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T. ROWE PRICE TARGET DATE SOLUTIONS

Retirement. Meet your Match.


Our time-tested target date solutions are designed to help all plan participants reach their best retirement.

A solution for every path

Historically strong performance over the long term

Evolving strategies with new insights
 


Celebrating two decades of target date leadership

A solution for every path

We understand every retirement journey is unique and people’s goals and preferences change. Our target date solutions are built to seek strong outcomes amid the evolving landscape of retirement planning. The Retirement and Target series’ allocation to stocks and bonds adjusts over time, aiming to balance risk and growth potential up to and through retirement. These adjustments are known as the glide path.

 

Retirement Glide Path

Designed to help support growth and income for a long retirement
 

 


Professionally managed 

Built on rigorous research 

Sophisticated, yet simplified solution 

Globally diversified 

Multiple vehicle options

 

Target Glide Path

Focused on managing volatility around retirement and helping support income in retirement 

Our history of managing custom solutions dates back to 1996.

We welcome a conversation if you think your participants will benefit from a custom solution.

Historically strong long-term performance

Our target date solutions seek to deliver competitive returns and value while keeping investor priorities at the forefront. The Retirement Series places emphasis on growth through retirement. The Target Series takes 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 strong 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 December 31, 2023)

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.

T. Rowe Price Target Funds have helped manage volatility for investors at retirement (Target 2020 Fund) and near retirement (Target 2025 Fund).

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

(Investor Class, as of December 31, 2023)

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 December 31, 2023. 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

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.

Target Date Evolution Modeling and Research

20 years of target date leadership

Even before launching our first Retirement Funds in 2002, we were dedicated to designing solutions to meet unique and evolving retirement goals. Steeped in research, informed by experience, and driven by an unwavering commitment to do what is best for our clients, our target date solutions are built to put clients on their best path to retirement.

Retirement and behavior insights

Our commitment to research gives us a deep understanding of evolving markets, demographics, and participant actions. Our research and modeling are grounded in real-world data that leads to the strategic design of our solutions.

October 2023 / TARGET DATE INVESTING

Is Your Target Date Portfolio Diversified Enough?

Is Your Target Date Portfolio Diversified Enough?

Is Your Target Date Portfolio Diversified...

Every component in our portfolio design has a purpose for our clients.

By Multiple Authors

By Multiple Authors

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

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

$400+ Billion

Target date assets under management

20 Years

Of target date innovation

40+

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

Data shown as of December 31, 2023. The combined target date portfolios managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.


A recognized leader

Explore a target date fund with a gold rating by Morningstar.

T. Rowe Price Retirement Blend Funds, the T. Rowe Price Retirement Trusts and T. Rowe Price Retirement Blend Trusts

Morningstar Medalist Rating™

Analyst Driven: 100.0%
Data Driven: 100.0%

Gold Morningstar Medalist Rating for the T. Rowe Price Retirement Blend Funds, the T. Rowe Price Retirement Trusts and T. Rowe Price Retirement Blend Trusts.

Rating as of February 9, 2023 (March 24, 2023 for Retirement Blend Funds and Trusts)

*Trusts are available only to certain types of retirement plans and may not be available to all investors. I Class shares may not be available to all participants.

T. Rowe Price Target Funds—I Class

Morningstar Medalist Rating™

Analyst Driven: 55.0%
Data Driven: 100%

Gold Morningstar Medalist Rating for the T. Rowe Price Target Funds—I Class.* The T. Rowe Price Target Funds, Investor Class received a Silver Morningstar Medalist Rating.

Rating as of December 31, 2023

Morningstar Medalist Rating™ Analyst-Driven % for Retirement, Retirement Blend, and Target are 100%, 100%, and 55%, respectively. Data Coverage % for Retirement, Retirement Blend, and Target are 100%, 100%, and 100% respectively. 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.

Want to know more about T. Rowe Price's target date solutions?

Download a prospectus. Past performance cannot guarantee future results. All investments are subject to market risk, including the possible loss of  principal. Diversification cannot assure a profit or protect against loss in a declining market.

Important information​

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 12/31/2023:

T. Rowe Price Retirement 2005 was in the 19th percentile and ranked 13 out of 114 funds for the 1-year period and 14th percentile and ranked 14 out of 102 funds for the 5-year period.

T. Rowe Price Retirement 2010 was in the 8th percentile and ranked 5 out of 114 funds for the 1-year period and 3rd percentile and ranked 3 out of 102 funds for the 5-year period.

T. Rowe Price Retirement 2015 was in the 8th percentile and ranked 5 out of 112 funds for the 1-year period and 3rd percentile and ranked 3 out of 97 funds for the 5-year period.

T. Rowe Price Retirement 2020 was in the 11th percentile and ranked 8 out of 144 funds for the 1-year period and 5th percentile and ranked 4 out of 128 funds for the 5-year period.

T. Rowe Price Retirement 2025 was in the 6th percentile and ranked 7 out of 208 funds for the 1-year period and 2nd percentile and ranked 3 out of 177 funds for the 5-year period.

T. Rowe Price Retirement 2030 was in the 7th percentile and ranked 6 out of 211 funds for the 1-year period and 2nd percentile and ranked 3 out of 175 funds for the 5-year period.

T. Rowe Price Retirement 2035 was in the 8th percentile and ranked 10 out of 207 funds for the 1-year period and 14th percentile and ranked 20 out of 174 funds for the 5-year period.

T. Rowe Price Retirement 2040 was in the 14th percentile and ranked 25 out of 205 funds for the 1-year period and 17th percentile and ranked 30 out of 175 funds for the 5-year period.

T. Rowe Price Retirement 2045 was in the 17th percentile and ranked 26 out of 201 funds for the 1-year period and 16th percentile and ranked 24 out of 174 funds for the 5-year period.

T. Rowe Price Retirement 2050 was in the 23rd percentile and ranked 36 out of 202 funds for the 1-year period and 18th percentile and ranked 25 out of 175 funds for the 5-year period.

T. Rowe Price Retirement 2055 was in the 26th percentile and ranked 49 out of 201 funds for the 1-year period and 23rd percentile and ranked 34 out of 174 funds for the 5-year period.

T. Rowe Price Retirement 2060 was in the 32nd percentile and ranked 52 out of 200 funds for the 1-year period and 32nd percentile and ranked 39 out of 162 funds for the 5-year period.

T. Rowe Price Retirement 2065 was in the 38th percentile and ranked 55 out of 175 funds for the 1-year period. The fund was launched in 2020 and is not yet ranked for the 5-year period.

Additional Morningstar percentile and rankings data for the T. Rowe Price Target Funds as of 12/31/2023:

T. Rowe Price Target 2005 was in the 45th percentile and ranked 35 out of 114 funds for the 1-year period and 37th percentile and ranked 41 out of 102 funds for the 5-year period.

T. Rowe Price Target 2010 was in the 41st percentile and ranked 31 out of 114 funds for the 1-year period and 27th percentile and ranked 30 out of 102 funds for the 5-year period.

T. Rowe Price Target 2015 was in the 57th percentile and ranked 49 out of 112 funds for the 1-year period and 39th percentile and ranked 40 out of 97 funds for the 5-year period.

T. Rowe Price Target 2020 was in the 67th percentile and ranked 83 out of 144 funds for the 1-year period and 48th percentile and ranked 59 out of 128 funds for the 5-year period.

T. Rowe Price Target 2025 was in the 64th percentile and ranked 114 out of 208 funds for the 1-year period and 42nd percentile and ranked 63 out of 177 funds for the 5-year period.

T. Rowe Price Target 2030 was in the 70th percentile and ranked 135 out of 211 funds for the 1-year period and 57th percentile and ranked 92 out of 175 funds for the 5-year period.

T. Rowe Price Target 2035 was in the 69th percentile and ranked 132 out of 207 funds for the 1-year period and 72nd percentile and ranked 124 out of 174 funds for the 5-year period.

T. Rowe Price Target 2040 was in the 65th percentile and ranked 135 out of 205 funds for the 1-year period and 76th percentile and ranked 136 out of 175 funds for the 5-year period.

T. Rowe Price Target 2045 was in the 64th percentile and ranked 117 out of 201 funds for the 1-year period and 72nd percentile and ranked 126 out of 174 funds for the 5-year period.

T. Rowe Price Target 2050 was in the 49th percentile and ranked 87 out of 202 funds for the 1-year period and 57th percentile and ranked 91 out of 175 funds for the 5-year period.

T. Rowe Price Target 2055 was in the 35th percentile and ranked 63 out of 201 funds for the 1-year period and 37th percentile and ranked 55 out of 174 funds for the 5-year period.

T. Rowe Price Target 2060 was in the 33rd percentile and ranked 53 out of 200 funds for the 1-year period and 36th percentile and ranked 45 out of 162 funds for the 5-year period.

T. Rowe Price Target 2065 was in the 37th percentile and ranked 53 out of 175 funds for the 1-year period. The fund was launched in 2020 and is not yet ranked for the 5-year period.

Important information about the Morningstar Ratings

The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to https://global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

©2023 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 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.

202402-3375957

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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