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Data last updated: Aug 16, 2026
Snapshot (as of Aug 16, 2026): Vanguard Target Retirement 2045 Fund (VTIVX) pays a $0.87 annual dividend ($0.22 quarterly), yielding 2.21% at $39.25/share. Next ex-dividend date 2025-12-23. Source: Yahoo Finance, aggregated by MerryDiv.
Dividend Yield: 2.21%
Annual Dividend: $0.87 per share
Ex-Dividend Date: 2025-12-23
Dividend Frequency: quarterly
Sector: Financial Services
Years of Dividend History: 23
The Vanguard Target Retirement 2045 Fund dividend comes from a single diversified fund that automatically shifts its asset allocation from equities toward bonds as 2045 approaches, targeting investors planning to retire between 2043 and 2047. VTIVX currently yields 2.21%, paying $0.8669 per share annually on a quarterly schedule, with the next ex-dividend date on December 23, 2025. The fund carries a beta of 1.13, meaning it moves slightly more than the broader market, which income investors should weigh against the moderate yield.
Vanguard Target Retirement 2045 Fund pays out dividends as a fund, making the payout ratio not applicable (fund/ETF). Vanguard Target Retirement 2045 Fund dividend safety is tied to the performance of its underlying holdings, which span both equity and fixed-income markets, as the fund's prospectus explicitly acknowledges exposure to volatility in both asset classes. The most direct pressure on the payout level is market performance: because distributions reflect the income generated by the underlying portfolio, a prolonged downturn in equities or bonds can reduce the amount paid in any given year.
Vanguard Target Retirement 2045 Fund dividend history shows a CAGR of 6.1% per year from 2007 to 2025. Per-share payments grew from $0.3000 to $0.8669 over that window (with 2026 currently a partial year). The history table contains at least one year-over-year decline exceeding 5%, so growth has not been linear, and the 717.0% spike recorded in 2021 reflects an outsized single-year event rather than a sustained acceleration in the underlying payout trend.
| Period | CAGR | From | To |
|---|---|---|---|
| 3-Year | +11.4% | $0.63 (2022) | $0.87 (2025) |
| 5-Year | +10.1% | $0.54 (2020) | $0.87 (2025) |
| 10-Year | +4.0% | $0.58 (2015) | $0.87 (2025) |
VTIVX fits dividend investors who want broad market exposure packaged with an automatic glide path, rather than a pure income-focused holding. The current yield of 2.21% falls in the moderate (2–4%) range, but it sits well below the fund's own 5-year average yield of 3.66%, meaning today's buyers are getting less income relative to recent history. The fund's asset allocation shifts progressively toward bonds as 2045 nears, which shapes the income profile over time. What an investor gains is diversification and automatic rebalancing; what they accept is a yield that has run below its own historical average and a payout that moves with market conditions rather than a company's earnings.
| Payment Date | Amount per Share |
|---|---|
| 2025-12-23 | $0.8669 |
| 2024-12-30 | $0.7004 |
| 2023-12-27 | $0.6075 |
| 2022-12-28 | $0.6279 |
| 2021-12-29 | $4.3708 |
| 2020-12-30 | $0.5350 |
| 2019-12-27 | $0.5520 |
| 2018-12-28 | $0.5090 |
| 2017-12-28 | $0.4380 |
| 2016-12-28 | $0.4670 |
| Year | Total Dividends |
|---|---|
| 2025 | $0.8669 |
| 2024 | $0.7004 |
| 2023 | $0.6075 |
| 2022 | $0.6279 |
| 2021 | $4.3708 |
Project income from VTIVX with the VTIVX dividend calculator or track your full portfolio with the dividend tracker.