Vanguard Launches Target Retirement Lifetime Income Trusts

VALLEY FORGE, PA (December 3, 2025)—Vanguard, the nation’s leading provider of target date solutions*, is deepening its commitment to retirement innovation through a collaboration with TIAA, a pioneer and leader in guaranteed lifetime income. This collaboration brings together two trusted names in the retirement industry to deliver a retirement income solution designed to provide retirees access to a guaranteed income stream for life.

Vanguard is developing a new target-date collective investment trust (CIT) series, Target Retirement Lifetime Income Trusts, that incorporates the TIAA Secure Income Account as the lifetime income annuity option. This solution adds to Vanguard’s Target Retirement lineup to support the evolving needs of Americans as they prepare for and live in retirement.

"Retirement isn’t one-size-fits-all, and for those who want more predictability, guaranteed income can provide added peace of mind alongside their savings,” said Lauren Valente, Managing Director and Head of Vanguard Workplace Solutions. “In working with TIAA, another mission-driven organization, we’re giving participants an option to turn a portion of their savings into income they can count on for life."

The new solution will expand access to guaranteed retirement income through employer-sponsored plans by combining Vanguard’s five-decade legacy of delivering high-performing investment strategies with TIAA’s century-long track record as a trusted annuity provider backed by the highest insurance ratings.¹ Updates on product design and availability will be announced throughout 2026.

“Lifetime income is in TIAA’s DNA—the company was founded in 1918 by Andrew Carnegie specifically to provide guaranteed lifetime income to American workers,” said Colbert Narcisse, Chief Product Officer and Head of Insurance Solutions & New Markets at TIAA. “This collaboration reflects our commitment to delivering forward-thinking retirement solutions that meet the evolving needs of today's workforce. By combining Vanguard’s investment innovation with the strength and stability of TIAA’s annuities that generate lifetime income, we are making it easier for plan sponsors to offer participants a low-cost, more secure path to and through retirement.”

Vanguard and TIAA have a shared belief that a secure retirement should be available to everyone. Together, the companies have the scale and expertise to help Americans achieve retirement success.

To learn more about the Target Retirement Lifetime Income Trusts, click here.

* Source: Based on AUM market share of the TDF industry. Sources: Vanguard and Morningstar, Inc., as of September 30, 2025.

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About Vanguard 
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

About TIAA

TIAA provides secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions.² It paid more than $5.9 billion³ in lifetime income to retired clients in 2024 and has $1.48 trillion in assets under management (as of 09/30/2025).⁴

Annuities are issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY.

Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

TIAA Secure Income Account is an annuity issued through this contract by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: Form series including but not limited to: TIAA-UQDIA-002-K, TIAA-STDFA-001-NUV and related state specific versions. Not all contracts are available in all states or currently issued. Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.

1 For stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is one of only three insurance groups in the United States to currently hold the highest possible rating 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. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value.

2 Based on data in PLANSPONSOR's 2025 DC Recordkeeping Survey published June 25, 2025.

3 As of December 31, 2024, TIAA paid out $5.9B in total annuity income. This figure represents all annuity income, including guaranteed and additional amounts, for all of TIAA’s annuity products.

4 As of September 30, 2025, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,487 billion

All investments are subject to risk, including the possible loss of the money you invest.

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.

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

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.

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

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