Key Takeaways Vanguard is launching a new 401(k) target date fund that will allow older workers to convert some of their savings into a fixed annuity. The product, launched in partnership with financial services company TIAA, will be available later this year. "It provides retirement plan participants with a straightforward, cost-effective way to receive guaranteed lifetime income and supports the evolving needs of Americans as they prepare for retirement,†David Stinnett, Vanguard's head of strategic retire ...