Retirement I 2025 - I Class

Invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund’s allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date.

Morningstar (Category)

Morningstar
(Overall Rating)1

Target Date 2021-2025
  (191 funds)

Data as of 03/31/2021

Data as of 03/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$7.7b

Data as of 03/31/2021

Data as of 03/31/2021

Price
(USD)

Daily Price Change

$15.70
$+0.04

Data as of 04/09/2021

Data as of 04/09/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Wyatt Lee, CFA
Wyatt Lee, CFA, Co-Portfolio Manager

Wyatt Lee is a portfolio manager in the Multi-Asset Division. He is co-manager and head of the Target Date Strategies. Wyatt also is a member of the firm's Asset Allocation and Multi-Asset Steering...

Kim DeDominicis
Kim DeDominicis, Co-Portfolio Manager

Kim DeDominicis is a portfolio manager of the target date strategies in the Multi-Asset Division. She also leads the College Savings Plan investment efforts. Kim is a vice president of T. Rowe Pric...

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Strategy

Investment Objective

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

Retirement Glide Path

Retirement Date Glide Path

IMPORTANT CHANGES TO THE TARGET DATE FUNDS: T. Rowe Price is making changes to the glide path of our target date funds. The glide path will be transitioning to the allocations shown above. Specifically, beginning in the second quarter of 2020, the funds’ glide path will gradually change to increase its overall equity 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. For example, the equity allocation at the beginning of the enhanced glide path will be increasing from the original 90% allocation and will be increasing from the original 20% allocation at the end of the glide path. Adjustments to equity 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 for additional details.

• Retirement I 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.

Morningstar Rating

Period Rating Funds In Category (Target-Date 2025)
Overall 191
3 Years 191
5 Years 151
10 Years N/A 86

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (I Class)

1 YR
41.19%
Benchmark
36.15%
Value
5.04% 5.04%

Data as of 03/31/2021

3 YR
10.75%
Benchmark
10.91%
Value
-0.16% -0.16%

Data as of 03/31/2021

5 YR
11.26%
Benchmark
10.95%
Value
0.31% 0.31%

Data as of 03/31/2021

Since Inception
11.46%
Benchmark
11.18%
Value
0.28% 0.28%

Data as of 03/31/2021

Benchmark: Combined Index Portfolio - Retirement 2025 Broad Index

Fund Inception: 09/29/2015

Expense Ratio

Gross
0.46%
Net
0.46%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Effective December 1, 2019, the "net" version of the international benchmark in the Combined Index Portfolio replaced the "gross" version of the international benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes. Prior performance of the international benchmark component has been restated to show net of withholding taxes.

Effective May 1, 2011, the Combined Index Portfolio for each fund changed to include the Russell 3000 Index, MSCI All Country World Index Ex-U.S. Net, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays U.S. 1-5 Year Treasury TIPS Index. Prior to this change, the Combined Index Portfolio for each fund was comprised of the Russell 3000 Index, the MSCI All Country World Index Ex-U.S. Net, the Bloomberg Barclays U.S. Aggregate Bond Index, and the FTSE 3-Month Treasury Bill Index. Each index is weighted at the appropriate strategic neutral allocation of its respective asset class, which is predetermined and changes over time. Historical benchmark representations were not restated to reflect the component benchmark changes.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (I Class)

Daily YTD
5.87%
Benchmark
4.78%
Value
1.09%

Data as of 04/09/2021

Monthly YTD
3.64%
Benchmark
2.49%
Value
1.15%

Data as of 03/31/2021

One Month
1.52%
Benchmark
1.48%
Value
0.04%

Data as of 03/31/2021

Three Months
3.64%
Benchmark
2.49%
Value
1.15%

Data as of 03/31/2021

Benchmark: Combined Index Portfolio - Retirement 2025 Broad Index

Fund Inception: 09/29/2015

Asset Allocation

Net Assets
(USD)
$7.7b

Data as of 03/31/2021

Largest US Equities 43.94% $3.4b
Other View complete

Holdings

Total
Holdings
23

Data as of 12/31/2020

Largest Holding TRP Equity Index 500 - Z 14.82% Was (09/30/2020) 15.45%
Other View complete
Top 10 Holdings 16.13% View the latest

Total Equity Holdings

15
% of fund 69.15%
Was (09/30/2020) 71.14%

Total Fixed Income Holdings

8
% of fund 28.88%
Was (09/30/2020) 27.55%

Data as of 12/31/2020

Sectors

Total
Sectors
13

Data as of 03/31/2021

Benchmark: Russell 3000 Index

Largest Sector Information Technology 13.12% Was (02/28/2021) 14.03%
Other View complete

Over

Materials
By 0.82%
Fund 4.05%
Benchmark 3.22%

Under

Information Technology
By -12.49%
Fund 13.12%
Benchmark 25.61%

Data as of 03/31/2021

Team (As of )

Wyatt Lee, CFA

Wyatt Lee, CFA
Co-Portfolio Manager

Wyatt Lee is a portfolio manager in the Multi-Asset Division. He is co-manager and head of the Target Date Strategies. Wyatt also is a member of the firm's Asset Allocation and Multi-Asset Steering Committees. Wyatt is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 21
  • Years investment
    experience 23
Kim DeDominicis

Kim DeDominicis
Co-Portfolio Manager

Kim DeDominicis is a portfolio manager of the target date strategies in the Multi-Asset Division. She also leads the College Savings Plan investment efforts. Kim is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price Associates, Inc. 

  • Years at
    T. Rowe Price 21
  • Years investment
    experience 21
Andrew Jacobs Van Merlen, CFA

Andrew Jacobs Van Merlen, CFA
Co-Portfolio Manager

Andrew Jacobs van Merlen is a portfolio manager and co-portfolio manager for the target date strategies in the Multi-Asset Division. Andrew is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 20
  • Years investment
    experience 18
Joseph F. Martel, CFA, CAIA

Joseph F. Martel, CFA, CAIA
Portfolio Specialist

Joe Martel is a portfolio specialist in the Multi-Asset Division. He is a member the Target Date Solutions investment team. Joe is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 19
  • Years investment
    experience 19
Kathryn Farrell, CFA

Kathryn Farrell, CFA
Portfolio Specialist

Kathryn Farrell is a portfolio specialist covering the target date strategies in the Multi-Asset Division.

  • Years at
    T. Rowe Price 3
  • Years investment
    experience 13

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
I Class
Cusip 872797501
$1,000,000 N/A 0.00% 0.46% 0.46% N/A N/A

The principal value of the Retirement I Funds – I class 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 fund.  If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date.  The funds’ allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time.  The funds 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 funds are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income.  The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons.

 

1

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2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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