PDF T. Rowe Price Retirement I Funds - I Class

T. Rowe Price Retirement I Funds--I Class

September 30, 2021

Looking for a target date series with an extended glide path?

YOUR SEARCH IS OVER.

OUR BEST THINKING

Our robust, goal-driven solution is built from our best thinking. Our seasoned portfolio managers utilize T. Rowe Price's established investment management, retirement, and asset allocation expertise to help participants reach their goal of lifetime income through retirement.

LONG-TERM FOCUS

While we're always aware of shortterm market risk, the longer-term risk of participants outliving their savings is the primary driver behind T. Rowe Price Retirement Funds' design.

INDUSTRY LEADERS

Pioneers of utilizing a meaningful equity allocation supporting a stream of income throughout a long retirement aiming to meet the objectives of plan sponsors and participants.

ASSET ALLOCATION ADJUSTS OVER TIME Our glide path is designed to take investors to and through retirement. Each Retirement Fund's equity and fixed income allocation changes gradually over time based on the glide path. The funds' allocations are actively managed for 30 years after their target dates.

% Equity 100

80

T. Rowe Price Retirement Glide Path S&P TD Glide Path1

60

40

20

0 40+

Retirement 98.0

35

98.0

YEARS TO RETIREMENT

30

25

20

15

10

98.0 97.0 95.0 87.0 77.0

5

65.0

0

55.0

5

51.0

YEARS PAST RETIREMENT

10

15

20

25

30

48.0 45.0 41.0 36.0 30.0

35

30.0

Equity Allocation

40

30.0

S&P TD

92.0 88.5 85.5 82.0 77.5 71.5 64.0 55.5 46.5 36.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0

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 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 for additional details.

1 S&P Target Date Index.

Sources: Ibbotson Associates, S&P and T. Rowe Price. All numbers have been rounded.

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.

Not FDIC-insured. May lose value. No bank guarantee.

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T. Rowe Price Retirement I Funds--I Class Funds

Experienced Management

Wyatt Lee Investment Experience: 24 years At T. Rowe Price: 22 years

Kim DeDominicis Investment Experience: 22 years At T. Rowe Price: 21 years

Andrew Jacobs Van Merlen Investment Experience: 18 years At T. Rowe Price: 20 years

September 30, 2021

Diversified and Actively Managed

T. Rowe Price employs a broadly diversified portfolio that reflects the global investment opportunity set. Our broad range of active management capabilities across asset classes, regions, styles, and capitalizations have helped us deliver strong, long-term performance for our clients.

SECTOR REPRESENTATION Large-Cap

Equity

U.S. Equity

Mid-Cap

Small-Cap

International Equity

Developed Markets Emerging Markets

Real Assets Equity

UNDERLYING INVESTMENTS

Growth Stock Fund Equity Index 500 Fund Large-Cap Core Fund U.S. Structured Research Equity Fund

Value Fund

Mid-Cap Growth Fund Mid-Cap Value Fund

New Horizons Fund Small-Cap Stock Fund Small-Cap Value Fund International Stock Fund Overseas Stock Fund International Value Equity Fund

Emerging Markets Stock Fund Emerging Markets Discovery Stock Fund

Real Assets Fund

Core Fixed Income

Fixed Income

High Yield Emerging Markets

Long Treasuries

Inflation Focused

*Formerly U.S. Treasury Long Term Fund

New Income Fund International Bond Fund ($ Hedged)

Dynamic Global Bond Fund High Yield Fund

Floating Rate Fund

Emerging Markets Bond Fund

U.S. Treasury Long Term Index Fund*

Inflation Focused Bond Fund

Performance and Product Information

Retirement I 2005 Retirement I 2010 Retirement I 2015 Retirement I 2020 Retirement I 2025 Retirement I 2030 Retirement I 2035 Retirement I 2040 Retirement I 2045 Retirement I 2050 Retirement I 2055 Retirement I 2060 Retirement I 2065

Ticker TRPFX TRPAX TRFGX TRBRX TRPHX TRPCX TRPJX TRPDX TRPKX TRPMX TRPNX TRPLX TRFKX

CUSIP 872797105 872797204 872797303 872797402 872797501 872797600 872797709 872797808 872797881 872797873 872797865 872797857 872797667

Expense Ratio1 0.34% 0.34 0.36 0.37 0.39 0.41 0.42 0.43 0.44 0.45 0.46 0.46 0.46

Three Months

0.00% 0.00 -0.07 -0.13 -0.25 -0.48 -0.63 -0.78 -0.81 -0.87 -0.86 -0.85 -0.72

Year-ToDate 5.79% 6.33 6.92 7.51 8.50 9.51 10.60 11.46 12.09 12.12 12.18 12.11 12.88

One Year 13.68% 14.92 16.41 17.99 20.49 23.05 25.56 27.78 29.34 29.36 29.42 29.38

?

Annualized

Three Five Ten Years Years Years

9.05% 7.65% ?

9.50 8.24

?

10.00 8.99

?

10.49 9.90

?

11.35 10.89

?

12.19 11.87

?

12.95 12.68

?

13.64 13.40

?

14.03 13.76

?

14.06 13.77

?

14.06 13.79

?

14.06 13.78

?

?

?

?

Since Inception Inception Date

8.08% 29/09/2015 8.70 29/09/2015 9.44 29/09/2015 10.35 29/09/2015 11.30 29/09/2015 12.18 29/09/2015 12.93 29/09/2015 13.57 29/09/2015 13.87 29/09/2015 13.89 29/09/2015 13.87 29/09/2015 13.83 29/09/2015 25.32 13/10/2020

Product

Administrative Fee Payment Available2

Retirement Funds

Investor Up to 15 bps

Advisor Up to 15 bps

R

Up to 15 bps

12b?1 Fees3

N/A 25 bps 50 bps

Eligibility Requirements

None None None

Product

Administrative Fee Payment Available2

Retirement I Funds

12b?1 Fees3

I

Not Available

N/A

Eligibility Requirements

Minimum $1 mm Waived for DC plans4

SHARE CLASS SHARE CLASS

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, or to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please visit our website at or contact a T. Rowe Price representative. Advisors, please call 1-800-564-6958; Intermediaries, please call 1-877-804-2315; Individual Investors, please call 1-800-225-5132. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

1 Expense ratios are based on the most recent prospectus.

2 The Administrative Fee Payment (AFP) program permits the Price Funds to make payments to third-party intermediaries for administrative services. Eligible third-party intermediaries, including banks, broker/dealers, insurance companies, retirement plans, and recordkeepers, relieve the Price Funds from performing certain sub-accounting and service functions. Their underlying clients, however, incur the cost of these administrative services through the Price Funds' expense ratios.

3 12b-1 fees allow the Price Funds to compensate eligible intermediaries for various combinations of distribution, shareholder services, maintenance of shareholder accounts, and/or other administrative services.

4 Minimum may be adjusted based on eligibility criteria.

? 2021 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.

T. Rowe Price Investment Services, Inc.

CCON0095748 202104-1600940 (10/21)

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