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How will you spend your retirement savings?

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(1)

How will you

spend your

retirement savings?

(2)

Get income from a

Vanguard IRA

®

A Vanguard IRA can provide you a great deal of flexibility when withdrawing retirement income.

• Systematic withdrawals. A disciplined, conservative withdrawal plan can be a simple but effective retirement income method. You can receive automatic direct deposits to your bank account from your IRA.

• Managed Payout Fund. Designed for IRA investors, Vanguard Managed Payout Fund provides a complete, diversified portfolio developed by professional investment managers. The fund automatically provides investors with a monthly payment while attempting to preserve the money that was originally invested. In other words, the payments are intended to consist mostly of investment gains. The monthly payment amount is based on a target annual payment of 4% of your balance. However, the fund is not guaranteed to achieve its investment objective and is subject to loss, and some of its distributions may be treated in part as a return of the money you invest.

There are important factors to consider when rolling over assets to an IRA or leaving assets in an employer retirement plan account. These factors include, but are not limited to, investment options in each type of account, fees and expenses, available services, potential

withdrawal penalties, protection from creditors and legal judgments, required minimum distributions, and tax consequences of rolling over employer stock to an IRA.

For assistance with an IRA rollover,

call Vanguard at 800-523-1188

Monday through Friday from

8:30 a.m. to 9 p.m., Eastern time.

Retirement income strategies

(3)

Get income from an annuity

If you are looking to generate income that will last for your lifetime, consider using part of your savings to purchase an annuity. An income annuity provides regular income in return for a single upfront payment. The income is guaranteed by the insurance company that sells the annuity. Guarantees are subject to the claims-paying ability of the issuing insurance company.

• Vanguard Annuity Access. Powered by the Income Solutions® platform, this online tool helps you comparison shop. In just a few minutes, you’ll get customized online quotes from several highly rated insurance companies.

• Vanguard Variable Annuity. Investing in a variable annuity can provide you with guaranteed income while you retain the option to withdraw your savings. With a Guaranteed Lifetime Withdrawal Benefit rider, your income payments will never go down (unless you exceed your annual withdrawal amount) but have the chance to go up based on market performance. Variable annuities are long-term investment vehicles designed for retirement purposes and contain underlying investment portfolios that are subject to risk, including

the possible loss of the money you invest. Costs will vary depending on the benefi ts chosen. If you take withdrawals from a variable annuity prior to age 59½, you may have to pay ordinary income tax plus a 10% federal penalty tax.

To use Vanguard’s annuity services,

visit vanguard.com/income.

You can also call an annuity

specialist at 800-357-4720

Monday through Friday from 8 a.m.

to 8 p.m., Eastern time.

Get income from your plan

Many retirement plans allow you to receive automatic withdrawals directly from the plan. This approach allows you to keep your money in your soon-to-be former employer’s plan and continue to use your current investment options.

Depending on your plan’s rules, you may be able to set up withdrawals on an annual, quarterly, or monthly schedule, with the money transferred directly to your bank account.

For more information, call Vanguard at 800-523-1188.

(4)

Advisory and

management services

This can be a wise time to engage the services of a financial planning professional. If you want help deciding how to turn your retirement savings into retirement income, Vanguard offers services that can help you plan and, in some cases, manage your retirement assets for you.

• Vanguard Financial Planning Services. A Certified Financial Planner professional from Vanguard can answer your questions, help you develop an investment strategy, project how much income you may be able to receive in retirement, and provide spending guidelines to help your savings last. You may be eligible to receive a full financial plan at no cost.

To learn more about Vanguard Financial Planning Services, call 800-310-8952 Monday through Friday from 8:30 a.m. to 8 p.m., Eastern time.

• Vanguard Asset Management Services. If you have investable assets of $500,000 or more at Vanguard, you can team with a personal financial advisor. (Other eligibility criteria apply.) Your advisor can help you manage your savings and income and provide assistance on related financial matters. You can speak with a Vanguard

Asset Management Services specialist at 800-335-2412 Monday through Friday from 8 a.m. to 6 p.m., Eastern time. The annual fee for the program is based on a percentage of your total assets under management.

(5)

You’ve worked hard your entire career to save for

retirement. Do you have a plan for how you’ll turn your

savings into spending money?

Vanguard can help. We offer a comprehensive program

of products and services to help you create a regular

income stream and make sure your money lasts.

For an in-depth education on retirement income, visit

vanguard.com/retirementpaycheck.

You’ll find easy-to-read articles on a wide range of topics

to help you create your retirement spending plan. You’ll

also find planning tools to help you estimate how much

you can draw from your savings each month in retirement

without running out of money. It’s all at your fingertips

anytime you need it.

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A note about risk

All investing is subject to risk including the possible loss of the money you invest. Vanguard Managed Payout Fund is not guaranteed to achieve its investment objectives and is subject to loss, and some of its distributions may be treated in part as a return of capital. The dollar amount of the fund’s monthly cash distributions could go up or down substantially from one year to the next and over time. It is also possible for the fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its distributions to shareholders under its managed distribution policy. An investment in the fund could lose money over short, intermediate, or even long periods of time because the fund allocates its assets worldwide across different asset classes and investments with specific risk and return characteristics. Diversification does not ensure a profit or protect against a loss. The fund is proportionately subject to the risks associated with its underlying funds, which may invest in stocks (including stocks issued by REITs), bonds, cash, inflation- linked investments, commodity-linked investments, long/short

market-neutral investments, and leveraged absolute return investments. For more information about any fund or Vanguard variable annuity products, visit vanguard.com to obtain fund and variable annuity contract prospectuses. Investment objectives, risks, charges, expenses, and other important information about the product are contained in the prospectus; read and consider it carefully before investing. You can also write Vanguard at P.O. Box 2900, Valley Forge, PA 19482-2900.

The underlying risks, financial obligations, and support functions associated with annuity products are the responsibility of the issuing insurance company. The issuing insurance company is responsible for its own financial condition and contractual obligations.

Vanguard Annuity Access is offered in collaboration with Hueler Investment Services, Inc., through the Income Solutions platform. Income Solutions is a registered trademark of Hueler Investment Services, Inc., and used under license. United States Patent No. 7,653,560. Vanguard Annuity Access is provided by Vanguard Marketing Corporation, d/b/a VMC Insurance Services in California.

The Vanguard Variable Annuity is a flexible-premium variable annuity issued by Monumental Life Insurance Company, Cedar Rapids, Iowa (NAIC No. 66281), and in New York State only, by Transamerica Financial Life Insurance Company, Harrison, New York (NAIC No. 70688). Form No. VVAP U 1101 (in Florida, Form No. VVAP U 1101 (FL), in Oregon, Form No. VVAP U 1101 (OR) (R), and in New York VVA NY 0208). GLWB Rider Form No. RGMB 43 0811 (in Florida, RGMB 43 0811 (SI)(FL), RGMB 43 0811 (JT)(FL), in Oregon RGMB 43 0811 (SI)(OR), RGMB 43 0811 (JT)(OR), and in New York RGMB 43 0811 (SI)(NY)(REV), RGMB 43 0811 (JT)(NY)(REV)), without agent representation. Policy and rider form numbers may vary by state and may not be available in all states. The Vanguard Group administers the Vanguard Variable Annuity for the issuer. Its variable annuity and investment costs rank among the lowest in the industry, according to Morningstar, Inc., December 2011. The Vanguard Group, Monumental Life Insurance Company, and Transamerica Financial Life Insurance Company do not provide tax advice. Investors are encouraged to consult a tax advisor for information on how annuity taxation applies to their individual situations.

Vanguard Asset Management Services are provided by Vanguard National Trust Company, which is a federally chartered, limited-purpose trust company operated under the supervision of the Office of the Comptroller of the Currency. Vanguard Financial Planning Services are provided by Vanguard Advisers, Inc., a federally registered investment advisor. Eligibility restrictions may apply.

© 2014 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds. BBBBFDQY 072014

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