This material is provided for general and informational purposes only and is not intended to provide legal, tax, or investment advice. This material does not provide recommendations concerning investments, investment strategies, or account types; it is not individualized to the needs of any specific investor and not intended to suggest any particular investment action is appropriate for you, nor is it intended to serve as the primary basis for investment decision-making.

Risk Considerations:

All investments are subject to market risk, including the possible loss of principal. The principal value of the Retirement Strategies and the Target Strategies (collectively, the “target date strategies”) 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 strategies. If an investor plans to retire significantly earlier or later than age 65, the strategies may not be an appropriate investment even if the investor is retiring on or near the target date. The target date strategies' allocations among a broad range of underlying T. Rowe Price stock and bond strategies and derivatives will change over time. The Retirement 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 postretirement withdrawal horizon. The Target Strategies 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 target date strategies are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The key difference between the Retirement Strategies and the Target Strategies is the overall allocation to equity; although they each maintain significant allocations to equities both prior to and after the target date, the Retirement Strategies maintain a higher equity allocation, which can result in greater volatility over shorter time horizons. Derivatives may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.

Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.

T. Rowe Price collective investment trusts (CITs) are not mutual funds. They are collective investment trusts 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 CITs 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. The CITs are available only to certain types of retirement plans.

Differences between compared investment vehicles may include investment minimums, objectives, holdings, sales and management fees, liquidity, volatility, tax features, and other features, which may result in differences in performance.

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