fundOrTrust }} is not guaranteed at any time, including on or after the target date. Diversification does not ensure a profit or protect against a loss. Even though Target Retirement {{ fundOrTrust }}s simplify the investment process, they still require some monitoring to ensure that the portfolio is in line with your current situation.

This investment is not a mutual fund. It is a collective trust 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.