Vanguard announced it will expand its target retirement series to provide the youngest members of the workforce with an all-in-one, low-cost portfolio solution as they begin saving for retirement.

The series, which includes the Vanguard Target Retirement 2070 Fund and Vanguard Target Retirement 2070 Trusts, will launch by midyear.

Carolyn Wegemann, a spokesperson for Vanguard, explained that the Target Retirement Fund is made up of mutual funds and the Target Retirement Trusts are collective investment trusts designed for use in eligible defined-contribution plans. Both series follow the same glidepath, methodology and asset allocation, she said.

The Vanguard Target 2070 Retirement Fund will require an initial $1,000 investment, applicable to individual investors who may be investing in the fund through an IRA or other individual account. The investment minimum is waived for financial advisors, intermediaries, and for participants in a qualified retirement plan, she noted. The fund is expected to have an expense ratio of 0.08%, representing one-fifth the cost of the average target-date fund.

Wegemann said the Vanguard Target Retirement lineup is designed for the youngest investors who are just entering the workforce and just starting on their retirement journey. “It’s for investors that have kind of a long-term time horizon. They can really benefit from a higher equity allocation (90% stocks and 10% bonds),” she said, explaining that as time goes by, the fund automatically rebalances and gets a bit more conservative as they approach retirement age. The portfolio reaches its most conservative allocation of 30% stocks and 70% bonds seven years after retirement, she said.

The 2070 lineup will launch with the following asset allocation: 54% U.S. stocks, 36% foreign stocks, 7% U.S. fixed-income securities and 3% foreign fixed-income securities, the company said.

Additionally, Vanguard said it will close the Vanguard Target Retirement 2015 to new investors on February 14, as it is approaching the end of its lifecycle with an asset allocation of 70% bonds and 30% stocks. But the company said by July, it plans to merge the 2015 Target Retirement Fund into Vanguard Target Retirement Income Fund and Vanguard Target Retirement 2015 Trusts into Vanguard Target Retirement Income Trusts. This, the company said, “will maximize portfolio management and cost efficiencies for shareholders.”