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Target Date Solutions

Retirement.
Meet your match.

Every retirement investor is different. Our target date solutions are designed to help your participants reach their retirement goals—whatever they happen to be.

Strong performance over the long term

A solution for every path

Evolving strategies with new insights

Strong performance over the long term

For many participants, total return—and their balance at retirement—matters most. Others are more concerned about managing volatility along the way. Our target date solutions seek competitive returns and aim to deliver value while keeping participants' goals at the forefront.

Whether at retirement or with many years to go until retirement, historically T. Rowe Price Retirement Fund investors have experienced stronger 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 12/31/2021)

An investor at retirement

4Q 2021 RF Hypothetical Growth 2020 Fund

An investor with many years until retirement

4Q 2021 RF Hypothetical Growth 2040 Fund

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 December, 2021 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.

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) compares to the S&P Target Date Index.

(Investor Class, as of 12/31/2021)
4Q 2021 Upside Downside 20
4Q 2021 Upside Downside 25

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. 

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

10-Year

4Q 2021 RF Morningstar Rankings 10

15-Year

4Q 2021 RF Morningstar Rankings 15

Past performance cannot guarantee future results. Data as of December 31, 2021. 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.

A solution for every path

There's no typical retirement journey. Varying goals, income needs, risk tolerances, saving patterns, fee sensitivity, and more need to be considered. Our solutions pursue their objectives through gradual adjustments to the allocation mix of equity and fixed-income investments. These adjustments are known as the glide path. 

This video explains why we offer choice in target date solutions:

 

 


Retirement and Target Glide Paths

IMPORTANT CHANGES TO THE TARGET DATE STRATEGIES: Beginning in the second quarter of 2020, T. Rowe Price is making changes to the glide paths of our target date strategies. The glide paths will be transitioning to the allocations shown above. 

Evolving strategies with new insights

Our approach to target date solutions goes beyond simple averages. This video explains how.

Resources and research

News, insights, and information about our target date solutions

NEWS


Morningstar: Target Date Deep Dive on T. Rowe Price

Watch video

Mutual Fund Observer: T. Rowe Price is an innovator with research-driven solutions

Read more

Morningstar: An Upgrade for the T. Rowe Price Retirement Target Date Series

Read more

INSIGHTS


How Our Strategic Investing Approach Stacks Up Against Passive Portfolios

Read analysis

Our target date evolution: Enhancing the T. Rowe Price Glide Paths

Read research

Retirement Glide Path

Target Glide Path

The Benefits of T. Rowe Price’s Strategic Investing Approach

Read methodology summary

Read analysis

INFORMATION TO KNOW


Strong Results From a Target Date Leader with over 25 years of experience in multi-asset solutions.

Read more

In a World of Uncertainty, Reliable Retirement Outcomes Matter

Read more

More details about our Target Date solutions: 

Retirement Funds

Retirement Blend Funds

Target Funds 

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

For nearly 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.

 

$390+ Billion

Target date assets under management

 

40+

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

Data shown as of 12/31/2021. The combined target date portfolios managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.

A recognized leader

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
*I Class shares may not be available to all participants. 
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. Price Target Funds—I Class*
 
Rating as of November 30, 2021
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.
The Target 2005–2065 Funds-I Class received a Morningstar Quantitative Ratingof Gold, and the Target 2005–2060 Funds Investor Class received a rating of Gold as of November 30, 2021. The 2065 vintage of the Investor Class received a rating of Silver. Quantitative Ratings for other share classes may differ.

Key target date history

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. Our latest evolution seeks to deliver even better results and overall value.

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. 

The principal value of the Retirement Funds and the Target Funds (collectively, the "target date 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 target date funds' allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time. The Retirement 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 Target Funds' 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 post retirement withdrawal horizon. The target date funds 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 Funds and the Target Funds is the overall allocation to equity; although they each maintain significant allocations to equities both prior to and after the target date, the Retirement Funds maintain a higher allocation, which can result in greater volatility over shorter time horizons. 

Important Information
IMPORTANT CHANGES TO THE TARGET STRATEGIES, CONTINUED: Specifically, beginning in the second quarter of 2020, the strategies’ glide path will gradually change to increase its overall stock 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. Adjustments to stock 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 or offering circular for additional details. 
The Retirement Blend Funds follow the enhanced glide path and do not have a transition period.
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 12/31/2021:
T. Rowe Price Retirement 2005 was in the 22nd percentile and ranked 25 out of 120 funds for the 1-year period and 16th percentile and ranked 11 out of 77 funds for the 5-year period.
T. Rowe Price Retirement 2010 was in the 11th percentile and ranked 12 out of 120 funds for the 1-year period and 2nd percentile and ranked 2 out of 77 funds for the 5-year period.
T. Rowe Price Retirement 2015 was in the 15th percentile and ranked 21 out of 122 funds for the 1-year period and 2nd percentile and ranked 2 out of 88 funds for the 5-year period.
T. Rowe Price Retirement 2020 was in the 8th percentile and ranked 16 out of 171 funds for the 1-year period and 2nd percentile and ranked 2 out of 126 funds for the 5-year period.
T. Rowe Price Retirement 2025 was in the 12th percentile and ranked 18 out of 220 funds for the 1-year period and 1st percentile and ranked 2 out of 167 funds for the 5-year period.
T. Rowe Price Retirement 2030 was in the 13th percentile and ranked 20 out of 221 funds for the 1-year period and 1st percentile and ranked 2 out of 167 funds for the 5-year period.
T. Rowe Price Retirement 2035 was in the 17th percentile and ranked 38 out of 213 funds for the 1-year period and 5th percentile and ranked 9 out of 164 funds for the 5-year period.
T. Rowe Price Retirement 2040 was in the 28th percentile and ranked 61 out of 215 funds for the 1-year period and 5th percentile and ranked 9 out of 167 funds for the 5-year period.
T. Rowe Price Retirement 2045 was in the 34th percentile and ranked 80 out of 213 funds for the 1-year period and 5th percentile and ranked 9 out of 164 funds for the 5-year period.
T. Rowe Price Retirement 2050 was in the 42nd percentile and ranked 85 out of 215 funds for the 1-year period and 5th percentile and ranked 9 out of 167 funds for the 5-year period.
T. Rowe Price Retirement 2055 was in the 48th percentile and ranked 99 out of 213 funds for the 1-year period and 5th percentile and ranked 9 out of 162 funds for the 5-year period.
T. Rowe Price Retirement 2060 was in the 51st percentile and ranked 97 out of 208 funds for the 1-year period and 7th percentile and ranked 11 out of 139 funds for the 5-year period.
T. Rowe Price Retirement 2065 was in the 35th percentile and ranked 41 out of 134 funds for the 1-year period. This 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 12/31/2021:
T. Rowe Price Target 2005 was in the 35th percentile and ranked 41 out of 120 funds for the 1-year period and 45th percentile and ranked 31 out of 77 funds for the 5-year period.
T. Rowe Price Target 2010 was in the 32nd percentile and ranked 37 out of 120 funds for the 1-year period and 24th percentile and ranked 18 out of 77 funds for the 5-year period.
T. Rowe Price Target 2015 was in the 47th percentile and ranked 61 out of 122 funds for the 1-year period and 42nd percentile and ranked 39 out of 88 funds for the 5-year period.
T. Rowe Price Target 2020 was in the 55th percentile and ranked 87 out of 171 funds for the 1-year period and 52nd percentile and ranked 52 out of 126 funds for the 5-year period.
T. Rowe Price Target 2025 was in the 46th percentile and ranked 86 out of 220 funds for the 1-year period and 47th percentile and ranked 67 out of 167 funds for the 5-year period.
T. Rowe Price Target 2030 was in the 62nd percentile and ranked 123 out of 221 funds for the 1-year period and 59th percentile and ranked 86 out of 167 funds for the 5-year period.
T. Rowe Price Target 2035 was in the 81st percentile and ranked 173 out of 213 funds for the 1-year period and 57th percentile and ranked 84 out of 164 funds for the 5-year period.
T. Rowe Price Target 2040 was in the 87th percentile and ranked 190 out of 215 funds for the 1-year period and 53rd percentile and ranked 81 out of 167 funds for the 5-year period.
T. Rowe Price Target 2045 was in the 87th percentile and ranked 187 out of 213 funds for the 1-year period and 44th percentile and ranked 67 out of 164 funds for the 5-year period.
T. Rowe Price Target 2050 was in the 76th percentile and ranked 156 out of 215 funds for the 1-year period and 23rd percentile and ranked 36 out of 167 funds for the 5-year period.
T. Rowe Price Target 2055 was in the 60th percentile and ranked 126 out of 213 funds for the 1-year period and 8th percentile and ranked 15 out of 162 funds for the 5-year period.
T. Rowe Price Target 2060 was in the 54th percentile and ranked 105 out of 208 funds for the 1-year period and 9th percentile and ranked 13 out of 139 funds for the 5-year period.
T. Rowe Price Target 2065 was in the 36th percentile and ranked 42 out of 134 funds for the 1-year period. This fund was launched in 2020 and is not yet ranked for the 5-year period.
Important information about for the Morningstar Quantitative Ratings
I Class accounts generally require a $1 million minimum initial investment; the minimum may be waived for certain retirement plans, intermediaries maintaining omnibus accounts, and certain other accounts. 
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.
©2021 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 19, 2021. 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.
©2021 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 T. Rowe Price Retirement Trusts, Retirement Hybrid Trusts, Retirement Blend Trusts, Target Trusts, Target Blend Trusts, and their underlying trusts (Trusts) are not mutual funds. They are common trust funds 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 Trusts 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.

Contact your T. Rowe Price representative to find out how we can take your plan to the next level.