Balanced funds, those investing in both equities and bonds, are particularly strong investment opportunities for retirees, due to their stronger yields, and as they experience fewer losses during downturns. Vanguard's suite of target retirement funds are balanced funds specifically constructed to meet the needs of retirees of any age, and are some of the easiest, cheapest, and all-around strongest ways for investors to save for, and during their retirements.
Although Vanguard offers strong retirement funds, I believe that retirees can construct even stronger retirement portfolios on their own. I actually constructed one such portfolio in