Target Date Capabilities

Important Information

* As of June 30, 2026.

Analysis by T. Rowe Price. Source: Morningstar. The target date funds included in the combined portfolios were (1) defined as passive as they were identified as having an “Active Passive Breakdown Percent Index Funds” of 75% or greater (2) open and available to investors as of December 31, 2025, and (3) within the Morningstar universe sharing the same target date as each Retirement Fund. Combined portfolios were equally weighted and based on the oldest share class of each competing passive target date fund. Analysis considers vintages of T. Rowe Price Retirement Funds at or near retirement; if all vintages with a 10-year track record were analyzed, 97% of periods show outperformance of the calculated category passive average. 

Although in the same category, there may be material differences among target date funds, including fees, expenses, and the portfolio mix of investments. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities. Results for other time periods will differ.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, call 1-800-638-7890. Read it carefully.

The T. Rowe Price target date trusts, and their underlying trusts (the 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.

All investments are subject to market risk, including the possible loss of principal. The principal value of the target date strategies 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 strategies: The strategies bear the risk that underlying strategies will fail to successfully employ their investment mandates. One or more underlying strategy's underperformance or failure to meet its investment objective(s) as intended could cause the strategy to underperform similarly managed strategies. 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 product offering documents for more detail on the principal risks.

T. Rowe Price and Goldman Sachs are not affiliated companies. 

Goldman Sachs is not a sponsor, investment advisor, sub-adviser, promoter, principal underwriter or affiliate of the T. Rowe Price Goldman Sachs Retirement Blend Plus Trusts. 

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by CFA Institute.

Important Information About the Morningstar Ratings

The Morningstar Medalist Rating^TM is the summary expression of Morningstar's forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform their Morningstar Category average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, coupled with a Price Score, are assigned set weights used to calculate a weighted score. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst's qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles receive a Weighted Medalist Rating Score that is compared with set thresholds for actively managed and passively managed investments to determine the rating. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them annually. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/. 

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

^©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

The above graphic shows a circular chart and bar chart for T. Rowe Price Retirement Funds for those currently in or near their target retirement year, from 2020 to 2040, and demonstrates the amount and frequency with which those funds delivered better returns than passive peer funds over 10-year rolling monthly periods over the last twenty years through 12/31/25. The circular chart shows that the Retirement Funds delivered better returns in 100% of the 10-year rolling monthly periods analyzed. The bar chart shows 5 bars displaying the average additional annual return delivered by each of 5 Retirement Funds. The Retirement Funds are listed by their specific target retirement year. The average additional annual return for each Retirement Fund is listed as follows: 2020: 0.71%; 2025: 0.87%; 2030: 0.82%; 2035: 0.76%; 2040: 0.60%. All results are shown after fees and expenses. 

These glide paths outline how the mix of stocks, bonds, and other investments adjust over time to help savers achieve their desired retirement outcomes. Both our Retirement and Target glide paths emphasize growth during the early phases of retirement saving and become more conservative over time. The Retirement glide path is focused on delivering the full value of active management to grow retirement savings. At 30 or more years before retirement (assumed to be age 65), the Retirement glide path holds a 98% allocation to equity, which decreases to 55% at retirement and then to 30% at 30 years past retirement, where it remains steady. The Target glide path, which is focused on delivering the full value of active management and managing volatility around retirement, holds a 98% allocation to equity until 35 years before retirement, then decreases to 42.5% at retirement and to 30% at 30 years past retirement, where it remains steady.

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