When it comes to saving for retirement, you want to feel confident in your investments. But you may not have the time or experience to build and manage your own portfolio. With the T. Rowe Price Retirement Funds, you get a pre-assembled, purposefully managed portfolio—all in a single fund.

Which Retirement Fund is right for you?

Simply choose the fund with the target date closest to the year you plan to retire (assumed to be age 65). Or pick a fund based on the year you were born.

If you were born...

You might consider investing in...

In 1952 or before Retirement 2005 FundRetirement 2010 Fund, or Retirement 2015 Fund
1953–1967 Retirement 2020 FundRetirement 2025 Fund, or Retirement 2030 Fund
1968–1982 Retirement 2035 FundRetirement 2040 Fund, or Retirement 2045 Fund
In 1983 or after Retirement 2050 FundRetirement 2055 Fund, Retirement 2060 Fund, or Retirement 2065 Fund

Note: Depending on your risk tolerance, time horizon, and financial situation, you may consider a Retirement Fund with a different target date.

Pursuing strong, long-term returns for a better retirement: T. Rowe Price Retirement Funds

Each and every T. Rowe Price Retirement Fund with at least 10 years of history has generated a higher balance for investors compared with its corresponding S&P Target Date Index benchmark since launching through March 31, 2024.

The performance data shown is past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original value. Current performance may be higher or lower than the performance data quoted. To obtain the most recent month‑end performance, visit troweprice.com. Not all investors will obtain these results. 

Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The T. Rowe Price Retirement 2060 and 2065 Funds were omitted from this analysis because they have less than 10 years of performance history.

^Index performance is for illustrative purposes only and is not indicative of any specific investment. Investors cannot invest directly in an index.

†$100,000 initial investment required.

*S&P Target Date 2045 Index from Fund inception to 5/31/2008. S&P Target Date 2050 Index 6/1/2008 to 3/31/2024.

**S&P Target Date 2045 Index from Fund inception to 5/31/2009. S&P Target Date 2050 Index 6/1/2009 to 3/31/2024.

Why invest in a T. Rowe Price Retirement Fund?

We're just as passionate about retirement as you are about retiring. Here are just a few of the ways our Retirement Funds can help you meet your retirement goals.

Ready to simplify your retirement investing?


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All investments are subject to risk, including the possible loss of principal.

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.

The funds’ overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has exposure to the risks of different areas of the market, such as the inherent volatility of the equity markets, which may be increased to the extent that the fund invests in small- and mid-cap stocks. Fixed income securities involve interest rate (as rates rise the price of a fixed income security generally falls), credit and pre-payment risks. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. No target date fund is considered a complete retirement program and there is no guarantee of principal invested or that any single fund will provide sufficient retirement income at or through retirement.

The “S&P Target Date Index” is a product 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”). T. Rowe Price’s Products are not sponsored, endorsed, sold, or promoted by SPDJI, Dow Jones, S&P, or 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 S&P Target Date Index.

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

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.

©2023 Morningstar. 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.