There is a long list of target retirement funds that own Vanguard stock and bond index funds at a very low cost ranging from .11% to .15%. Simply select the fund that fits your desired asset allocation (70% stocks vs. 30% bonds and cash for example). You can type in to the search engine at Vanguard to identify how each portfolio is broken down based on the number that is attached to the fund. As always, factor in other money within your portfolio and the spouses, if applicable, when making this critical decision.
The Target Retirement Income Fund (VTINX) could be used as a low risk savings account during times of very low interest rates. The funds asset allocation does not change from the 70% bond (includes TIPS) / 30% stock allocation while you invest there. One would consider using this fund when they are willing to take a small amount of market risk to try to get some kind of return that is hard to come by with cash and even bonds when interest rates are at historical lows, which is the case in 2021.