LOWER BAR: Vanguard is cutting the required minimum initial investment for its target-date mutual funds to $1,000 from $3,000. The nation's largest fund company is also reducing investment minimums for 15 other funds that aren't part of its target-date retirement series.
EXPANDING ACCESS: The cuts are designed to attract young investors and others who have little available cash as they start investing.
THE COMPETITION: Several other fund companies already set investment minimums at $1,000 or lower. In some instances, investors can start with as little as $100, although additional restrictions may apply.