One-Stop Approach to Retirement Investing

The T. Rowe Price target date funds are designed to provide you with an age-appropriate, diversified portfolio that you can carry to and through retirement—making them a one-stop approach to retirement investing.

Convenient Fund-of-Funds Solution

  • Incorporates appropriate asset allocation, rebalancing, and investment management in a single fund.
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Retirement Funds Chart
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  • While your retirement may begin at age 65, the T. Rowe Price target date funds are designed to be carried with you throughout retirement.
Retirement Date Funds are managed throughout your retirement


Our funds seek to balance their exposure to three variables that can cause you to run out of money in retirement:

1. Market volatility—the chance that your portfolio's value will decline due to market losses.

2. Inflation—the chance that inflation will reduce the purchasing power of your savings.

3. Longevity—the chance that you will outlive your savings.

Manage retirement planning options


  • Allocation to stocks and bonds changes gradually over time (commonly referred to as the glide path).
  • We offer you two investment options that feature different allocations to equities along the glide path. Learn more about the key differences between the target date funds.
Asset allocation graph for Retirement Funds


  • Each fund invests in a wide array of T. Rowe Price funds that represent various asset classes and investment styles. Keep in mind, diversification cannot assure a profit or protect against loss in a declining market.
  • We don't charge additional management or "wrap" fees. The target date funds bear the weighted average cost of the underlying funds' expense ratios.
T. Rowe Price funds for portfolio diversification.


  • Each underlying investment is actively managed by professional and well-tenured investment staff.
  • Ongoing modest tactical asset allocation adjustments are made to the retirement date funds to reflect our market outlook—at no additional cost to you.
Asset allocation and retirement planning by tenured investment staff

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The principal value of the Retirement Funds and Target Retirement 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 retirement withdrawal horizon. The Target Retirement 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 Retirement 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 equity allocation, which can result in greater volatility over shorter time horizons.