Strategy

Investment Objective

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

Target Glide Path

Target Retirement 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.

• 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.

US Mutual Fund Vendor Indices Disclaimers

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

View platform information

The principal value of the Retirement 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 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

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

2

Figure applies to all share classes.

T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds.

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