VANGUARD INTRODUCES PC-BASED RETIREMENT PLANNER

New Interactive Software Developed To Help Investors Plan For Retirement

VALLEY FORGE, PA, August 30, 1993 -- The Vanguard Group of Investment
Companies today introduced an innovative software package -- The Vanguard
Retirement Planner -- to help investors answer the question: "How much
should I be saving for retirement?"

The new IBM-compatible software enables retirement-minded investors to
integrate their current savings programs (e.g., personal savings, Social
Security, company pension, etc.) with several key variables (e.g.,
investment returns, inflation, life expectancy, etc.) to ascertain whether
they are likely to meet their financial goals. The program may also be
used by individuals nearing retirement as an aid to summarize their
current retirement benefits and savings in relation to their anticipated
needs.

"Vanguard's new software turns a personal computer into a powerful
financial planning tool," said Vanguard Senior Vice President Jeremy G.
Duffield. "For investors seeking to determine or refine their savings
goals quickly and easily, The Vanguard Retirement Planner is ideal."

The user-friendly Vanguard Retirement Planner offers informative, on-line
tutorials to help novice computer users or those unfamiliar with
retirement planning concepts. A comprehensive user's guide is also
included in the package and toll-free telephone support will be provided
by Vanguard.

The Vanguard Retirement Planner features four modules:

** The Retirement Planning Worksheet enables a program user to input
personal financial data and planning assumptions -- 14 variables in all. A
mouse or keyboard may be used to enter data, which can be easily changed
to create multiple retirement scenarios and answer "what if" questions.

** The Retirement Overview displays a snapshot of the user's financial
situation. Based on the assumptions entered by the user, the software
calculates whether current savings programs are sufficient to reach a set
objective. If the savings programs are revealed to be insufficient, the
software outlines general steps that the user might take to correct the
shortfall. Data and assumptions entered on the Worksheet appear with the
Overview display, and can be altered to show the effects of corrective
steps that may be taken. The results of such steps then appear immediately
on the Overview screen.

** The Income Screen illustrates the user's annual income stream throughout
retirement.

** The Savings Screen shows the user's retirement savings balance -- both
contributions and earnings -- during each year of retirement.

"The Vanguard Retirement Planner was developed as a part of our continuing
efforts to educate mutual fund shareholders," said Mr. Duffield. "Study
after study indicates that many Americans are financially unprepared for
their later years, so we feel it is extremely important to help
individuals address their retirement planning needs."

Mr. Duffield also noted that while the software is designed primarily for
individual investors and defined contribution plan participants, financial
planners and advisers may find it an invaluable resource for serving their
clients.

The Vanguard Retirement Planner is offered on either a 3-1/2 or 5-1/4 inch
disk. The software can be installed on any IBM-compatible personal
computer with at least 512K RAM, 1 megabyte of free hard disk memory, and
DOS version 3.0 or higher. A VGA or XGA monitor is required. An Apple
version of the software is not currently offered.

The Vanguard Retirement Planner is available for $15 (plus $2.50 for
shipping and handling). Investors may order the program by telephone with
a major credit card by calling toll-free 1-800-876-1840 (24 hours a day,
seven days a week). 

Orders may be also be mailed to the following address with checks made
payable to The Vanguard Group:

The Vanguard Retirement Planner
PO Box 11004
Des Moines, IA 50336-1004

The Vanguard Group of Investment Companies, headquartered in Valley Forge,
Pennsylvania, has net assets of some $119 billion and manages 76
investment portfolios owned by more than four million individual and
institutional investors.

The Vanguard Group
PO Box 2600
Valley Forge, PA 19482
215-669-1000

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