Strategy
Investment Objective
Target Glide Path
• Target Funds maintain more moderate equity exposure to address market risk near the retirement date.
• 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.
For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.
The principal value of the Target Funds 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 asset accumulation prior to retirement, balance the need for reduced market risk and income as retirement approaches, and focus on supporting an income stream over a moderate 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 significant allocation to equities both prior to and after the target date, which can result in greater volatility.
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Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.
Figure applies to all share classes.
T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds.
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