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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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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 9/30/2022)

T. Rowe Price Retirement Fund 2020 Hypothetical Growth
T. Rowe Price Retirement 2040 - An investor with many years until retirement

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 9/30/2022)

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 September 30, 2022. 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.

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.

A history of client-driven innovation

Timeline of client innovation 2002 to 2022

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.

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.

$327.1 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 6/30/2022. 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 Funds and
T. Rowe Price Retirement I Funds—I Class

Morningstar Analyst Rating™

Gold Morningstar Analyst Rating for the T. Rowe Price Retirement Funds, Investor Class and Retirement I Funds—I Class*

Rating as of February 19, 2021, renewed February 9, 2022

*I Class shares may not be available to all investors.

T. Rowe Price Target Funds, Investor Class and
T. Rowe Price Target Funds—I Class

Morningstar Quantitative Rating™

Gold Morningstar Quantitative Rating for the T. Rowe Price Target Funds, Investor Class and the T. Rowe Price Target Funds—I Class*

Rating as of September 30, 2022

The Target 2005–2065 Funds-I Class received a Morningstar Quantitative Rating™ of Gold, and the Target 2005–2060 Funds Investor Class received a rating of Gold as of September 30, 2022. The 2065 vintage of the Investor Class received a rating of Silver. Quantitative Ratings for other share classes may differ.

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?

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.

 

Additional Morningstar percentile and rankings data for the T. Rowe Price Retirement Funds as of 9/30/2022:

T. Rowe Price Retirement 2005 was in the 77th percentile and ranked 102 out of 127 funds for the 1-year period and 28th percentile and ranked 25 out of 81 funds for the 5-year period.

T. Rowe Price Retirement 2010 was in the 93rd percentile and ranked 117 out of 127 funds for the 1-year period and 10th percentile and ranked 10 out of 81 funds for the 5-year period.

T. Rowe Price Retirement 2015 was in the 67th percentile and ranked 87 out of 123 funds for the 1-year period and 11th percentile and ranked 8 out of 88 funds for the 5-year period.

T. Rowe Price Retirement 2020 was in the 62nd percentile and ranked 98 out of 156 funds for the 1-year period and 5th percentile and ranked 3 out of 119 funds for the 5-year period.

T. Rowe Price Retirement 2025 was in the 67th percentile and ranked 154 out of 224 funds for the 1-year period and 4th percentile and ranked 7 out of 170 funds for the 5-year period.

T. Rowe Price Retirement 2030 was in the 77th percentile and ranked 179 out of 224 funds for the 1-year period and 12th percentile and ranked 17 out of 168 funds for the 5-year period.

T. Rowe Price Retirement 2035 was in the 84th percentile and ranked 183 out of 217 funds for the 1-year period and 19th percentile and ranked 30 out of 167 funds for the 5-year period.

T. Rowe Price Retirement 2040 was in the 88th percentile and ranked 186 out of 218 funds for the 1-year period and 20th percentile and ranked 30 out of 168 funds for the 5-year period

.T. Rowe Price Retirement 2045 was in the 86th percentile and ranked 184 out of 217 funds for the 1-year period and 16th percentile and ranked 25 out of 167 funds for the 5-year period.

T. Rowe Price Retirement 2050 was in the 81st percentile and ranked 178 out of 218 funds for the 1-year period and 17th percentile and ranked 25 out of 168 funds for the 5-year period.

T. Rowe Price Retirement 2055 was in the 86th percentile and ranked 182 out of 217 funds for the 1-year period and 21st percentile and ranked 29 out of 167 funds for the 5-year period.

T. Rowe Price Retirement 2060 was in the 84th percentile and ranked 178 out of 217 funds for the 1-year period and 27th percentile and ranked 33 out of 149 funds for the 5-year period.

T. Rowe Price Retirement 2065 was in the 76th percentile and ranked 117 out of 160 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 9/30/2022:

T. Rowe Price Target 2005 was in the 32nd percentile and ranked 53 out of 127 funds for the 1-year period and 24th percentile and ranked 22 out of 81 funds for the 5-year period.

T. Rowe Price Target 2010 was in the 41st percentile and ranked 64 out of 127 funds for the 1-year period and 15th percentile and ranked 16 out of 81 funds for the 5-year period.

T. Rowe Price Target 2015 was in the 24th percentile and ranked 36 out of 123 funds for the 1-year period and 24th percentile and ranked 24 out of 88 funds for the 5-year period.

T. Rowe Price Target 2020 was in the 19th percentile and ranked 33 out of 156 funds for the 1-year period and 18th percentile and ranked 21 out of 119 funds for the 5-year period.

T. Rowe Price Target 2025 was in the 23rd percentile and ranked 63 out of 224 funds for the 1-year period and 19th percentile and ranked 27 out of 170 funds for the 5-year period.

T. Rowe Price Target 2030 was in the 25th percentile and ranked 64 out of 224 funds for the 1-year period and 35th percentile and ranked 50 out of 168 funds for the 5-year period.

T. Rowe Price Target 2035 was in the 41st percentile and ranked 95 out of 217 funds for the 1-year period and 49th percentile and ranked 73 out of 167 funds for the 5-year period.

T. Rowe Price Target 2040 was in the 67th percentile and ranked 155 out of 218 funds for the 1-year period and 60th percentile and ranked 93 out of 168 funds for the 5-year period.

T. Rowe Price Target 2045 was in the 75th percentile and ranked 169 out of 217 funds for the 1-year period and 60th percentile and ranked 89 out of 167 funds for the 5-year period.

T. Rowe Price Target 2050 was in the 77th percentile and ranked 174 out of 218 funds for the 1-year period and 45th percentile and ranked 60 out of 168 funds for the 5-year period.

T. Rowe Price Target 2055 was in the 83rd percentile and ranked 176 out of 217 funds for the 1-year period and 34th percentile and ranked 44 out of 167 funds for the 5-year period.

T. Rowe Price Target 2060 was in the 86th percentile and ranked 181 out of 217 funds for the 1-year period and 31st percentile and ranked 36 out of 149 funds for the 5-year period.

T. Rowe Price Target 2065 was in the 80th percentile and ranked 121 out of 160 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 for the Morningstar Quantitative Ratings​

The Target 2005-2060 Funds I Class received a Morningstar Quantitative Rating™ of Gold and the Investor Class received a rating of Gold as of September 30, 2022. Quantitative Ratings for other share classes may differ. The 2065 vintage has not been rated due to its limited history. ​

The Morningstar Quantitative Rating is not a credit or risk rating. It is a quantitative evaluation performed by Morningstar, Inc. The Quantitative Ratings are composed of the Morningstar Quantitative Rating for funds, Quantitative Parent Pillar, Quantitative People Pillar, and Quantitative Process Pillar. The Quantitative Rating consists of a series of seven individual models working in unison that were designed to provide a best approximation for the Analyst Rating on the global universe of open-end funds and ETFs. The Quantitative Rating scale ranges from Gold to Bronze, with Gold being the highest rating and Negative being the lowest rating. The top 15% of eligible share classes in a rating group are given a Gold rating, the next 35% Silver, and the bottom 50% a Bronze rating. For more detailed information about Morningstar’s Quantitative Rating, including its methodology, please go to https://www.morningstar.com/content/dam/marketing/shared/research/methodology/813568-QuantRatingForFundsMethodolgy.pdf​

The Morningstar Quantitative Rating should not be used as the sole basis in evaluating a mutual fund. In no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Quantitative Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.​

©2022 Morningstar. All Rights Reserved. Morningstar's Credit Ratings & Research is produced and offered by Morningstar, Inc., which is not registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (“ RSRO”). The information, data, analyses and opinions presented do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar.​

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.​

 

Important information about the Morningstar Analyst Ratings​

The Retirement 2005-2060 Funds Investor Class and the Retirement I  2005-2060 Funds - I Class received a Morningstar Analyst Rating™ of Gold as of February 9, 2022. Analyst Ratings for other share classes may differ. The 2065 vintage has not been rated due to its limited history.​

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.​

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.​

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.​

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.​

©2022 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.​

 

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass.​

The mutual funds referred to in this website are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.​

Some strategies mentioned are available only to certain retirement plans and may not be available to all investors. 

Diversification cannot assure a profit or protect against loss in a declining market. 

Morningstar Awards 2020©. Morningstar, Inc. All Rights Reserved. Morningstar presents the Exemplary Stewardship Award to an asset manager that has shown an unwavering focus on serving the best interests of investors. Morningstar’s manager research analysts conduct in-depth qualitative analyses in order to select nominees and, subsequently, vote to determine the award winner. To qualify for the award, the firm must have received a Parent pillar rating of “positive,” or, if one or more of its strategies have been rated under the enhanced ratings methodology launched in November 2019, “High.” The Parent pillar rating measures the quality of the firm's care of investors' capital. The firms must demonstrate an investor-focused corporate culture and an alignment of interest between investors and the people who control the destiny of the investment strategies. 

The Morningstar Awards for Investing Excellence winners are chosen based on research and in-depth qualitative evaluation by Morningstar's manager research group. Each year, Morningstar recognizes an outstanding Portfolio Manager, an individual or team who has produced exceptional returns over the long term. Morningstar’s manager research analysts conduct in-depth qualitative analyses in order to select nominees and subsequently, vote to determine the award winner. To qualify for the award, the manager's strategy must currently earn a Morningstar Analyst Rating™ of Gold or Silver for at least one vehicle and/or share class. For more information about Morningstar Awards, visit https://go.morningstar.com/Morningstar-Awards

Effective 1 January 2021, Jerome Clark stepped down as co-portfolio manager and Co-chairman of the funds' Investment Advisory Committee and transitioned from his role as portfolio manager to a new role within the firm. 

 

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 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.

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