CARIBBEAN & OFFSHORE
        

Source: Illustration by The Vanguard Group, Inc. See illustration data sources near the bottom of this webpage.†

Around the world, people are living longer and spending more time in retirement. This has led to increases in defined benefit pension liabilities and in many places has accelerated a shift toward defined contribution systems. Plan-design strategies that include automatic enrollment and target-date default investments aim to improve plan members' outcomes.

Overview
Effective plan design
Default investments
Retirement income

†Years of retirement illustration uses longevity data from World Population Prospects: The 2012 Revision, by the United Nations, Department of Economic and Social Affairs, Population Division, © 2013 United Nations. Reprinted with the permission of the United Nations; and retirement-age data based on the Organisation for Economic Co-operation and Development's Ageing and Employment Policies – Statistics on average effective age of retirement, accessed on March 19, 2015, from http://www.oecd.org/employment/emp/ageingandemploymentpolicies-statisticsonaverageeffectiveageofretirement.htm.

Important information:

The information contained herein does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so.

Mutual funds and all investments are subject to risk, including the possible loss of the money you invest.

Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. 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 work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the target-date fund is not guaranteed at any time, including on or after the target date.

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