The T. Rowe Price Retirement Funds are now available through your retirement plan. Each fund is professionally managed and periodically adjusted with a specific target retirement date in mind. The Retirement Funds are designed to adjust to changing needs up to and throughout retirement in a single investment option.

T. Rowe Price Retirement Funds

Our Approach to Target Date Investing Helping clients meet their retirement needs drives everything we do. This singular focus has cemented our leadership position in target date investing. We combine our extensive investment expertise and decades of unique insights into investor behavior with purposeful and continuous innovation to create a range of target date solutions that reflect investor preferences, behaviors, and actions.

Plan ahead: Make retirement a realityYou know the kind of lifestyle you dream of having in retirement. You also know, however, that reaching your retirement goals is not a given: You have to plan ahead.With good information and some help, getting where you want to go may be easier than you think. One option is to use T. Rowe Price Retirement Funds. The Retirement Funds are professionally managed and periodically adjusted investment options that can help you save for retirement. A Retirement Fund also allows you to pursue your retirement investing goals up to and throughout retirement.

Diversification Growth potential Periodic adjustments

A combination of stocks, bonds, and other securities that may help reduce risk.

A mix that includes stocks generally offers more opportunity for growth.

Automatic rebalancing among stocks and bonds helps the funds’ allocations stay on track.

Retirement Funds adjust over timeWhen retirement is still a long way off, it may make sense to choose an investment strategy with a higher concentration in stocks since investing over a longer time horizon may allow investments to weather the market’s ups and downs. As retirement nears and the goal changes to preserving savings, investors commonly adjust their portfolios to include a higher concentration of lower-risk investment options (compared with stocks).Knowing when and how to make these adjustments can be a challenge. With Retirement Funds, the investment portfolios are automatically adjusted over time, both before and after retirement.

A Retirement Fund geared toward a longer time horizon, such as 30 years or more, has a higher risk/return potential, which gradually becomes more conservative over time.

As the chart below shows, the Retirement Funds’ allocations are actively managed for approximately 30 years after their target retirement dates before arriving at their final 30% stock, 70% bond ratio. This strategy can help savings continue working in retirement.

Actively managed through your retirement years

IMPORTANT CHANGES TO THE TARGET DATE FUNDS: T. Rowe Price is making changes to the glide path of our target date funds. The glide path will be transitioning to the allocations shown above. Specifically, beginning in the second quarter of 2020, the funds’ glide path will gradually change to increase its overall equity 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. For example, the equity allocation at the beginning of the enhanced glide path will be increasing from the original 90% allocation and will be increasing from the original 20% allocation at the end of the glide path. Adjustments to equity 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. Please see the prospectus for additional details.

Mix it up: Each fund invests in a number of underlying fundsThe Retirement Funds are made up of other T. Rowe Price mutual funds. That means, whichever fund you choose, you get a mix of different investments investing in hundreds or thousands of securities—in large and small companies, both foreign and domestic.

Investing in a Retirement FundT. Rowe Price Retirement Funds are professional investment solutions designed for people who want a single diversified investment that automatically adjusts over time. Each is a mutual fund composed of other mutual funds, offering:

■ One-step portfolios. Retirement Funds are a mix of many different mutual funds. ■ Professional diversification* that may help reduce the impact of the market’s ups and downs on your account. ■ Stock exposure that has the potential to help your retirement account outpace inflation and maintain its buying power throughout retirement.

■ Automatic rebalancing among stocks and bonds that can help the funds’ allocations stay on track.

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

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Fund choices by age groupEach Retirement Fund offers a diversified asset allocation designed for investors who will turn 65 and retire in or near the stated year. The chart below can help you understand which Retirement Fund available in your plan is closest to the year you will turn 65.

If youwere born...

The fund closest to the year you turn age 65 is...

In 1993 or after � Retirement 2060 Fund

1988 – 1992 � Retirement 2055 Fund

1983 – 1987 � Retirement 2050 Fund

1978 – 1982 � Retirement 2045 Fund

1973 – 1977 � Retirement 2040 Fund

1968 – 1972 � Retirement 2035 Fund

1963 – 1967 � Retirement 2030 Fund

1958 – 1962 � Retirement 2025 Fund

1953 – 1957 � Retirement 2020 Fund

1948 – 1952 � Retirement 2015 Fund

1943 – 1947 � Retirement 2010 Fund

In 1942 or before � Retirement 2005 Fund

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

There are many important factors to consider when planning for retirement, including expected expenses, sources of income, and available assets. Before investing in a Retirement Fund, be sure to weigh your objectives, time horizon, and risk tolerance. These funds invest in many underlying funds, which means that they are exposed to the risks of different areas of the market. Investors should note that the higher a fund’s allocation to stocks, the greater the risk.

This material is provided for general and educational purposes only and is not intended to provide legal, tax, or investment advice. This material does not provide fiduciary recommendations concerning investments or investment management; it is not individualized to the needs of any specific benefit plan or retirement investor, nor is it directed to any recipient in connection with a specific investment or investment management decision.

Our strategic investing approach combines deep knowledge of capital markets and behavioral economics, a prudent approach to risk management, decades of defined contribution experience, and research gathered firsthand. This expertise helps us create target date solutions that strive to deliver positive outcomes and meet diverse client objectives.

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 (with the exception of the Retirement Balanced Fund) change over time. The funds (other than the Retirement Balanced Fund) 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.

Call 1-800-638-7780 to request a prospectus or, if available, a summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

T. Rowe Price Investment Services, Inc., Distributor.

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