Investment Objective

The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income.

Retirement Matrix
Retirement Matrix Mobile

Retirement Glide Path

Glidepath Retirement

• Retirement Funds do not reach a static mix at or near expected retirement.

• Reallocation to a more conservative asset mix over time out to 30 years past expected retirement date.

• Minimum equity exposure of approximately 30% reached 30 years after expected retirement date. 

The T. Rowe Price Retirement Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the Investor Class up to the inception date of the I Class, as shown in the table above, and the actual performance results of the I Class since that date. Because the I Classes are expected to have lower expenses than the Investor Classes, the I Class performance, had it existed over the periods shown, would have been higher. Investor Class Inception Dates: Retirement 2005, 2015, 2025, 2035 Funds - 02/27/2004; Retirement 2010, 2020, 2030, 2040 Funds and Retirement Balanced Fund - 09/30/2002; Retirement 2045 Fund - 05/31/2005; Retirement 2050, 2055 Funds - 12/29/2006; Retirement 2060 Fund - 06/23/2014; Retirement 2065 -10/13/2020.

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Defined Contribution Investment Only

We would be pleased to discuss our solutions, products, and capabilities with you. Speak to one of our DCIO sales consultants to learn more about Funds and, more specifically, about which T. Rowe Price Funds may be suitable.

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All investments are subject to market risk, including the possible loss of principal. The principal value of the target date funds is not guaranteed at any time, including, if applicable, at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65). Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund's underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. International investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Emerging markets: Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. See the prospectus for more detail on the fund's principal risks.

The T. Rowe Price common trust funds (Trusts) are not mutual funds; rather, the Trusts are operated and maintained so as to qualify for exemption from registration as mutual funds pursuant to Section 3(c)(11) of the Investment Company Act of 1940, as amended. The Trusts are established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal.

The principal value of the target date strategies is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the product. If an investor plans to retire significantly earlier or later than age 65, the target date strategies may not be an appropriate investment even if the investor is retiring on or near the target date. The target date strategies invest in a broad range of underlying portfolios that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The target date strategies emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term postretirement withdrawal horizon. The target date strategies maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility. The target date strategies are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. Diversification cannot assure a profit or protect against loss in a declining market.

202311-3198535

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