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You do not even have to hold a variety of Vanguard funds, just figure out the year you aim to retire in and buy the target date retirement fund.

Target Retirement Funds sometimes hold non-ideal amount of cash. Also, make sure you are holding these in a tax-advantaged account https://401kspecialistmag.com/target-date-fund-providers-inv....

I don’t quite understand the issue. Is there an ELI5 explanation?

this is a fine approach. but you can beat it because of tax/fee reasons