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T. Rowe Price Target Date Solutions

Retirement.

Meet your match.

Every retirement investor is different. Our target date solutions are designed to help your clients reach their retirement goals—whatever they happen to be.

Strong performance over the long term

A solution for every path

Evolving strategies with new insights

We understand retirement goals and preferences evolve over time. That's why our target date solutions are built to seek strong outcomes and deliver value amid the changing realities of retirement planning.

If you’re an individual retirement investor, our distinctive approach can help you reach your goals.
Learn how we help individual investors.

Strong performance over the long term

Our target date solutions seek to deliver competitive returns and overall value while keeping investor priorities at the forefront. Our Retirement Funds place more emphasis on growth through retirement. And our Target Funds take a more moderate approach to manage volatility near retirement.

Whether at retirement or with many years to go until retirement, historically T. Rowe Price Retirement Fund investors have experienced stronger performance after fees, even accounting for periods of volatility.

Here’s how the hypothetical growth of $100,000 invested in the T. Rowe Price Retirement 2020 and 2040 Funds (after fees) compares to S&P 2020 and 2040 Target Date Index since fund inception.

(Investor Class, as of 6/30/2021)

Retirement Funds 2020 Hypothetical Growth of $100K
Retirement Funds 2040 Hypothetical Growth of $100K
Retirement Funds 2020 Hypothetical Growth of $100K
Retirement Funds 2040 Hypothetical Growth of $100K

Performance data quoted represents past performance and is not a reliable indicator of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month‐end performance, visit troweprice.com.

Chart shows growth of $100,000 hypothetical investment since fund inceptions on September 30, 2002 through the date above. Investors cannot invest directly in an index. Figures include changes in principal value with dividends reinvested. Source: S&P Dow Jones Indices LLC.

View standardized returns, expense ratios, and other information about the full suite of Retirement Funds.

See Important information about performance below for complete details.

The T. Rowe Price Target Funds strive to help mitigate the impact of market downturns and deliver strong returns for investors at or near retirement. 

Here’s how the upside/downside capture of the T. Rowe Price Target 2020 and 2025 Funds (after fees) compares to the S&P Target Date Index.

(Investor Class, as of 6/30/2021)

Upside Downside Capture Target Funds 2020 and 2025
Upside Downside Capture Target Funds 2020 and 2025
Upside Downside Capture Target Funds 2020 and 2025

The T. Rowe Price Difference

The T. Rowe Price Target 2020 and 2025 Funds have a history of helping mitigate the impactof market downturns and delivering strong returns for investors at or near retirement.

What is upside/downside capture?

Upside and downside capture are measures, by percentage, of how well a fund performed compared with an index during times of market growth or market downturns, respectively. A higher upside capture and lower downside capture can result in better returns for investors. 

Performance data quoted represents past performance and is not a reliable indicator of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month‐end performance, visit troweprice.com.

View standardized returns, expense ratios, and other information about the full suite of Target Funds.

Source: Morningstar Direct. See Important information about performance below for complete details.

High rankings based on long-term results

With some of the highest Morningstar rankings over 10- and 15-year periods, our longest-running Retirement Funds (Investor Class) have delivered strong results.

T. Rowe Price Retirement Funds (Investor Class) Morningstar Rankings

Past performance cannot guarantee future results. Data as of June 30, 2021. The Morningstar percentile ranking is based on a fund’s total return relative to all funds in the respective Morningstar US Fund Target Date category for the period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. The top-performing funds in a category will always receive a rank of 1. Results will vary for other periods, and all funds are subject to market risk. For other time periods, see below.

We recently reduced our fees to provide the results you want at an even better value.

A solution for every path

There's no typical retirement journey. Varying goals, income needs, risk tolerances, saving patterns, fee sensitivity, and more need to be considered. Our solutions pursue their objectives through gradual adjustments to the allocation mix of equity and fixed income investments. These adjustments are known as the glide path.


  Retirement and Target Glide Paths

Glide Path
Glide Path

IMPORTANT CHANGES TO THE TARGET DATE STRATEGIES: T. Rowe Price is making changes to the glide path of our target date strategies. The glide path will be transitioning to the allocations shown above. See Important Information below for more details.

Evolving strategies with new insights

The driving forces behind successful retirements are countless and always changing.

Our commitment to research gives us a deep understanding of evolving markets, demographics, and investor actions. And our strategic design means we build solutions that take this data into account.

We continually refine our thinking—and our solutions—with investors' best outcomes in mind. Our latest evolution seeks to deliver even better results and overall value.

The combined target date portfolios managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. T. Rowe Price Trust Company, as trustee for the T. Rowe Price Common Trust Funds (“Trusts”), has retained the services of T. Rowe Price Associates, Inc. and/or its investment advisory affiliates to assist it in the investment of assets of the Trusts. Figures above include Trusts’ assets.

Explore more

Take a deeper dive into our target date solutions based on your role.

Financial Professionals / Intermediaries

Get details on target date and other retirement solutions available to you and your clients. Call us to see how we compare to our competitors.


Institutional Investors

Partner with us to find retirement solutions that meet your needs.


Recordkeeping Sponsors / Consultants

Discover how we can support you and plan participants.


Personal Investors

Explore how we can help you reach your retirement goals.

We’re as passionate about retirement as your clients are about retiring.

For nearly two decades, target date investing has been central to what we do. We are devoted to helping your clients close the gap between what they need and what they save for retirement.

$370+ Billion

Target date assets under management

40+

Professionals dedicated to the research and development of our target date solutions

Data shown as of 6/30/2021. The combined target date portfolios managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.


A recognized leader

T. Rowe Price Retirement Funds and T. Rowe Price Retirement I Funds—I Class

T. Rowe Price Target Funds—I Class

T. Rowe Price Target Funds, Investor Class

Gold Morningstar Analyst Rating™
Gold Morningstar Quantitative Rating™
Gold Morningstar Quantitative Rating™

Morningstar Analyst Rating™

Gold Morningstar Analyst Rating for the T. Rowe Price Retirement Funds, Investor Class and Retirement I Funds—I Class*

Morningstar Quantitative Rating™

Gold Morningstar Quantitative Rating for the T. Rowe Price Target Funds—I Class*

Morningstar Quantitative Rating™

Gold Morningstar Quantitative Rating for the T. Rowe Price Target Funds, Investor Class

Rating as of February 19, 2021

Rating as of June 30, 2021

Rating as of June 30, 2021

*I Class shares may not be available to all investors. 

Ratings for other share classes may differ. The Morningstar category for all vintages for both the Retirement Series and the Target Series is US Fund Target Date. See Morningstar Rating Disclosure for important information about the ratings.

A recognized leader

T. Rowe Price Retirement Funds and T. Rowe Price Retirement I Funds—I Class

Gold Morningstar Analyst Rating™

Morningstar Analyst Rating™

Gold Morningstar Analyst Rating for the T. Rowe Price Retirement Funds, Investor Class and Retirement I Funds—I Class*

Rating as of February 19, 2021

T. Rowe Price Target Funds—I Class

Gold Morningstar Quantitative Rating™

Morningstar Quantitative Rating™

Gold Morningstar Quantitative Rating for the T. Rowe Price Target Funds—I Class*

Rating as of June 30, 2021

T. Rowe Price Target Funds, Investor Class

Gold Morningstar Quantitative Rating™

Morningstar Quantitative Rating™

Gold Morningstar Quantitative Rating for the T. Rowe Price Target Funds, Investor Class

Rating as of June 30, 2021

*I Class shares may not be available to all investors. 

Ratings for other share classes may differ. The Morningstar category for all vintages for both the Retirement Series and the Target Series is US Fund Target Date. See Morningstar Rating Disclosure for important information about the ratings.


Fortune award

Fortune: World’s Most Admired Companies for 2021

Important Information

IMPORTANT CHANGES TO THE TARGET STRATEGIES, CONTINUED: Specifically, beginning in the second quarter of 2020, the strategies’ glide path will gradually change to increase its overall stock allocation at certain points and accordingly decrease its bond allocation. Note that there will be no change to the allocation at the target retirement date. Adjustments to stock and bond allocations will be made incrementally, and we expect the transition to the enhanced glide path to be completed in the second quarter of 2022, depending on market conditions. The 2065 vintage follows the enhanced glide path and does not have a transition period. Please see the prospectus or offering circular for additional details. 

The Retirement Blend Funds follow the enhanced glide path and do not have a transition period.

The principal value of target date strategies is not guaranteed at any time, including at or after the target date, which is the approximate date when investors plan to retire (assumed to be age 65) and likely stop making new investments in the strategy. 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. These target date strategies invest in a diversified portfolio of other T. Rowe Price stock and bond strategies that represent various asset classes and sectors and are therefore subject to the risks of different areas of the market. The allocations among a broad range of underlying T. Rowe Price stock and bond strategies will change over time. The 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 post-retirement withdrawal horizon. 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.

Important information about performance

The S&P Target Date Indexes are designed to represent asset class exposure for glide path products with target dates of a select year. Investors cannot invest directly in an index.

The fund may have other share classes available that offer different investment minimums and fees. See the prospectus for details. The fund’s total return figures reflect the reinvestment of dividends and capital gains, if any.

The S&P Target Date Indexes are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by T. Rowe Price. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by T. Rowe Price. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

Additional Morningstar percentile and rankings data for the T. Rowe Price Retirement Funds as of 6/30/2021:

T. Rowe Price Retirement 2005 was in the 13th percentile and ranked 11 out of 120 funds for the 1-year period and 25th percentile and ranked 15 out of 76 funds for the 5-year period.
T. Rowe Price Retirement 2010 was in the 3rd percentile and ranked 3 out of 120 funds for the 1-year period and 2nd percentile and ranked 2 out of 76 funds for the 5-year period.
T. Rowe Price Retirement 2015 was in the 2nd percentile and ranked 2 out of 116 funds for the 1-year period and 2nd percentile and ranked 2 out of 75 funds for the 5-year period.
T. Rowe Price Retirement 2020 was in the 4th percentile and ranked 3 out of 167 funds for the 1-year period and 2nd percentile and ranked 2 out of 113 funds for the 5-year period.
T. Rowe Price Retirement 2025 was in the 1st percentile and ranked 2 out of 212 funds for the 1-year period and 1st percentile and ranked 2 out of 152 funds for the 5-year period.
T. Rowe Price Retirement 2030 was in the 1st percentile and ranked 2 out of 213 funds for the 1-year period and 1st percentile and ranked 2 out of 153 funds for the 5-year period.
T. Rowe Price Retirement 2035 was in the 11th percentile and ranked 24 out of 205 funds for the 1-year period and 4th percentile and ranked 4 out of 149 funds for the 5-year period.
T. Rowe Price Retirement 2040 was in the 12th percentile and ranked 28 out of 207 funds for the 1-year period and 4th percentile and ranked 4 out of 153 funds for the 5-year period.
T. Rowe Price Retirement 2045 was in the 10th percentile and ranked 21 out of 205 funds for the 1-year period and 1st percentile and ranked 2 out of 149 funds for the 5-year period.
T. Rowe Price Retirement 2050 was in the 13th percentile and ranked 24 out of 207 funds for the 1-year period and 2nd percentile and ranked 3 out of 153 funds for the 5-year period.
T. Rowe Price Retirement 2055 was in the 15th percentile and ranked 28 out of 205 funds for the 1-year period and 4th percentile and ranked 4 out of 146 funds for the 5-year period.
T. Rowe Price Retirement 2060 was in the 19th percentile and ranked 34 out of 200 funds for the 1-year period and 3rd percentile and ranked 4 out of 109 funds for the 5-year period.
T. Rowe Price Retirement 2065 was launched in 2020 and is not yet ranked.

Additional Morningstar percentile and rankings data for the T. Rowe Price Target Funds as of 6/30/2021:

T. Rowe Price Target 2005 was in the 27th percentile and ranked 28 out of 120 funds for the 1-year period and 38th percentile and ranked 27 out of 76 funds for the 5-year period.
T. Rowe Price Target 2010 was in the 22nd percentile and ranked 22 out of 120 funds for the 1-year period and 33rd percentile and ranked 23 out of 76 funds for the 5-year period.
T. Rowe Price Target 2015 was in the 31st percentile and ranked 39 out of 116 funds for the 1-year period and 48th percentile and ranked 39 out of 75 funds for the 5-year period.
T. Rowe Price Target 2020 was in the 41st percentile and ranked 62 out of 167 funds for the 1-year period and 55th percentile and ranked 52 out of 113 funds for the 5-year period.
T. Rowe Price Target 2025 was in the 34th percentile and ranked 69 out of 212 funds for the 1-year period and 47th percentile and ranked 64 out of 152 funds for the 5-year period.
T. Rowe Price Target 2030 was in the 44th percentile and ranked 90 out of 213 funds for the 1-year period and 53rd percentile and ranked 75 out of 153 funds for the 5-year period.
T. Rowe Price Target 2035 was in the 58th percentile and ranked 133 out of 205 funds for the 1-year period and 51st percentile and ranked 75 out of 149 funds for the 5-year period.
T. Rowe Price Target 2040 was in the 63rd percentile and ranked 137 out of 207 funds for the 1-year period and 43rd percentile and ranked 66 out of 153 funds for the 5-year period.
T. Rowe Price Target 2045 was in the 65th percentile and ranked 133 out of 205 funds for the 1-year period and 37th percentile and ranked 49 out of 149 funds for the 5-year period.
T. Rowe Price Target 2050 was in the 48th percentile and ranked 96 out of 207 funds for the 1-year period and 17th percentile and ranked 31 out of 153 funds for the 5-year period.
T. Rowe Price Target 2055 was in the 32nd percentile and ranked 60 out of 205 funds for the 1-year period and 10th percentile and ranked 15 out of 146 funds for the 5-year period.
T. Rowe Price Target 2060 was in the 20th percentile and ranked 35 out of 200 funds for the 1-year period and 6th percentile and ranked 7 out of 109 funds for the 5-year period.
T. Rowe Price Target 2065 was launched in 2020 and is not yet ranked.

Important information about for the Morningstar Quantitative Ratings

I Class accounts generally require a $1 million minimum initial investment; the minimum may be waived for certain retirement plans, intermediaries maintaining omnibus accounts, and certain other accounts. 

The Target 2005–2060 Funds-I Class received a Morningstar Quantitative Rating™ of Gold, and the Investor Class received a rating of Gold as of June 30, 2021. Quantitative Ratings for other share classes may differ. The 2065 vintage has not been rated due to its limited history. 

The Morningstar Quantitative Rating is not a credit or risk rating. It is a quantitative evaluation performed by Morningstar, Inc. The Quantitative Ratings are composed of the Morningstar Quantitative Rating for funds, Quantitative Parent Pillar, Quantitative People Pillar, and Quantitative Process Pillar. The Quantitative Rating consists of a series of seven individual models working in unison that were designed to provide a best approximation for the Analyst Rating on the global universe of open-end funds and ETFs. The Quantitative Rating scale ranges from Gold to Bronze, with Gold being the highest rating and Negative being the lowest rating. The top 15% of eligible share classes in a rating group are given a Gold rating, the next 35% Silver, and the bottom 50% a Bronze rating. For more detailed information about Morningstar’s Quantitative Rating, including its methodology, please go to https://www.morningstar.com/content/dam/marketing/shared/research/methodology/813568-QuantRatingForFundsMethodolgy.pdf.

The Morningstar Quantitative Rating should not be used as the sole basis in evaluating a mutual fund. In no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Quantitative Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.

©2021 Morningstar. All Rights Reserved. Morningstar's Credit Ratings & Research is produced and offered by Morningstar, Inc., which is not registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (“RSRO”). The information, data, analyses and opinions presented do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar.

The trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of T. Rowe Price with any of the trademark owners.

Important information about the Morningstar Analyst Ratings

The Retirement 2005–2060 Funds, Investor Class, and the Retirement I 2005–2060 Funds-I Class, received a Morningstar Analyst Rating™ of Gold as of February 19, 2021. Analyst Ratings for other share classes may differ. The 2065 vintage has not been rated due to its limited history.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

©2021 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 T. Rowe Price Retirement Trusts, Retirement Hybrid Trusts, Retirement Blend Trusts, Target Trusts, Target Blend Trusts, and their underlying trusts (Trusts) are not mutual funds. They are common trust funds 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.