# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-014014
**Filing Date:** 2023-1
**Character Count:** 119758
**Document Hash:** 2d4db6e4bdaae015c21eeacfdc040cfe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014014.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014014

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Retirement Funds, Inc.
- **CENTRAL INDEX KEY:** 0001177017
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21149
- **FILM NUMBER:** 23546889

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE RETIREMENT FUNDS INC
- **DATE OF NAME CHANGE:** 20020702

## Series and Classes Contracts Data

### T. Rowe Price Retirement 2055 Fund (Series ID: S000014997)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000040838 | T. Rowe Price Retirement 2055 Fund               | TRRNX           |
| C000049244 | T. Rowe Price Retirement 2055 Fund-Advisor Class | PAROX           |
| C000049245 | T. Rowe Price Retirement 2055 Fund-R Class       | RRTVX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-21149

T. Rowe Price Retirement Funds, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Retirement Funds

INVEST WITH CONFIDENCE®

- The Retirement Funds declined during the six-month period ended November 30, 2022. The funds generated mixed performance versus the S&P Target Date Indexes but outperformed their Lipper peer group averages.
- Our funds' lower tactical allocation to cash relative to the S&P Target Date Indexes weighed on results-although our diversified portfolio construction added value. Overall, the impact from tactical allocation decisions and stock selection were

For more insights from T. Rowe Price investment professionals, go to **troweprice.com**.

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TO ENROLL:

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If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

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**It's convenient**-access your important account documents whenever you need them.

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* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE RETIREMENT FUNDS

Market Commentary

# **HIGHLIGHTS**

mixed.

Tactically, we are underweight stocks and bonds relative to cash, reflecting our view of slowing economic and earnings growth, as well as expectations that the Fed will raise short-term rates to at least 5% by early 2023. Within fixed income, we added to long-term U.S. Treasury bonds and are now overweight following recent moves higher in interest rates.

Log in to your account at troweprice.com for more information.

T. ROWE PRICE RETIREMENT FUNDS

# Dear Shareholder

While the above information is improved late in the reporting period, uncertainty around corporate fundamentals suggested limited year-term trends particularly in the past. The company's performance as earnings estimates remain elevated against a slowing growth outlook. Other key risks to global markets include central bank leverage, persistent inflation, potential for exchange, growth in global growth, and a strong positive growth, containing the companies and economic growth, and a political transition. The company's performance is improved late in the reporting period, uncertainty around corporate fundamentals suggested limited year-term trends particularly in the past. The company's performance as earnings estimates remain elevated against a slowing growth outlook.

1

T. ROWE PRICE RETIREMENT FUNDS

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country homes level in more than 20 years and regional performance continued. Emerging Treasuries stocks generally had a high volume of growth. The U.S. market was a major market in the U.S. market, which was a major market in the U.S. market. The U.S. market was a major market in the U.S. market, which was a major market in the U.S. market.

**FUND COMMENTARY**
Elevated inflation remained a leading concern for investors throughout the
American Indian market. However, in our view, valuations have become more
How did the funds perform in the past six months?

2

T. ROWE PRICE RETIREMENT FUNDS

# **INVESTMENT OBJECTIVE**

period, although hopes that inflation may have peaked led to rallies during the potential opportunities for selective investors focused on fundamentals. The financial situation is not a major factor in the development of the financial situation. The financial situation is not a major factor in the development of the financial situation. The financial situation is not a major factor in the development of the financial situation.

3

T. ROWE PRICE RETIREMENT FUNDS

Tactical decisions contributed to results in the shorter-dated funds but

The following table provides the information in English:

4

T. ROWE PRICE RETIREMENT FUNDS

markets stocks relative to developed markets stocks given attractive valuations.

The following table provides the information in English:

5

T. ROWE PRICE RETIREMENT FUNDS

# What is portfolio management's outlook?

Target rate
However, the funds are supported in the same way, except in the particular
of the Department's operations, which are not only the results for each, but also
the company to be cautious on risk assets and are underweight to stocks and
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only the results for each, but also
the company's results are not only

![img-0.jpeg](img-0.jpeg)

6

T. ROWE PRICE RETIREMENT FUNDS

# PERFORMANCE COMPARISON

| Period | Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- | --- |
| 1 | Retirement 2010 Fund | -2.59% |
| 2 | Retirement 2010 Fund- Advisor Class | -2.67 |
| 3 | Retirement 2010 Fund- R Class | -2.82 |
| 4 | S&P Target Date 2010 Index | -1.95 |

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

7

T. ROWE PRICE RETIREMENT FUNDS

| expenditure | Six-Month Period Ended 11/30/22 | Total Return | expenditure |
| --- | --- | --- | --- |
| tax | Retirement 2025 Fund | -2.36% | tax |
| demand | Retirement 2025 Fund- Advisor Class | -2.50 | tax |
| return | Retirement 2025 Fund- R Class | -2.65 | return |
| medium | S&P Target Date 2025 Index | -1.81 | medium |

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

8

T. ROWE PRICE RETIREMENT FUNDS

T. ROWE PRICE RETIREMENT FUNDS

|  | -2.00 |
| --- | --- |
| Six-Month Period Ended 11/30/22 | Total Return |
| Retirement 2055 Fund | -1.56% |
| Retirement 2055 Fund- Advisor Class | -1.75 |
| Retirement 2055 Fund- R Class | -1.83 |
| S&P Target Date 2055 Index | -1.70 |

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

10

T. ROWE PRICE RETIREMENT FUNDS

S&P Target Date 2030 Index 3.79
10/4/2030
Lipper Mixed-Asset Target 2055 Funds 3.01
Lipper Mixed-Asset Target 2030
The following values of the Retirement Funds are guaranteed at any time,
for duration period Ended 11/30/22 Total Return
including the balance of the 2030 funds which is the approximate year an investor
for obligations of the benchmarks. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2030 funds. Please see the
plan of the 2

11

T. ROWE PRICE RETIREMENT FUNDS

# **IMPORTANT INFORMATION**

2.40
of underpinning a State, State stock and bond funds with the exception of
the Retirement Fund, which will change over time. The funds (other than the
Retirement Fund) will be available in many underpinning funds means that they
will be subject to the current state and state tax rate. As with all stock
early, the amount of retirement, except assumptions, between the need for appreciation
and the amount of retirement, except the amount of retirement, and the because of weakness
with the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of
in the amount of retirement, except the amount of retirement, and the amount of

12

T. ROWE PRICE RETIREMENT FUNDS

# RISKS OF INVESTING

S&P Target Date 2050 Index 1.72
The goodwill of the public is not to be properly. They have been able to use the property of the public. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not to be properly. The public is not

13

T. ROWE PRICE RETIREMENT FUNDS

# **BENCHMARK INFORMATION (CONTINUED)**

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement Balanced Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.26% | 3.94% | Equity Index 500 |

14

T. ROWE PRICE RETIREMENT FUNDS

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2005 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 4.60% | 4.31% | Equity Index 500 |

15

T. ROWE PRICE RETIREMENT FUNDS

you versus the U.S. dollar which reduces the dollar value of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2010 Fund**

| The view change a forecast | Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- | --- |
|  | U.S. Large-Cap Stocks | 4.96% | 4.58% | Equity Index 500 |

16

T. ROWE PRICE RETIREMENT FUNDS

Data Indexed: 06.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2015 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 5.28% | 5.24% | Equity Index 500 |

17

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.00

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2020 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 5.66% | 5.33% | Equity Index 500 |

18

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.00

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2025 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 6.44% | 6.12% | Equity Index 500 |

19

T. ROWE PRICE RETIREMENT FUNDS

![img-0.jpeg](img-0.jpeg)

0.00

-0.30

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2030 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 7.62% | 7.29% | Equity Index 500 |

20

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.22

Stock Index Futures*

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement 2035 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 8.78% | 8.26% | Equity Index 500 |

21

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.37

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2040 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 9.72% | 9.11% | Equity Index 500 |

22

T. ROWE PRICE RETIREMENT FUNDS

0.00

-0.44

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2045 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.23% | 9.53% | Equity Index 500 |

23

T. ROWE PRICE RETIREMENT FUNDS

![img-1.jpeg](img-1.jpeg)

0.00

0.06

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2050 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.39% | 9.70% | Equity Index 500 |

24

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.10

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2055 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.43% | 9.84% | Equity Index 500 |

25

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.61

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2060 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.43% | 9.93% | Equity Index 500 |

26

T. ROWE PRICE RETIREMENT FUNDS

0.00

0.53

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement 2065 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 10.42% | 10.04% | Equity Index 500 |

27

T. ROWE PRICE RETIREMENT FUNDS

| U.S. Stock Index Futures* | 0.00 | 0.00 | Stock Index Futures* |
| --- | --- | --- | --- |
| Total Bonds Developed | 10.00 | 10.00 | Total Bonds Developed |
| Northwest Stock Index | 0.00 | 0.00 | Northwest Stock Index |
| Market Share | 0.00 | 0.00 | Market Share |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |
| Total Stock Index | 10.00 | 10.00 | Total Stock Index |

![img-0.jpeg](img-0.jpeg)

As of 11/30/22

| - Retirement Balanced Fund | $15,964 |
| --- | --- |
| --- S&P Target Date Retirement Income Index | 14,486 |

![img-1.jpeg](img-1.jpeg)

28

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

| U.S. Stock Index Futures* | 0.00 | 0.00 | Stock Index Futures* |
| --- | --- | --- | --- |
| Total Bonds Developed | 2.00 | 2.00 | Total Bonds Developed |
| Northwest Stock Index | 0.00 | 0.00 | United States |
| Market Share | 0.00 | 0.00 | Market Share |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |
| Total Stock Index, the value of a non-interest $10,000, compared to the fund over |  |  |  |

![img-2.jpeg](img-2.jpeg)

As of 11/30/22

| Retirement 2005 Fund | $16,089 |
| --- | --- |
| S&P Target Date Retirement Income Index | 14,486 |

29

T. ROWE PRICE RETIREMENT FUNDS

# GROWTH OF \$10,000

| U.S. Stock Index Futures* | 0.00 | 0.00 | Stock Index Futures* |
| --- | --- | --- | --- |
| Total Bonds | 0.00 | 0.00 | High Yield |
| International Stock Index | 0.00 | 0.00 | Stock Index Futures* |
| Future: This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year period, for since 2010. The funds are based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. The market index is based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. The market index is based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. The market index is based on the 2 Class of each under the Price Fund, except for the Transition Plan, which is associated with benchmarks of each index. |  |  |  |
| Total Funds | 0.00 | 0.00 | Dividends |
| Short-Term Funds | 0.00 | 0.00 | Short-Term Funds |
| Short-Term Funds | 0.00 | 0.00 | Short-Term Funds |
| Short-Term Funds | 0.00 | 0.00 | Short-Term Funds |

![img-3.jpeg](img-3.jpeg)

As of 11/30/22

| - Retirement 2010 Fund | $16,927 |
| --- | --- |
| --- S&P Target Date 2010 Index | 15,700 |

![img-4.jpeg](img-4.jpeg)

30

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

As of 11/30/22

| Retirement 2015 Fund | $18,155 |
| --- | --- |
| S&P Target Date 2015 Index | 16,777 |

31

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

Total Bonds

2.00

3.21

Period Ended 11/30/22 1 Year 5 Years 10 Years
Note: For the period, the amount of a 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in the 100% increase in

![img-7.jpeg](img-7.jpeg)

would have performed each year if its actual (or cumulative)

![img-8.jpeg](img-8.jpeg)

As of 11/30/22

- Retirement 2020 Fund

$19,518

---

 S&P Target Date 2020 Index

17,651

32

T. ROWE PRICE RETIREMENT FUNDS

# **GROWTH OF $10,000**

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 11/30/22 is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds. The 1.0% of the 2025 funds is a 1.0% of the 2025 funds.

![img-9.jpeg](img-9.jpeg)

As of 11/30/22

| - Retirement 2025 Fund | $20,907 |
| --- | --- |
| --- S&P Target Date 2025 Index | 18,979 |

![img-10.jpeg](img-10.jpeg)

33

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2016 is based on the 1st Quarter of 2015. The 1st Quarter of 2015 is based on the 1st Quarter of 2016. The 1st Quarter of 2016 is based on the 1st Quarter of 2017. The 1st Quarter of 2017 is based on the 1st Quarter of 2018. The 1st Quarter of 2018 is based on the 1st Quarter of 2019. The 1st Quarter of 2019 is based on the 1st Quarter of 2020. The 1st Quarter of 2020 is based on the 1st Quarter of 2021. The 1st Quarter of 2021 is based on the 1st Quarter of 2022. The 1st Quarter of 2022 is based on the 1st Quarter of 2023. The 1st Quarter of 2023 is based on the 1st Quarter of 2024. The 1st Quarter of 2024 is based on the 1st Quarter of 2025. The 1st Quarter of 2025 is based on the 1st Quarter of 2026. The 1st Quarter of 2026 is based on the 1st Quarter of 2027. The 1st Quarter of 2027 is based on the 1st Quarter of 2028. The 1st Quarter of 2028 is based on the 1st Quarter of 2029. The 1st Quarter of 2029 is based on the 1st Quarter of 2030. The 1st Quarter of 2030 is based on the 1st Quarter of 2031. The 1st Quarter of 2031 is based on the 1st Quarter of 2032. The 1st Quarter of 2032 is based on the 1st Quarter of 2033. The 1st Quarter of 2033 is based on the 1st Quarter of 2034. The 1st Quarter of 2034 is based on the 1st Quarter of 2035. The 1st Quarter of 2035 is based on the 1st Quarter of 2036. The 1st Quarter of 2036 is based on the 1st Quarter of 2037. The 1st Quarter of 2037 is based on the 1st Quarter of 2038. The 1st Quarter of 2038 is based on the 1st Quarter of 2039. The 1st Quarter of 2039 is based on the 1st Quarter of 2040. The 1st Quarter of 2040 is based on the 1st Quarter of 2041. The 1st Quarter of 2041 is based on the 1st Quarter of 2042. The 1st Quarter of 2042 is based on the 1st Quarter of 2043. The 1st Quarter of 2043 is based on the 1st Quarter of 2044. The 1st Quarter of 2044 is based on the 1st Quarter of 2045. The 1st Quarter of 2045 is based on the 1st Quarter of 2046. The 1st Quarter of 2046 is based on the 1st Quarter of 2047. The 1st Quarter of 2047 is based on the 1st Quarter of 2048. The 1st Quarter of 2048 is based on the 1st Quarter of 2049. The 1st Quarter of 2049 is based on the 1st Quarter of 2050. The 1st Quarter of 2050 is based on the 1st Quarter of 2051. The 1st Quarter of 2051 is based on the 1st Quarter of 2052. The 1st Quarter of 2052 is based on the 1st Quarter of 2053. The 1st Quarter of 2053 is based on the 1st Quarter of 2054. The 1st Quarter of 2054 is based on the 1st Quarter of 2055. The 1st Quarter of 2055 is based on the 1st Quarter of 2056. The 1st Quarter of 2056 is based on the 1st Quarter of 2057. The 1st Quarter of 2057 is based on the 1st Quarter of 2058. The 1st Quarter of 2058 is based on the 1st Quarter of 2059. The 1st Quarter of 2059 is based on the 1st Quarter of 2060. The 1st Quarter of 2060 is based on the 1st Quarter of 2061. The 1st Quarter of 2061 is based on the 1st Quarter of 2062. The 1st Quarter of 2062 is based on the 1st Quarter of 2063. The 1st Quarter of 2063 is based on the 1st Quarter of 2064. The 1st Quarter of 2064 is based on the 1st Quarter of 2065. The 1st Quarter of 2065 is based on the 1st Quarter of 2066. The 1st Quarter of 2066 is based on the 1st Quarter of 2067. The 1st Quarter of 2067 is based on the 1st Quarter of 2068. The 1st Quarter of 2068 is based on the 1st Quarter of 2069. The 1st Quarter of 2069 is based on the 1st Quarter of 2070. The 1st Quarter of 2070 is based on the 1st Quarter of 2071. The 1st Quarter of 2071 is based on the 1st Quarter of 2072. The 1st Quarter of 2072 is based on the 1st Quarter of 2073. The 1st Quarter of 2073 is based on the 1st Quarter of 2074. The 1st Quarter of 2074 is based on the 1st Quarter of 2075. The 1st Quarter of 2075 is based on the 1st Quarter of 2076. The 1st Quarter of 2076 is based on the 1st Quarter of 2077. The 1st Quarter of 2077 is based on the 1st Quarter of 2078. The 1st Quarter of 2078 is based on the 1st Quarter of 2079. The 1st Quarter of 2079 is based on the 1st Quarter of 2080. The 1st Quarter of 2080 is based on the 1st Quarter of 2081. The 1st Quarter of 2081 is based on the 1st Quarter of 2082. The 1st Quarter of 2082 is based on the 1st Quarter of 2083. The 1st Quarter of 2083 is based on the 1st Quarter of 2084. The 1st Quarter of 2084 is based on the 1st Quarter of 2085. The 1st Quarter of 2085 is based on the 1st Quarter of 2086. The 1st Quarter of 2086 is based on the 1st Quarter of 2087. The 1st Quarter of 2087 is based on the 1st Quarter of 2088. The 1st Quarter of 2088 is based on the 1st Quarter of 2089. The 1st Quarter of 2089 is based on the 1st Quarter of 2090. The 1st Quarter of 2090 is based on the 1st Quarter of 2091. The 1st Quarter of 2091 is based on the 1st Quarter of 2092. The 1st Quarter of 2092 is based on the 1st Quarter of 2093. The 1st Quarter of 2093 is based on the 1st Quarter of 2094. The 1st Quarter of 2094 is based on the 1st Quarter of 2095. The 1st Quarter of 2095 is based on the 1st Quarter of 2096. The 1st Quarter of 2096 is based on the 1st Quarter of 2097. The 1st Quarter of 2097 is based on the 1st Quarter of 2098. The 1st Quarter of 2098 is based on the 1st Quarter of 2099. The 1st Quarter of 2099 is based on the 1st Quarter of 2100.

![img-11.jpeg](img-11.jpeg)

As of 11/30/22

| - Retirement 2030 Fund | $22,188 |
| --- | --- |
| --- S&P Target Date 2030 Index | 20,222 |

![img-12.jpeg](img-12.jpeg)

34

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2015 is based on the 1st Quarter of 2015. The 1st Quarter of 2015 is based on the 1st Quarter of 2016. The 1st Quarter of 2016 is based on the 1st Quarter of 2017. The 1st Quarter of 2017 is based on the 1st Quarter of 2018. The 1st Quarter of 2018 is based on the 1st Quarter of 2019. The 1st Quarter of 2019 is based on the 1st Quarter of 2020. The 1st Quarter of 2020 is based on the 1st Quarter of 2021. The 1st Quarter of 2021 is based on the 1st Quarter of 2022. The 1st Quarter of 2022 is based on the 1st Quarter of 2023. The 1st Quarter of 2023 is based on the 1st Quarter of 2024. The 1st Quarter of 2024 is based on the 1st Quarter of 2025. The 1st Quarter of 2025 is based on the 1st Quarter of 2026. The 1st Quarter of 2026 is based on the 1st Quarter of 2027. The 1st Quarter of 2027 is based on the 1st Quarter of 2028. The 1st Quarter of 2028 is based on the 1st Quarter of 2029. The 1st Quarter of 2029 is based on the 1st Quarter of 2030. The 1st Quarter of 2030 is based on the 1st Quarter of 2031. The 1st Quarter of 2031 is based on the 1st Quarter of 2032. The 1st Quarter of 2032 is based on the 1st Quarter of 2033. The 1st Quarter of 2033 is based on the 1st Quarter of 2034. The 1st Quarter of 2034 is based on the 1st Quarter of 2035. The 1st Quarter of 2035 is based on the 1st Quarter of 2036. The 1st Quarter of 2036 is based on the 1st Quarter of 2037. The 1st Quarter of 2037 is based on the 1st Quarter of 2038. The 1st Quarter of 2038 is based on the 1st Quarter of 2039. The 1st Quarter of 2039 is based on the 1st Quarter of 2040. The 1st Quarter of 2040 is based on the 1st Quarter of 2041. The 1st Quarter of 2041 is based on the 1st Quarter of 2042. The 1st Quarter of 2042 is based on the 1st Quarter of 2043. The 1st Quarter of 2043 is based on the 1st Quarter of 2044. The 1st Quarter of 2044 is based on the 1st Quarter of 2045. The 1st Quarter of 2045 is based on the 1st Quarter of 2046. The 1st Quarter of 2046 is based on the 1st Quarter of 2047. The 1st Quarter of 2047 is based on the 1st Quarter of 2048. The 1st Quarter of 2048 is based on the 1st Quarter of 2049. The 1st Quarter of 2049 is based on the 1st Quarter of 2050. The 1st Quarter of 2050 is based on the 1st Quarter of 2051. The 1st Quarter of 2051 is based on the 1st Quarter of 2052. The 1st Quarter of 2052 is based on the 1st Quarter of 2053. The 1st Quarter of 2053 is based on the 1st Quarter of 2054. The 1st Quarter of 2054 is based on the 1st Quarter of 2055. The 1st Quarter of 2055 is based on the 1st Quarter of 2056. The 1st Quarter of 2056 is based on the 1st Quarter of 2057. The 1st Quarter of 2057 is based on the 1st Quarter of 2058. The 1st Quarter of 2058 is based on the 1st Quarter of 2059. The 1st Quarter of 2059 is based on the 1st Quarter of 2060. The 1st Quarter of 2060 is based on the 1st Quarter of 2061. The 1st Quarter of 2061 is based on the 1st Quarter of 2062. The 1st Quarter of 2062 is based on the 1st Quarter of 2063. The 1st Quarter of 2063 is based on the 1st Quarter of 2064. The 1st Quarter of 2064 is based on the 1st Quarter of 2065. The 1st Quarter of 2065 is based on the 1st Quarter of 2066. The 1st Quarter of 2066 is based on the 1st Quarter of 2067. The 1st Quarter of 2067 is based on the 1st Quarter of 2068. The 1st Quarter of 2068 is based on the 1st Quarter of 2069. The 1st Quarter of 2069 is based on the 1st Quarter of 2070. The 1st Quarter of 2070 is based on the 1st Quarter of 2071. The 1st Quarter of 2071 is based on the 1st Quarter of 2072. The 1st Quarter of 2072 is based on the 1st Quarter of 2073. The 1st Quarter of 2073 is based on the 1st Quarter of 2074. The 1st Quarter of 2074 is based on the 1st Quarter of 2075. The 1st Quarter of 2075 is based on the 1st Quarter of 2076. The 1st Quarter of 2076 is based on the 1st Quarter of 2077. The 1st Quarter of 2077 is based on the 1st Quarter of 2078. The 1st Quarter of 2078 is based on the 1st Quarter of 2079. The 1st Quarter of 2079 is based on the 1st Quarter of 2080. The 1st Quarter of 2079 is based on the 1st Quarter of 2080. The 1st Quarter of 2080 is based on the 1st Quarter of 2081. The 1st Quarter of 2081 is based on the 1st Quarter of 2082. The 1st Quarter of 2081 is based on the 1st Quarter of 2082. The 1st Quarter of 2082 is based on the 1st Quarter of 2083. The 1st Quarter of 2083 is based on the 1st Quarter of 2084. The 1st Quarter of 2084 is based on the 1st Quarter of 2085. The 1st Quarter of 2085 is based on the 1st Quarter of 2086. The 1st Quarter of 2086 is based on the 1st Quarter of 2087. The 1st Quarter of 2087 is based on the 1st Quarter of 2088. The 1st Quarter of 2088 is based on the 1st Quarter of 2089. The 1st Quarter of 2089 is based on the 1st Quarter of 2090. The 1st Quarter of 2090 is based on the 1st Quarter of 2091. The 1st Quarter of 2091 is based on the 1st Quarter of 2092. The 1st Quarter of 2091 is based on the 1st Quarter of 2092. The 1st Quarter of 2092 is based on the 1st Quarter of 2093. The 1st Quarter of 2093 is based on the 1st Quarter of 2094. The 1st Quarter of 2094 is based on the 1st Quarter of 2095. The 1st Quarter of 2095 is based on the 1st Quarter of 2096. The 1st Quarter of 2096 is based on the 1st Quarter of 2097. The 1st Quarter of 2096 is based on the 1st Quarter of 2098. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based on the 1st Quarter of 2099. The 1st Quarter of 2096 is based

![img-13.jpeg](img-13.jpeg)

As of 11/30/22

| - Retirement 2035 Fund | $23,277 |
| --- | --- |
| --- S&P Target Date 2035 Index | 21,470 |

![img-14.jpeg](img-14.jpeg)

35

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2020 is based on the 1st Quarter of 2020. The 1st Quarter of 2020 is based on the 1st Quarter of 2019. The 1st Quarter of 2020 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018. The 1st Quarter of 2019 is based on the 1st Quarter of 2018.

AVERAGE ANNUAL COMPOUND TOTAL RETURN

The total amount from the fund would have performed each year if its actual (or cumulative)

![img-0.jpeg](img-0.jpeg)

| Retirement 2040 Fund | $24,125 |
| --- | --- |
| S&P Target Date 2040 Index | 22,414 |

![img-1.jpeg](img-1.jpeg)

36

T. ROWE PRICE RETIREMENT FUNDS

# **GROWTH OF $10,000**

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 11/30/22 is based on the 2015-2016 annualized financial year. The 2015-2016 annualized financial year is based on the 2015-2016 annualized financial year. The 2015-2016 annualized financial year is based on the 2015-2016 annualized financial year. The 2015-2016 annualized financial year is based on the 2015-2016 annualized financial year.

**AVERAGE ANNUAL COMPOUND TOTAL RETURN**

![img-2.jpeg](img-2.jpeg)

**As of 11/30/22**

| - Retirement 2045 Fund | $24,558 |
| --- | --- |
| --- S&P Target Date 2045 Index | 23,064 |

![img-3.jpeg](img-3.jpeg)

37

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2006 is based on the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of the 1st floor of

![img-4.jpeg](img-4.jpeg)

As of 11/30/22

| - Retirement 2050 Fund | $24,588 |
| --- | --- |
| --- S&P Target Date 2050 Index | 23,564 |

![img-5.jpeg](img-5.jpeg)

38

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005.

AVERAGE ANNUAL COMPOUND TOTAL RETURN

The results shown here are based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005.

![img-6.jpeg](img-6.jpeg)

As of 11/30/22

| - Retirement 2055 Fund | $24,516 |
| --- | --- |
| --- S&P Target Date 2055 Index | 23,872 |

![img-7.jpeg](img-7.jpeg)

39

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 11/30/22 is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund. The 10 years past period is a result of a 1.0% share of the fund.

![img-8.jpeg](img-8.jpeg)

As of 11/30/22

| - Retirement 2060 Fund | $18,014 |
| --- | --- |
| --- S&P Target Date 2060 Index | 17,675 |

![img-9.jpeg](img-9.jpeg)

40

T. ROWE PRICE RETIREMENT FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Net income from 1/1/2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005. The 1st Quarter of 2005 is based on the 1st Quarter of 2005.

AVERAGE ANNUAL COMPOUND TOTAL RETURN

![img-10.jpeg](img-10.jpeg)

| Retirement 2065 Fund | $11,081 |
| --- | --- |
| S&P Target Date 2065+ Index | 11,323 |

![img-11.jpeg](img-11.jpeg)

41

T. ROWE PRICE RETIREMENT FUNDS

# GROWTH OF $10,000

Returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.

P

S

Retirement Balanced Fund 0.49%

Retirement Balanced Fund-Advisor Class 0.74

AVERAGE

Retirement Balanced Fund-R Class 0.99

Retirement 2005 Fund 0.49

$1

42

T. ROWE PRICE RETIREMENT FUNDS

# **EXPENSE RATIO**

returns for the periods shown had been earned at a constant rate. Returns do not reflect

| Retirement 2045 Fund | 0.62% |
| --- | --- |
| Retirement 2045 Fund-Advisor Class | 0.87 |
| Retirement 2045 Fund-R Class | 1.12 |
| Retirement 2050 Fund | 0.63 |
| Retirement 2050 Fund-Advisor Class | 0.88 |

43

T. ROWE PRICE RETIREMENT FUNDS

# EXPENSE RATIO (CONTINUED)

Returns for the periods shown has been earned at a constant rate. Returns do not reflect the
Investment 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76
(Note that the shareholders may pay on fund distributions or the redemption of fund shareable
fund shares.) 2020 Fund-Advisor Class 1.76

44

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

45

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

The expenses based on the funds actual returns. You may use the information on this line, together with the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on the funds, and the other information on

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

# **V. Investor Class**

46

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Note: From the expense ratios shown there are in the report because they are based on the 42
FUND EXPENSES, including, acquired, fund fees and expenses, but do not
are based on the 42 fund expenses by contracting and pre-hypothetical example.
1,000.00 971.00 4.89

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

a. Investor Class

47

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

48

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

costs and do not reflect any transaction costs, such as redemption fees or sales loads.
The following is the half-year period. The full year expense rate for the investor Class was 0.45%.
The full year expense rate for the same period is 0.45%. The full year expense rate for the same period is 0.45%.
The full year expense rate for the same period is 0.45%. The full year expense rate for the same period is 0.45%.

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
| Investor Class | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |

49

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $975.40 $2.62
of the half-year period. The annualized expense ratio of the Investor Class was 0.49%
and the R Class was 0.99% 4.99

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

50

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $936.40 $2.72
of the half-year period. The annualized expense ratio of the Investor Class was 0.51% and the R Class was 1.01%.
1,000.00 973.30 5.10

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

51

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
$2.88
$3.50
5.19

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

52

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: $1,000.00
The annualized expense ratio of the Investor Class was 0.55% and the R Class was 1.05%.

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

53

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $981.80 $2.98
of the half-year period. The annualized expense ratio of the Investor Class was 0.58% and the R Class was 1.08%.
1.000.00 978.30 5.41

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

54

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: $1,000.00 $984.20 $3.08
of the half-year period. The annualized expense ratio of the Investor Class was 0.59% and the R Class was 1.09%.
1,000.00 979.70 5.46

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

55

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $1,000.00 $1,000.00 $1,000.00
$3.14
If like the half-year period, The annualized expense ratio of the Investor Class was 0.60% and the R Class was 1.10%.
5.56

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

56

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $984.40 $3.18
of the half-year period. The annualized expense ratio of the Investor Class was 0.62% and the R Class was 1.12%.
1,000.00 982.20 5.62

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

57

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

Actual: $1,000.00 $983.80 $3.18
of the half-year period. The annualized expense ratio of the Investor Class was 0.63% and the R Class was 1.13%.
1,000.00 981.70 5.66

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |

58

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

Actual: the half-year period. The annualized expense rate of the Investor Class was 0.64%.

| Periods Ended 9/30/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- |
| Retirement Balanced Fund | -15.01% | 2.74% | 4.13% | - | - |
| Retirement Balanced Fund- Advisor Class | -15.22 | 2.49 | 3.88 | - | - |

59

T. ROWE PRICE RETIREMENT FUNDS

# **QUARTER-END RETURNS**

| Periods Ended 9/30/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- |
| Retirement 2035 Fund- Advisor Class | -20.83% | 3.97% | 7.35% | - | - |
| Retirement 2035 Fund- R Class | -21.03 | 3.70 | 7.08 | - | - |

60

T. ROWE PRICE RETIREMENT FUNDS---

# **QUARTER-END RETURNS (CONTINUED)**

*The funds' performance information represents only past performance and is not necessarily an indication of future results. Current performance may be lower or higher than the performance data cited. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, please visit our website (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132 or, for Advisor and R Class shares, 1-800-638-8790 .*

This table provides returns through the most recent calendar quarter-end rather than through the end of the funds' fiscal period. It shows how each class would have performed

61

T. ROWE PRICE RETIREMENT FUNDS

# QUARTER-END RETURNS (CONTINUED)

Author Class Their actual (or cumulative) returns for the period of 2030 have been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When the shareholder pays on fund, investors should consider both short and long-term returns.

investment goals.

Retirement 2030 Fund-

![img-0.jpeg](img-0.jpeg)

62

T.RowePrice®

# You have many

Explore products and services that can help

Advisor Class
you achieve them

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T. ROWE PRICE

Retirement 2055 Fund

Retirement 2055 Fund-
Advisor Class

T. Rowe Price Investment Services, Inc. 1-100 East Pratt Street, Baltimore, MD 21202-1000

(Unaudited)

| SEMIANNUAL REPORT |  | For a share outstanding throughout each period |  |
| --- | --- | --- | --- |
| Advisory Class | GENERAL INVESTING | COLLEGE | SAVINGS |
| November 30, 2022 | Individual or Joint | T. Rowe Price managed |  |
| Retirement 2080 Fund- |  |  |  |
| (R.A. Traditional, Roth) |  |  |  |
| Investor Class | or | 5.00 | 529 plans offer tax- |
| 15 Fund | 20.68 | 4.22 | 7.62 |
| 6 Months | Moderate 2 offers |  | 1.32 |
| 15 Fund | Ended |  | advantaged solutions |
| 15 Fund | 800/1000 funds, E2F2 |  | for families saving |
| 11/30/22 | 5 bonds, and more |  | money for college |
| NET ASSET VALUE |  |  | 5/31/18 |
| Beginning of period | $17.32 | $10.32 | $14.77 |
|  |  | $14.68 | $15.80 |
|  |  | $14.66 | $14.66 |

Investment activities

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

| GRAND TOTAL |  | -22.27 | - | - | -1.59 | 10/13/20 |
| --- | --- | --- | --- | --- | --- | --- |
| maximize savings |  | Gifts and transfers for a share outstanding throughout each period |  |  |  |  |
| R Class |  | child (UGMA/UTMAs) |  |  |  |  |
| T. Rowe Price* |  | related expenses |  |  |  |  |
| ActivePlus Portfolios 1 |  | Trust |  |  |  |  |
| Investor Class | 0 (0.03) | 0.12 | 0.09 | 0.22 | 0.20 | 0.20 |
|  | 6 Months | Transfer on Death |  |  |  |  |
|  | Ended | Ended | 6.12 | 0.73 | (0.31) | 1.47 |
|  | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Total Gross Investment |  |  |  |  |  |  |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Distributions |  |  |  |  |  |  |
| Total return (0.014) | (1.56)% | (9.87)% | 42.61% | 6.07% | 0.02% | 11.44% |

65

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

# FINANCIAL TIMING NOTES

For a share outstanding throughout each period

Call 1-800-225-5132 to request a prospectus or summary prospectus, each includes investment
periods. The prospectus are not to be used for any other financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

NET ASSET VALUE
The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65[{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}][{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}]

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65[{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}][{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}]

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65[{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}]

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65[{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}][{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}]

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65[{"box_2d": [35, 179, 613, 239], "label": "text", "The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65"}]

The net asset value of the Company is $17.00, $17.32, $20.38, $14.77, $14.88, $15.20
The net asset value of the Company is $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65, $0.65[{"

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

PROPOSAL SUMMARY

T. Rowe Price Advisory Services, Inc., a registered investment firm whose accounting throughout each period of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

Advisor Class

| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

EXPENSES: 11/30/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95 5/31/95

NET ASSET VALUE: investment professionals, go to
$17,714.00
based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative
average investment thereon
Investment activities
Net assets, end of
Net investment

18.4% 35.1% 24.8% 25.4% 24.9% 35.9%

67

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

FINANCIAL - INPUT COSTS

For a share outstanding throughout each period

| Advisor Class | 6 Months Ended | Year Ended | 6.07 | 0.72 | (0.30) | 1.46 |
| --- | --- | --- | --- | --- | --- | --- |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |

| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Total return income | (1.75)% | (10.06)% (0.09) | 42.25% (0.11) | 5.79% (0.21) | (0.20)% (0.16) | 11.17% (0.17) |

68

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

FINANCIAL - INPUT COSTS

For a share outstanding throughout each period

Rally. The share is estimated using a range of shares outstanding (0.85) (0.82) (0.33) (0.33) (0.33) for details of expense-related arrangements with Price Associates (0.37) effective April 30, before payment. The fund began charging an all-inclusive management fee based on the class' average daily income. The fund was not paid for the fund. The fund converted its investment in the fund in each underlying Price. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund. The fund was not paid for the fund.

69

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

GRAND TOTAL - THOUSANDS

For a share outstanding throughout each period

R Class

|  | 11/08/2 | 5/30/2 | 5/30/2 | 5/30/2 | 5/30/2 | 5/30/2 |
| --- | --- | --- | --- | --- | --- | --- |
| NET ASSET VALUE |  |  |  |  |  |  |
| Portion of the fund is directly related to the investment performance of the fund |  |  |  |  |  |  |
| expense |  |  |  |  |  |  |
| Analised |  |  |  |  |  |  |
| Not an analised |  |  |  |  |  |  |
| Expense impact to the fund from its investment in the underlying Price Funds |  |  |  |  |  |  |
| based on the actual expense ratio of each underlying Price Fund weighted for the fund's relative |  |  |  |  |  |  |
| average investment thereon |  |  |  |  |  |  |
| 18.4% | 35.1% | 24.8% | 25.4% | 24.9% | 35.9% |  |

70

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

FINANCIAL - INPUT CASES

For a share outstanding throughout each period

| pR Class | $408,192 | $490,082 | $567,942 (1) | $496,806 | $470,529 | $485,278 |
| --- | --- | --- | --- | --- | --- | --- |
| T | 6 Months | Year |  |  |  |  |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 0.71 | (0.29) | 1.44 |
|  |  | part of the financial statements. |  | 5/31/20 | 5/31/19 | 5/31/18 |
| Ratios/Supplemental | Data |  |  |  |  |  |
| Distributions |  |  |  |  |  |  |
| Total return income | (1.83)% | (10.30)% | 41.93% | 5.50% | (0.43)% | 10.81% |
|  | - | (0.04) | (0.09) | (0.17) | (0.12) | (0.13) |

71

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

FINANCIAL - INPUT COSTS

For a share outstanding throughout each period

Rally. The share is estimated using average shares outstanding (0.85) (0.82) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33)

NET ASSET VALUE

End of period over the last 12 months of the year. The Company's share is estimated using average shares outstanding (0.85) (0.82) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33)

The Company's share is estimated using average shares outstanding (0.85) (0.82) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33)

The Company's share is estimated using average shares outstanding (0.85) (0.82) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33)

The Company's share is estimated using average shares outstanding (0.85) (0.82) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33) (0.33)

72

T. ROWE PRICE RETIREMENT 2055 FUND

November 30, 2022 (Unaudited)

| INDIVIDUAL - HIGHLIGHTS | $ Value | $ Purchase | $ Sales | $ Value |
| --- | --- | --- | --- | --- |
|  | 5/31/22 | Cost | Cost | Shares/Par 11/30/22 |

(Cost and value in $000s)

**BOND MUTUAL FUNDS 0.9%**
Underlying Funds are shown in order that the investment results of the individual underlying Price Funds are shown in the table below. The following table shows the amount of funds used for the investment results of the individual underlying Price Funds:
(1) The total amount of funds used for the investment results of the individual underlying Price Funds is $0.9, $1.2, $2.3, $3.4, $4.5, $5.6, $6.7, $7.8, $8.9, $9.10, $10.11, $11.12, $12.13, $13.14, $14.15, $15.16, $16.17, $17.18, $18.19, $19.20, $20.21, $21.22, $22.23, $23.24, $24.25, $25.26, $26.27, $27.28, $28.29, $29.30, $30.31, $31.32, $32.33, $33.34, $34.35, $35.36, $36.37, $37.38, $38.39, $39.40, $40.41, $41.42, $42.43, $43.44, $44.45, $45.46, $46.47, $47.48, $48.49, $49.50, $50.51, $51.52, $52.53, $53.54, $54.55, $55.56, $56.57, $57.58, $58.59, $59.60, $60.61, $61.62, $62.63, $63.64, $64.65, $65.66, $66.67, $67.68, $68.69, $69.70, $70.71, $71.72, $72.73, $73.74, $74.75, $75.76, $76.77, $77.78, $78.79, $79.80, $80.81, $81.82, $82.83, $83.84, $84.85, $85.86, $86.87, $87.88, $88.89, $89.90, $90.91, $91.92, $92.93, $93.94, $94.95, $95.96, $96.97, $97.98, $98.99, $100.00

73

T. ROWE PRICE RETIREMENT 2055 FUND

| INCOME (in thousands) | $ Value | $ Purchase | $ Sales | Shares/Par | $ Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 5/31/22 | 4% | 1.3% |  | 11/30/22 |
| Dynamic Global Bond Fund (Cost and value in 2005) | 7,767 | 255 | 3,583 | 436,374 | 4,167 |
| SHORT-TERM INVESTMENTS 2.9% |  |  |  |  |  |
| periods (in thousands) | $459,863 | $463,105 | $531,422 | $404,679 | $374,720 |
| Total Bond Mutual Funds (Cost $44,165) |  |  |  |  | 37,477 |
| U.S. Treasury Obligations 0.1% |  |  |  |  |  |
| The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |
| EQUITY MUTUAL FUNDS 96.2% |  |  |  |  |  |
| 2/9/23 (4) |  |  |  | 4,000,000 | 3,968 |

74

T. ROWE PRICE RETIREMENT 2055 FUND

T. Rowe Price Funds:

| Total Short-Term Investments (Cost $111,507) |  |  |  |  | 111,507 |
| --- | --- | --- | --- | --- | --- |
| Value Fund | 774,274 | 26,513 | 139,521 | 14,534,858 | 938,952 |
| Growth Stock Fund (2) | 567,407 | 54,426 | 36,676 | 7,998,643 | 561,745 |
| 100.0% of Net Assets (Cost $3,345,470) |  |  |  |  | $3,859,299 |
| Overhead Stock Fund | 309,607 | 31,516 | 17,757 | 27,276,479 | 317,771 |
| International Value Equity Fund | 332,290 | 11,448 | 51,230 | 19,708,497 | 286,167 |
| International Stock Fund | 273,351 | 11,364 | 18,010 | 15,301,580 | 288,553 |
| Real Assets Fund | 164,402 | 34,156 | 5,075 | 1,000,000 | 1,000,000 |
| (1) Each underlying Price Fund is an effective Company. |  |  |  |  | Unrealized |
| U.S. Large-Cap. Core Fund | 93,100 | 95,108 | 8,932 | 5,425,415 | 174,954 |

75

T. ROWE PRICE RETIREMENT 2055 FUND

Long, 13 MSCI EAF Fund, 2022, underlying Price Fund, $2022 for the Total 2055 Fund, if held 203
Short, 2 Russell 2008, 2011, underlying Price Fund, Additional Information about the underlying Price
Long, 134 S&P 500, 2022, underlying Price Fund, 1-877-495-1282 and at www.trowprice.com.

**Net payments (receipts) of variation margin to date**
(1) 25 November 2022, as of a portion of this security is pledged as collateral
Emerging Markets Stock Fund 116,074 4,166 8,000 2,962,960 106,963
Variation margin for the total 2055 Fund, if held 203
Short, 2 Russell 2008, 2011, underlying Price Fund, Additional Information about the underlying Price
Short, 134 S&P 500, 2022, underlying Price Fund, 1-877-495-1282 and at www.trowprice.com.

76

T. ROWE PRICE RETIREMENT 2055 FUND

November 30, 2022 (Unaudited)

securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the six months ended November 30, 2022. Total Equity Mutual Funds (Cost $3,189,324) change in net unrealized gain/loss reflect 3,709,835 for the period then ended.

| OTHER MUTUAL FUNDS |  | Change in Net |
| --- | --- | --- |
| T. Rowe Price Funds: |  |  |
| Investments in securities, at value (cost $3,345,000) | 115,031 | Unrealized 3,709,835 |
| Total other Mutual Funds (Cost $474) | Gain (Loss) | Income 375 |
| Receivable for investment securities sold |  | 1,096 |
| Variation margin receivable on futures contracts |  | 705 |
| Total assets |  | 3,864,835 |

Liabilities

77

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

| STATEMENTS OF ASSETS AND LIABILITIES | $ | 180 | $ | (272) | $ | 82 |
| --- | --- | --- | --- | --- | --- | --- |
| Entering Stocks, Borrowings and other Funds |  | (1,419) |  | (3,137) |  | - |
| Entering Stocks, Borrowings and other Funds |  | (1,017) |  | (5,205) |  | - |
| Entering Stocks, Stock Fund |  |  |  | (4,382) |  | 3,199 |
| Equity |  |  |  |  |  |  |
| Money Fund 3.84% (3) | 84,891 | 211,018 | 188,370 | 107,539,402 |  | 107,538 |
| Gross Payable Funds redeemed |  | (3,470) |  | (23,412) |  | 4,029 |
| Interest and Bond Fund (USD) and administrative fees payable |  | (88) |  | (194) |  | 2,250 |
| Interest and Bond Fund |  | (1,638) |  | (1,070) |  | 6 Months |
| Interest and Non-Equity Fund |  | (4,333) |  | (6,341) |  | Ended |
|  |  |  |  |  |  | 11/30/22 |
| Investment Income (Loss) |  |  |  |  |  | $3,857,461 |
| NET ASSETS |  |  |  |  |  |  |
| Income |  |  |  |  |  |  |
| Income distributions from underlying Price Funds |  |  |  |  |  | $5,182 |
| Net Assets Consist of: |  |  |  |  |  |  |
| Interest |  |  |  |  |  | 22 |

The accompanying notes are an integral part of these financial statements.

78

# T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

| STANDARD OF OPERATIONS | Bond Fund | (1,527) | 1,145 | 10 |
| --- | --- | --- | --- | --- |
| Mid-Cap Growth Fund |  | (720) | 3,622 | - |
| Mid-Cap Value Fund |  | 602 | (75) | - |
| New Horizons Fund |  | (945) | 3,865 | - |
| New Income Fund |  | (254) | (878) | 5,304 |
| Overhead Stock Fund |  | (1,000) | (5,595) | Year- |
| Overhead Stock Fund applicable to 227,232,159 shares of $0.0001 par 6 Months |  |  |  |  |
| Real Assets Fund |  | (6,294) | (6,294) | Ended- |
| Real Assets Fund |  | (6,294) | (6,294) | Ended- |
| Small-Case (Increase) in Net Assets |  | (337) | 11/30/222,577 | 3,857,248 |
| Small-Case (Increase) in Net Assets |  |  |  |  |
| Net Assets |  | $ | 1,152 | - |
| Net Assets |  |  | 555 | 3,857,461 |
| Net Investment income (loss) |  | $ | 1,098 | 1,553 |
| Net Assets |  |  | (8,324) | 26,294 |
| Net Assets |  |  |  | 13,528 |
| Net Assets |  |  | 2,065 | 414,812 |
| Net Investment loss |  |  |  | (8,325) |
| Change in net unrealized gain / loss |  |  | (57,660) | (859,842) |

The accompanying notes are an integral part of these financial statements.

79

T. ROWE PRICE RETIREMENT 2055 FUND

(Unaudited)

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
|  | 207 | 1 | 114 |
| (000s) |  |  |  |
| U.S. Equity Research Fund | (903) | 654 | - |
| U.S. Large-Cap Core Fund | (321) | 7,570 | - |
| U.S. Treasury Long-Term Index Fund | (176) | (1,022) | 153 |
| Value Invested in net assets from operations | 17,515 | (63,940) | (418,736) |
| Realized and Unrealized Gain / Loss |  | Ended | Ended |
| U.S. Treasury | - | 11/30/22 | 5/31/22 |
| Total | (686)# | $(59,545) | $(1,284) |
| Net Assets Underlying Price Funds |  |  | $16.84 |
| ($548,192,435 / 26,608,931 shares outstanding) |  | (129,550) | (1,666) |
| Decrease in net assets |  |  |  |
| R. Class |  |  |  |
| Non-interest contributions from underlying Price Funds |  | 3,987,011 | 4,314,889 |
| ($459,863,380 / 27,599,514 shares outstanding) |  |  |  |
| End of period |  | $3,857,461 | $3,987,461 |
| Decrease in net assets from distributions |  | - | (249,690) |
| *Share information (000s) |  |  |  |

80

T. ROWE PRICE RETIREMENT 2055 FUND

Unaudited

# **STATISTICS OF CHANGES IN THE SCENE**

Capital gain distributions from underlying Price funds represented $359 of the net realized gain (loss).

- Investment income comprised $5,182 of income distributions from underlying Price Funds.

Shares sold
Capital gain is presented in 1980 (the 1940 Act). T. Rowe Price Retirement 2055 Fund
(1980) is a diversified, open-end management investment company and is one of
Funds of Class 3,909
the Director of the Corporation. The fund invests a portfolio
(1980) is not a fully authorized gain / loss
(1980) is not a fully authorized gain / loss
Net realized gain / loss (underlying Price Funds) first represent
R Class 53,001
associates and sectors. The fund's allocation among underlying Price Funds
Distributions represented
DECREASE IN NET ASSETS FROM OPERATIONS
The fund is a derivative over time. The fund is the
highest total return over time consistent with an emphasis on both capital growth and

The accompanying notes are an integral part of these financial statements.

81

T. ROWE PRICE RETIREMENT 2055 FUND

ADVICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price Retirement Funds, Inc. (the corporation) is registered under the transactions are accounted for on the trade date basis. Income and expenses are included in the Annual Basis. Realized gains and losses are reported on the identified contracts. P. Class Premiums and discounts on debt securities are reported for financial instruments. The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

82

T. ROWE PRICE RETIREMENT 2055 FUND

# **Investment Transactions, Investment Income, and Distributions** Investment

on the ex-dividend date. Distributions to shareholders are recorded on the ex-dividend date. In connection with its officers and directors, service providers, and/or data, income distributions, if any, are declared and paid by each class annually. A capital of $100,000 is available for the first class of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of the class. The class is not a member of

83

T. ROWE PRICE RETIREMENT 2055 FUND

**Indemnification** In the normal course of business, the fund may provide

the full financial statements allocated to the financial statements. The fund may be adjusted to the amount of the fund's net income. The fund may be adjusted to the amount of the fund's net income.

on and on the net income of the fund's net income. The fund may be adjusted to the amount of the fund's net income. The fund may be adjusted to the amount of the fund's net income.

**NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES**
The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice. The fund may be subject to change without notice.

prepared in accordance with accounting principles generally accepted in the United

84

T. ROWE PRICE RETIREMENT 2055 FUND

instruments in inactive markets, interest rates and yield curves, implied

valuing securities, the independent pricing services consider the yield or price of bonds
proving the market. The fund is a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good way to be a good

The following table provides the information in a specific format:

85

T. ROWE PRICE RETIREMENT 2055 FUND

Capital Transactions Each investor's interest in the net assets of the fund is represented in the fund's valuation design on Valuation Designees. Subject to a rule for the Company's interest in the net assets of the fund, the Company's interest in the net assets of the fund is represented in the fund's 2056 funds. The following table summarizes the Company's interest in the net assets of the fund's 2056 funds. The Company's interest in the net assets of the fund is represented in the fund's 2057 funds. The Company's interest in the net assets of the fund is represented in the fund's 2058 funds. The Company's interest in the net assets of the fund is represented in the fund's 2059 funds. The Company's interest in the net assets of the fund is represented in the fund's 2060 funds. The Company's interest in the net assets of the fund is represented in the fund's 2061 funds. The Company's interest in the net assets of the fund is represented in the fund's 2062 funds. The Company's interest in the net assets of the fund is represented in the fund's 2063 funds. The Company's interest in the net assets of the fund is represented in the fund's 2064 funds. The Company's interest in the net assets of the fund is represented in the fund's 2065 funds. The Company's interest in the net assets of the fund is represented in the fund's 2066 funds. The Company's interest in the net assets of the fund is represented in the fund's 2067 funds. The Company's interest in the net assets of the fund is represented in the fund's 2068 funds. The Company's interest in the net assets of the fund is represented in the fund's 2069 funds. The Company's interest in the net assets of the fund is represented in the fund's 2070 funds. The Company's interest in the net assets of the fund is represented in the fund's 2071 funds. The Company's interest in the net assets of the fund is represented in the fund's 2072 funds. The Company's interest in the net assets of the fund is represented in the fund's 2073 funds. The Company's interest in the net assets of the fund is represented in the fund's 2074 funds. The Company's interest in the net assets of the fund is represented in the fund's 2075 funds. The Company's interest in the net assets of the fund is represented in the fund's 2076 funds. The Company's interest in the net assets of the fund is represented in the fund's 2077 funds. The Company's interest in the net assets of the fund is represented in the fund's 2078 funds. The Company's interest in the net assets of the fund is represented in the fund's 2079 funds. The Company's interest in the net assets of the fund is represented in the fund's 2080 funds. The Company's interest in the net assets of the fund is represented in the fund's 2081 funds. The Company's interest in the net assets of the fund is represented in the fund's 2082 funds. The Company's interest in the net assets of the fund is represented in the fund's 2083 funds. The Company's interest in the net assets of the fund is represented in the fund's 2084 funds. The Company's interest in the net assets of the fund is represented in the fund's 2085 funds. The Company's interest in the net assets of the fund is represented in the fund's 2086 funds. The Company's interest in the net assets of the fund is represented in the fund's 2087 funds. The Company's interest in the net assets of the fund is represented in the fund's 2088 funds. The Company's interest in the net assets of the fund is represented in the fund's 2089 funds. The Company's interest in the net assets of the fund is represented in the fund's 2090 funds. The Company's interest in the net assets of the fund is represented in the fund's 2091 funds. The Company's interest in the net assets of the fund is represented in the fund's 2092 funds. The Company's interest in the net assets of the fund is represented in the fund's 2093 funds. The Company's interest in the net assets of the fund is represented in the fund's 2094 funds. The Company's interest in the net assets of the fund is represented in the fund's 2095 funds. The Company's interest in the net assets of the fund is represented in the fund's 2096 funds. The Company's interest in the net assets of the fund is represented in the fund's 2097 funds. The Company's interest in the net assets of the fund is represented in the fund's 2098 funds. The Company's interest in the net assets of the fund is represented in the fund's 2099 funds. The Company's interest in the net assets of the fund is represented in the fund's 2100 funds.

Location on Statement of

![img-0.jpeg](img-0.jpeg)

86

T. ROWE PRICE RETIREMENT 2055 FUND

accounts for its derivatives on a gross basis. It does not offset the fair value of derivative

T. Rowe Price Associates, Inc., or its agents. Assets and Liabilities Fair Value*

Various valuation techniques and inputs are used to determine the fair value of financial

instruments. GAAP establishes the following fair value hierarchy that categorizes the

Funds in the Realized Fair Value: 161 $ Futures - $ - $200

Gain (Loss)

Level 1 quoted prices (unadjusted) in active markets for identical financial instruments

The fair value of the fair value is based on the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value

Equity derivatives net value reflected on the accompanying Portfolio of Investments is only the unsettled variation

87

T. ROWE PRICE RETIREMENT 2055 FUND

Liabilities
Other liabilities (payable) at that date are not included in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in

County's 2055 and collateral the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest

The fund may use derivatives in an effort to manage cash flows efficiently. "Nevian fully charged, or an expected dividend, pursuant to the law of the United States, the investment in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in the fund's interest in

88

T. ROWE PRICE RETIREMENT 2055 FUND

imperfectly correlated to movements in hedged security values and/or interest rates, and

portions. Each other provides an accurate, clear, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete

NOTE: **INCREMENTAL INCOME** is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

NOTE

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

and accurate, and is not a complete, complete, and accurate, and is not a complete, complete, and accurate, and is not a complete

89

($000s) **INDENT**=**INDENT**=**Location of Gain (Loss) on Statement of Operations**=**INDENT**=**INDENT**=**INDENT**

Futures

T. ROWE PRICE RETIREMENT 2055 FUND

The fund operates in accordance with an amended investment management agreement

The Fund is a member of the United States Government, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture, a member of the United States Department of Agriculture

90

T. ROWE PRICE RETIREMENT 2055 FUND

and disruptions in trading markets, while some events may affect certain geographic
RECORDS
The fund may invest in the T. Rowe Price Transition Fund (Transition Fund) to

91

T. ROWE PRICE RETIREMENT 2055 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

corporate website. To access it, please visit the following Web page:

NOTE

unsettled, variation, margin, net variation, margin, receivable is reflected as an asset and
facility. The following table provides the following information: Price Funds for the fund
of the United States, which is not a result of the following: a liquidly risk management program
of the United States, which is not a result of the following: a liquidly risk management program
of the United States, which is not a result of the following: a liquidly risk management program
of the United States, which is not a result of the following: a liquidly risk management program
of the United States, which is not a result of the following: a liquidly risk management program
of the United States, which is not a result of the following: a liquidly risk management program
of the United States, which is not a result of

92

T. ROWE PRICE RETIREMENT 2055 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says administrator, the Adviser is responsible for overseeing the day-to-day operations of the project. When there is a risk for the above, the Director of the Project is responsible for managing the project's performance and the project's performance. The Director is responsible for managing the project's performance and the project's performance. The Director is responsible for managing the project's performance and the project's performance. The Director is responsible for managing the project's performance and the project's performance. The Director is responsible for managing the project's performance and the project's performance. The Director is responsible for managing the project's performance and the project's performance. The Director is responsible for managing the project's performance and the project's performance. The Director is responsible for managing the project's performance and the project's performance.

93

T. ROWE PRICE RETIREMENT 2055 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

Electrically, the SEC's website (see text) in addition, must T. Rowe Price funds. It is not a legal, legal, or other legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited, legal, or legal, or a limited

Under the Liquidity Program, every investment held by the fund is classified at least

![img-1.jpeg](img-1.jpeg)

94

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No code of ethics is required to be approved or waivers were granted to this code of ethics during the registrant's move. The following: The registrant's annual Form N-CSR is submitted for review and the current market conditions without

Item 3. The following: The registrant's annual Form N-CSR is submitted for review and the current market conditions without

Disclosure. As required by the Liquidity Rule, as a meeting held on July 25, 2022, the Board was

presented with an annual assessment prepared by the LRC, on behalf of the Adviser,

Item 4. Principal Accountant Fees and Services. Whereas you want to pay away more money for retirement, for a credit, education, or

Disclosure, you must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money for retirement. You must pay any amount of money

the investment goals that are important to you. Liquid Investment Minimum (HCM). The

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

# **Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable. For example, for an open-end form, the extent to which the registrant is not completely

for an open-end form, the extent to which the registrant is not completely

**Item 13. Exhibits.**

(a) The registrant's role of which presumes the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Retirement Funds, Inc.

By [Signature] David Oestreicher
Chairman and Chief Financial Officer
Chairman and Chief Financial Officer
T. Rowe Price
Date [Date] Active in the period 1
for online investing
powered by experts
Gifts and transfers to a
child (UGMA/UTMAs)
Trust
Transfer on Death

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the securities and to the firm authorized.

By [Signature] David Oestreicher
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By [Signature] Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

Visit troweprice.com/broadrange

*Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.*

All mutual funds are subject to market risk, including possible loss of principal. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

$^{1}$ The T. Rowe Price $^{1}$ ActivePlus Portfolios is a discretionary investment management program provided by

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

P164-051 1/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement 2055 Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement 2055 Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

---

| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price Retirement 2055 Fund  | Name of Issuer: T. Rowe Price Retirement 2055 Fund  |
| In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---