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Target Date Solutions
Feel retirement certain
In a constantly changing world, knowing is the key to a good retirement. That means selecting a partner who has an unwavering commitment to delivering strong retirement outcomes.
Strong performance over the long term
A solution for every path
Evolving strategies with new insights
Celebrating 20 Years of Target Date Leadership
Strong performance over the long term
For many participants, total return and their balance at retirement matter 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, T. Rowe Price Retirement Fund investors have historically 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 3/31/2024)
An investor at retirement
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.
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 3/31/2024)
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.
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
15-Year
Past performance cannot guarantee future results. Data as of March 31, 2024. 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
Resources and research
News, insights, and information about our target date solutions
NEWS
Christine Benz from Morningstar praises target date funds for delivering what participants need.
INSIGHTS
A Little Could Go a Long Way: Better Returns and the Impact on Retirement Savings
How Our Active Management Approach Stacks Up Against Passive Portfolios
The Benefits of T. Rowe Price's Active Management Approach
INFORMATION TO KNOW
In a World of Uncertainty, Reliable Retirement Outcomes Matter
More details about our target date solutions:
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.
$400+ Billion
Target date assets under management
40+
Professionals dedicated to the research and development of our target date solutions
Data shown as of 12/31/2023. 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—I Class
T. Rowe Price Retirement Blend Funds
T. Rowe Price Retirement Trusts
T. Rowe Price Retirement Blend Trusts
Morningstar Medalist Rating™
Gold Morningstar Medalist Ratings for the T. Rowe Price Retirement Funds—I Class, and all classes of the Retirement Trusts as of February 5, 2024; all classes of the T. Rowe Price Retirement Blend Funds and Retirement Blend Trusts as of March 20, 2024. The T. Rowe Price Retirement Funds, Investor Class received a Silver Morningstar Medalist Rating as of February 5, 2024.
T. Rowe Price Target Funds—I Class
Morningstar Medalist Rating™
Gold Morningstar Medalist Rating for the T. Rowe Price Target Funds—I Class as of March 31, 2024 The T. Rowe Price Target Funds, Investor Class received a Silver Morningstar Medalist Rating.
I Class shares may not be available to all participants. Trusts are available only to certain types of retirement plans and may not be available to all participants.
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 is US Fund Target Date for mutual funds and Morningstar US SA Target Date for trusts.
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.
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 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. Diversification cannot assure a profit or protect against loss in a declining market. 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 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 3/31/2024:
T. Rowe Price Retirement 2005 was in the 123rd percentile and ranked 14 out of 12 funds for the 1-year period and 105th percentile and ranked 8 out of 9 funds for the 5-year period.
T. Rowe Price Retirement 2010 was in the 123rd percentile and ranked 4 out of 4 funds for the 1-year period and 105th percentile and ranked 2 out of 2 funds for the 5-year period.
T. Rowe Price Retirement 2015 was in the 116th percentile and ranked 2 out of 2 funds for the 1-year period and 102nd percentile and ranked 2 out of 2 funds for the 5-year period.
T. Rowe Price Retirement 2020 was in the 148th percentile and ranked 6 out of 5 funds for the 1-year period and 133rd percentile and ranked 2 out of 3 funds for the 5-year period.
T. Rowe Price Retirement 2025 was in the 213th percentile and ranked 1 out of 2 funds for the 1-year period and 197th percentile and ranked 1 out of 2 funds for the 5-year period.
T. Rowe Price Retirement 2030 was in the 216th percentile and ranked 1 out of 2 funds for the 1-year period and 199th percentile and ranked 1 out of 2 funds for the 5-year period.
T. Rowe Price Retirement 2035 was in the 212th percentile and ranked 4 out of 13 funds for the 1-year period and 190th percentile and ranked 9 out of 11 funds for the 5-year period.
T. Rowe Price Retirement 2040 was in the 209th percentile and ranked 6 out of 17 funds for the 1-year period and 193rd percentile and ranked 14 out of 26 funds for the 5-year period.
T. Rowe Price Retirement 2045 was in the 206th percentile and ranked 6 out of 19 funds for the 1-year period and 190th percentile and ranked 15 out of 19 funds for the 5-year period.
T. Rowe Price Retirement 2050 was in the 207th percentile and ranked 10 out of 23 funds for the 1-year period and 191st percentile and ranked 17 out of 19 funds for the 5-year period.
T. Rowe Price Retirement 2055 was in the 206th percentile and ranked 11 out of 25 funds for the 1-year period and 190th percentile and ranked 22 out of 29 funds for the 5-year period.
T. Rowe Price Retirement 2060 was in the 205th percentile and ranked 13 out of 30 funds for the 1-year period and 189th percentile and ranked 26 out of 30 funds for the 5-year period.
T. Rowe Price Retirement 2065 was in the 200th percentile and ranked 12 out of 27 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 123rd percentile and ranked 37 out of 28 funds for the 1-year period and 105th percentile and ranked 28 out of 33 funds for the 5-year period.
T. Rowe Price Target 2010 was in the 123rd percentile and ranked 31 out of 25 funds for the 1-year period and 105th percentile and ranked 22 out of 24 funds for the 5-year period.
T. Rowe Price Target 2015 was in the 116th percentile and ranked 34 out of 25 funds for the 1-year period and 102nd percentile and ranked 30 out of 33 funds for the 5-year period.
T. Rowe Price Target 2020 was in the 148th percentile and ranked 53 out of 55 funds for the 1-year period and 133rd percentile and ranked 34 out of 44 funds for the 5-year period.
T. Rowe Price Target 2025 was in the 213th percentile and ranked 45 out of 68 funds for the 1-year period and 197th percentile and ranked 34 out of 50 funds for the 5-year period.
T. Rowe Price Target 2030 was in the 216th percentile and ranked 48 out of 81 funds for the 1-year period and 199th percentile and ranked 47 out of 69 funds for the 5-year period.
T. Rowe Price Target 2035 was in the 212th percentile and ranked 53 out of 105 funds for the 1-year period and 190th percentile and ranked 61 out of 100 funds for the 5-year period.
T. Rowe Price Target 2040 was in the 209th percentile and ranked 53 out of 116 funds for the 1-year period and 193rd percentile and ranked 68 out of 123 funds for the 5-year period.
T. Rowe Price Target 2045 was in the 206th percentile and ranked 39 out of 82 funds for the 1-year period and 190th percentile and ranked 66 out of 111 funds for the 5-year period.
T. Rowe Price Target 2050 was in the 207th percentile and ranked 24 out of 50 funds for the 1-year period and 191st percentile and ranked 44 out of 71 funds for the 5-year period.
T. Rowe Price Target 2055 was in the 206th percentile and ranked 14 out of 34 funds for the 1-year period and 190th percentile and ranked 31 out of 46 funds for the 5-year period.
T. Rowe Price Target 2060 was in the 205th percentile and ranked 11 out of 26 funds for the 1-year period and 189th percentile and ranked 28 out of 34 funds for the 5-year period.
T. Rowe Price Target 2065 was in the 200th percentile and ranked 11 out of 25 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.
©2024 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.
The T. Rowe Price common trust funds (Trusts) are not mutual funds; rather, the Trusts are operated and maintained so as to qualify for exemption from registration as mutual funds pursuant to Section 3(c)(11) of the Investment Company Act of 1940, as amended. The Trusts are 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. For additional information on the common trust funds being offered, including a trust fact sheet, please call T. Rowe Price.
202405-3612548
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