# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-26-019004
**Filing Date:** 2026-1
**Character Count:** 80124
**Document Hash:** ea02f6c6d7c5758ab9fef86635bd0564
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-019004.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-019004

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Retirement Funds, Inc.
- **CENTRAL INDEX KEY:** 0001177017

**ORGANIZATION NAME:**
- **EIN:** 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:** 26550261

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**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 2045 Fund (Series ID: S000002110)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005489 | T. Rowe Price Retirement 2045 Fund               | TRRKX           |
| C000049234 | T. Rowe Price Retirement 2045 Fund-R Class       | RRTRX           |
| C000049235 | T. Rowe Price Retirement 2045 Fund-Advisor Class | PARLX           |
| C000244820 | T. Rowe Price Retirement 2045 Fund-I Class       | TRIKX           |

?xml version='1.0' encoding='ASCII'? Retirement 2045 Fund_RPK_F159-051

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g23566i196732022d55bed1994e.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement 2045 Fund

#### Investor Class (TRRKX)
This semi-annual shareholder report contains important information about Retirement 2045 Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retirement 2045 Fund - Investor Class | $32 | 0.60% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $18838206 |
| Number of Portfolio Holdings | 29 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 4.5% |

---

# **What did the fund invest in?** 

# **Asset Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Domestic Equity Funds | 67.2% |
| International Equity Funds | 28.2 |
| Domestic Bond Funds | 2.4 |
| International Bond Funds | 0.6 |
| U.S. Treasury Debt | 0.1 |
| Short-Term and Other | 1.5 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| T. Rowe Price Value Fund | 15.1% |
| T. Rowe Price Growth Stock Fund | 14.8 |
| T. Rowe Price Equity Index 500 Fund | 10.0 |
| T. Rowe Price U.S. Large-Cap Core Fund | 9.7 |
| T. Rowe Price International Value Equity Fund | 8.6 |
| T. Rowe Price Overseas Stock Fund | 7.8 |
| T. Rowe Price Real Assets Fund | 6.3 |
| T. Rowe Price International Stock Fund | 6.2 |
| T. Rowe Price Mid-Cap Value Fund | 3.1 |
| T. Rowe Price Mid-Cap Growth Fund | 3.0 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F159-053 1/26

Retirement 2045 Fund

Investor Class (TRRKX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g23566i1d130057569ed8d81893.jpg)

![Image](g23566i196732022d55bed1994e.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement 2045 Fund

#### Advisor Class (PARLX)
This semi-annual shareholder report contains important information about Retirement 2045 Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retirement 2045 Fund - Advisor Class | $45 | 0.85% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $18838206 |
| Number of Portfolio Holdings | 29 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 4.5% |

---

# **What did the fund invest in?** 

# **Asset Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Domestic Equity Funds | 67.2% |
| International Equity Funds | 28.2 |
| Domestic Bond Funds | 2.4 |
| International Bond Funds | 0.6 |
| U.S. Treasury Debt | 0.1 |
| Short-Term and Other | 1.5 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| T. Rowe Price Value Fund | 15.1% |
| T. Rowe Price Growth Stock Fund | 14.8 |
| T. Rowe Price Equity Index 500 Fund | 10.0 |
| T. Rowe Price U.S. Large-Cap Core Fund | 9.7 |
| T. Rowe Price International Value Equity Fund | 8.6 |
| T. Rowe Price Overseas Stock Fund | 7.8 |
| T. Rowe Price Real Assets Fund | 6.3 |
| T. Rowe Price International Stock Fund | 6.2 |
| T. Rowe Price Mid-Cap Value Fund | 3.1 |
| T. Rowe Price Mid-Cap Growth Fund | 3.0 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F281-053 1/26

Retirement 2045 Fund

Advisor Class (PARLX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g23566i1d130057569ed8d81893.jpg)

![Image](g23566i196732022d55bed1994e.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement 2045 Fund

#### R Class (RRTRX)
This semi-annual shareholder report contains important information about Retirement 2045 Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retirement 2045 Fund - R Class | $59 | 1.10% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $18838206 |
| Number of Portfolio Holdings | 29 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 4.5% |

---

# **What did the fund invest in?** 

# **Asset Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Domestic Equity Funds | 67.2% |
| International Equity Funds | 28.2 |
| Domestic Bond Funds | 2.4 |
| International Bond Funds | 0.6 |
| U.S. Treasury Debt | 0.1 |
| Short-Term and Other | 1.5 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| T. Rowe Price Value Fund | 15.1% |
| T. Rowe Price Growth Stock Fund | 14.8 |
| T. Rowe Price Equity Index 500 Fund | 10.0 |
| T. Rowe Price U.S. Large-Cap Core Fund | 9.7 |
| T. Rowe Price International Value Equity Fund | 8.6 |
| T. Rowe Price Overseas Stock Fund | 7.8 |
| T. Rowe Price Real Assets Fund | 6.3 |
| T. Rowe Price International Stock Fund | 6.2 |
| T. Rowe Price Mid-Cap Value Fund | 3.1 |
| T. Rowe Price Mid-Cap Growth Fund | 3.0 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F481-053 1/26

Retirement 2045 Fund

R Class (RRTRX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g23566i1d130057569ed8d81893.jpg)

![Image](g23566i196732022d55bed1994e.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement 2045 Fund

#### I Class (TRIKX)
This semi-annual shareholder report contains important information about Retirement 2045 Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retirement 2045 Fund - I Class | $23 | 0.43% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $18838206 |
| Number of Portfolio Holdings | 29 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 4.5% |

---

# **What did the fund invest in?** 

# **Asset Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Domestic Equity Funds | 67.2% |
| International Equity Funds | 28.2 |
| Domestic Bond Funds | 2.4 |
| International Bond Funds | 0.6 |
| U.S. Treasury Debt | 0.1 |
| Short-Term and Other | 1.5 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| T. Rowe Price Value Fund | 15.1% |
| T. Rowe Price Growth Stock Fund | 14.8 |
| T. Rowe Price Equity Index 500 Fund | 10.0 |
| T. Rowe Price U.S. Large-Cap Core Fund | 9.7 |
| T. Rowe Price International Value Equity Fund | 8.6 |
| T. Rowe Price Overseas Stock Fund | 7.8 |
| T. Rowe Price Real Assets Fund | 6.3 |
| T. Rowe Price International Stock Fund | 6.2 |
| T. Rowe Price Mid-Cap Value Fund | 3.1 |
| T. Rowe Price Mid-Cap Growth Fund | 3.0 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1571-053 1/26

Retirement 2045 Fund

I Class (TRIKX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g23566i1d130057569ed8d81893.jpg)

------

#### 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 substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

November

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

TRRKX

Retirement

2045

Fund

PARLX

Retirement

2045

Fund–

.

Advisor Class

RRTRX

Retirement

2045

Fund–

.

R Class

TRIKX

Retirement

2045

Fund–

.

I Class

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

23.25 $

21.63 $

18.40 $

19.77 $

23.46 $

17.21 Investment

activities

Net

investment

income

(loss)

(1)(2)

(0.03)

0.27 0.24 0.22 0.16 0.11 Net

realized

and

unrealized

gain/

loss

2.98 1.79 3.87 (0.24)

(2.27)

7.09 Total

from

investment

activities

2.95 2.06 4.11 (0.02)

(2.11)

7.20 Distributions

Net

investment

income

—

(0.31)

(0.27)

(0.22)

(0.15)

(0.16)

Net

realized

gain

—

(0.13)

(0.61)

(1.13)

(1.43)

(0.79)

Total

distributions

—

(0.44)

(0.88)

(1.35)

(1.58)

(0.95)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 26.20

#### $

#### 23.25

#### $

#### 21.63

#### $

#### 18.40

#### $

#### 19.77

#### $

#### 23.46
T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)(4)

#### 12.69%

#### 9.59%

#### 22.77%

#### 0.31%

#### (9.82)%

#### 42.57%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(4) 0.60%

(5) 0.61%

0.62%

0.62%

0.63%

0.71%

Net

expenses

after

payments

by

Price

Associates

(4) 0.60%

(5) 0.61%

0.62%

0.62%

0.63%

0.71%

Net

investment

income

(loss)

(4) (0.27)%

(5) 1.19%

1.22%

1.20%

0.70%

0.51%

Portfolio

turnover

rate

(4) 4.5%

13.0%

24.4%

24.5%

31.1%

21.8%

Net

assets,

end

of

period

(in

millions)

$6,284

$5,937

$6,022

$5,836

$6,314

$7,938

0%

0%

0%

0%

0%

0%

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

The

fund's

total

return

may

be

higher

or

lower

than

the

investment

results

of

the

individual

underlying

Price

Funds.

(4) Reflects

the

activity

of

the

fund,

and

does

not

include

the

activity

of

the

underlying

Price

Funds.

However,

investment

performance

of

the

fund

is

directly

related

to

the

investment

performance

of

the

underlying

Price

Funds

in

which

it

invests.

(5) Annualized

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

22.98 $

21.40 $

18.22 $

19.58 $

23.25 $

17.09 Investment

activities

Net

investment

income

(loss)

(1)(2)

(0.06)

0.21 0.19 0.17 0.11 0.05 Net

realized

and

unrealized

gain/

loss

2.94 1.76 3.83 (0.23)

(2.25)

7.03 Total

from

investment

activities

2.88 1.97 4.02 (0.06)

(2.14)

7.08 Distributions

Net

investment

income

—

(0.26)

(0.23)

(0.17)

(0.10)

(0.13)

Net

realized

gain

—

(0.13)

(0.61)

(1.13)

(1.43)

(0.79)

Total

distributions

—

(0.39)

(0.84)

(1.30)

(1.53)

(0.92)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 25.86

#### $

#### 22.98

#### $

#### 21.40

#### $

#### 18.22

#### $

#### 19.58

#### $

#### 23.25
T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)(4)

#### 12.53%

#### 9.26%

#### 22.46%

#### 0.08%

#### (10.02)%

#### 42.14%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(4) 0.85%

(5) 0.86%

0.87%

0.87%

0.88%

0.96%

Net

expenses

after

payments

by

Price

Associates

(4) 0.85%

(5) 0.86%

0.87%

0.87%

0.88%

0.96%

Net

investment

income

(loss)

(4) (0.52)%

(5) 0.93%

0.95%

0.95%

0.49%

0.25%

Portfolio

turnover

rate

(4) 4.5%

13.0%

24.4%

24.5%

31.1%

21.8%

Net

assets,

end

of

period

(in

millions)

$859

$791

$780

$668

$760

$942

0%

0%

0%

0%

0%

0%

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

The

fund's

total

return

may

be

higher

or

lower

than

the

investment

results

of

the

individual

underlying

Price

Funds.

(4) Reflects

the

activity

of

the

fund,

and

does

not

include

the

activity

of

the

underlying

Price

Funds.

However,

investment

performance

of

the

fund

is

directly

related

to

the

investment

performance

of

the

underlying

Price

Funds

in

which

it

invests.

(5) Annualized

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### R

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

22.55 $

21.00 $

17.90 $

19.27 $

22.91 $

16.86 Investment

activities

Net

investment

income

(loss)

(1)(2)

(0.09)

0.15 0.14 0.13 0.05 —

(3) Net

realized

and

unrealized

gain/

loss

2.88 1.74 3.76 (0.24)

(2.22)

6.94 Total

from

investment

activities

2.79 1.89 3.90 (0.11)

(2.17)

6.94 Distributions

Net

investment

income

—

(0.21)

(0.19)

(0.13)

(0.04)

(0.10)

Net

realized

gain

—

(0.13)

(0.61)

(1.13)

(1.43)

(0.79)

Total

distributions

—

(0.34)

(0.80)

(1.26)

(1.47)

(0.89)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 25.34

#### $

#### 22.55

#### $

#### 21.00

#### $

#### 17.90

#### $

#### 19.27

#### $

#### 22.91
T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### R

#### Class

Months

.

Ended

11/30/25

..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)(5)

#### 12.37%

#### 9.05%

#### 22.15%

#### (0.20)%

#### (10.26)%

#### 41.85%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(5) 1.10%

(6) 1.11%

1.12%

1.12%

1.13%

1.21%

Net

expenses

after

payments

by

Price

Associates

(5) 1.10%

(6) 1.11%

1.12%

1.12%

1.13%

1.21%

Net

investment

income

(loss)

(5) (0.76)%

(6) 0.69%

0.73%

0.71%

0.22%

0.01%

Portfolio

turnover

rate

(5) 4.5%

13.0%

24.4%

24.5%

31.1%

21.8%

Net

assets,

end

of

period

(in

thousands)

$877,953

$809,332

$798,448

$699,742

$718,789

$882,073

0%

0%

0%

0%

0%

0%

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Amounts

round

to

less

than

$0.01

per

share.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

The

fund's

total

return

may

be

higher

or

lower

than

the

investment

results

of

the

individual

underlying

Price

Funds.

(5) Reflects

the

activity

of

the

fund,

and

does

not

include

the

activity

of

the

underlying

Price

Funds.

However,

investment

performance

of

the

fund

is

directly

related

to

the

investment

performance

of

the

underlying

Price

Funds

in

which

it

invests.

(6) Annualized

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class
(1) 6

Months

.

Ended

11/30/25

.

.

Year

Ended

5/31/25

11/13/23

(1) Through

5/31/24

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

23.27 $

21.67 $

19.03 Investment

activities

Net

investment

income

(loss)

(2)(3)

(0.01)

0.30 (0.02)

(4) Net

realized

and

unrealized

gain/loss

2.98 1.80 3.55 Total

from

investment

activities

2.97 2.10 3.53 Distributions

Net

investment

income

—

(0.37)

(0.28)

Net

realized

gain

—

(0.13)

(0.61)

Total

distributions

—

(0.50)

(0.89)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 26.24

#### $

#### 23.27

#### $

#### 21.67

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(5)(6)

#### 12.76%

#### 9.75%

#### 18.95%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

payments

by

Price

Associates

(6) 0.43%

(7) 0.44%

0.44%

(7) Net

expenses

after

payments

by

Price

Associates

(6) 0.43%

(7) 0.44%

0.44%

(7) Net

investment

income

(loss)

(6) (0.10)%

(7) 1.35%

(0.14)%

(7) Portfolio

turnover

rate

(6) 4.5%

13.0%

24.4%

Net

assets,

end

of

period

(in

millions)

$10,817

$9,911

$9,122

0%

0%

0%

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) The

amount

presented

is

inconsistent

with

the

fund's

aggregate

net

investment

income

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

income

distributions

from

the

underlying

Price

Funds.

(5) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

The

fund's

total

return

may

be

higher

or

lower

than

the

investment

results

of

the

individual

underlying

Price

Funds.

(6) Reflects

the

activity

of

the

fund,

and

does

not

include

the

activity

of

the

underlying

Price

Funds.

However,

investment

performance

of

the

fund

is

directly

related

to

the

investment

performance

of

the

underlying

Price

Funds

in

which

it

invests.

(7) Annualized

T. ROWE

PRICE

Retirement

2045

Fund

November

30,

2025

Unaudited

#### Portfolio

#### of

#### Investments
(1) (1) #### $

#### Value

#### 5/31/25

#### $

#### Purchase

#### Cost

#### $

#### Sales

#### Cost

#### Shares/Par

#### $

#### Value

#### 11/30/25
(Cost

and

value

in

$000s)

#### BOND

#### FUNDS

#### 3.0%
T. #### Rowe

#### Price

#### Funds:
New

Income

Fund

181,010

46,599

8,944

27,666,822

223,548

U.S.

Treasury

Long-Term

Index

Fund

114,557

16,107

8,907

17,495,841

128,420

Limited

Duration

Inflation

Focused

Bond

Fund

80,982

8,398

4,435

17,917,047

83,673

International

Bond

Fund

(USD

Hedged)

70,701

7,456

3,317

8,749,537

75,071

Dynamic

Global

Bond

Fund

46,454

1,886

2,022

5,944,087

44,937

High

Yield

Fund

—

12,246

1,998,543

11,971

Emerging

Markets

Bond

Fund

—

4,082

417,190

4,105

#### Total

#### Bond

#### Funds

#### (Cost

#### $594,319)

#### 571,725

#### EQUITY

#### FUNDS

#### 95.4%
T. #### Rowe

#### Price

#### Funds:
Value

Fund

2,636,065

133,178

120,826

56,489,249

2,841,409

Growth

Stock

Fund

2,482,890

24,914

110,206

22,149,834

2,787,557

Equity

Index

500

Fund

1,734,628

30,052

106,612

10,389,195

1,874,315

U.S.

Large-Cap

Core

Fund

1,764,322

12,532

133,373

38,866,501

1,830,612

International

Value

Equity

Fund

1,490,543

14,381

67,577

68,716,032

1,620,324

Overseas

Stock

Fund

1,397,562

5,453

81,166

90,293,589

1,464,562

Real

Assets

Fund

1,092,185

23,185

119,747

66,314,170

1,185,697

International

Stock

Fund

1,171,555

10,931

63,589

51,149,455

1,171,323

Mid-Cap

Value

Fund

549,153

4,323

32,258

16,921,175

576,505

Mid-Cap

Growth

Fund

598,892

3,805

74,218

5,416,066

571,341

Emerging

Markets

Discovery

Stock

Fund

499,368

4,399

58,936

30,087,637

550,604

Emerging

Markets

Stock

Fund

430,472

8,647

25,207

11,612,390

503,513

Small-Cap

Value

Fund

335,434

879

17,268

6,353,519

369,012

Small-Cap

Stock

Fund

302,818

665

15,440

5,250,472

325,319

New

Horizons

Fund (2)

235,857

35,020

15,356

4,800,498

290,622

#### Total

#### Equity

#### Funds

#### (Cost

#### $11,753,333)

#### 17,962,715

#### OTHER

#### MUTUAL

#### FUNDS

#### 0.0%
T. #### Rowe

#### Price

#### Funds:
Transition

Fund

2,172

51,160

51,197

21,608

2,112

#### Total

#### Other

#### Mutual

#### Funds

#### (Cost

#### $2,113)

#### 2,112

#### SHORT-TERM

#### INVESTMENTS

#### 1.6%

#### Money

#### Market

#### Funds

#### 1.5%
T. Rowe

Price

U.S.

Treasury

Money

Fund,

4.05% (3)

212,845

361,952

291,284

283,513,150

283,513

T. ROWE

PRICE

Retirement

2045

Fund

#### $

#### Value

#### 5/31/25

#### $

#### Purchase

#### Cost

#### $

#### Sales

#### Cost

#### Shares/Par

#### $

#### Value

#### 11/30/25
(Cost

and

value

in

$000s)

#### SHORT-TERM

#### INVESTMENTS

#### 1.6%
(continued)

#### U.S.

#### Treasury

#### Obligations

#### 0.1%
U.S.

Treasury

Bills,

3.766%,

2/19/26 (4)

18,000,000

17,852

U.S.

Treasury

Bills,

3.972%,

12/4/25

9,000,000

8,997

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $310,361)

#### 310,362

#### Total

#### Investments

#### in

#### Securities

#### 100.0%

#### of

#### Net

#### Assets

#### (Cost

#### $12,660,126)

#### $

#### 18,846,914
(1) Each

underlying

Price

Fund

is

an

affiliated

company;

the

fund

is

invested

in

the Z

Class

of

each

underlying

Price

Fund,

except

for

the

Transition

Fund,

if

held,

which

is

a

single

class

fund.

Additional

information

about

each underlying

Price

Fund

is

available

by

calling

1-877-495-1138

and

at www.troweprice.com.

(2) Non-income

producing

(3) Seven-day

yield

(4) At

November

30,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

T. ROWE

PRICE

Retirement

2045

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Short,

MSCI

EAFE

Index

contracts

12/25

(56,237)

$

(534) Short,

Russell

2000

E-Mini

Index

contracts

12/25

(19,414)

(118) Short,

S&P

500

E-Mini

Index

contracts

12/25

(71,682)

(1,315)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 1,373

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### (594)
T. ROWE

PRICE

Retirement

2045

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

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,

2025. Net

realized

gain

(loss),

investment

income,

and

change

in

net

unrealized

gain/loss

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. #### Rowe

#### Price

#### Funds:
Dynamic

Global

Bond

Fund

$

(45) $

(1,381)

$

1,306

Emerging

Markets

Bond

Fund

Emerging

Markets

Discovery

Stock

Fund

7,698

105,773

—

Emerging

Markets

Stock

Fund

2,195

89,601

—

Equity

Index

500

Fund

50,311

216,247

11,252

Growth

Stock

Fund

44,656

389,959

—

High

Yield

Fund

(1) (59) 207

International

Bond

Fund

(USD

Hedged)

1,468

International

Stock

Fund

11,337

52,426

—

International

Value

Equity

Fund

23,077

182,977

—

Limited

Duration

Inflation

Focused

Bond

Fund

(1,272)

3,317

Mid-Cap

Growth

Fund

908

42,862

—

Mid-Cap

Value

Fund

1,997

55,287

—

New

Horizons

Fund

35,101

—

New

Income

Fund

(166) 4,883

5,011

Overseas

Stock

Fund

22,474

142,713

—

Real

Assets

Fund

19,682

190,074

—

Small-Cap

Stock

Fund

2,045

37,276

—

Small-Cap

Value

Fund

2,091

49,967

—

Transition

Fund

(23) 125

U.S.

Large-Cap

Core

Fund

23,058

187,131

—

U.S.

Treasury

Long-Term

Index

Fund

(1,303)

6,663

2,551

Value

Fund

22,933

192,992

—

U.S.

Treasury

Money

Fund,

4.05%

—

—

4,811

Totals

$

233,486#

$

1,979,543

$

30,113+

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$35

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$30,113

of

income

distributions

from

underlying

Price

Funds.

T. ROWE

PRICE

Retirement

2045

Fund

November

30,

2025

Unaudited

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Assets
Investments

in

securities,

at

value

(cost

$12,660,126)

$

18,846,914

Receivable

for

shares

sold

14,033

Receivable

for

investment

securities

sold

9,859

Total

assets

18,870,806

#### Liabilities
Payable

for

shares

redeemed

23,866

Investment

management

and

administrative

fees

payable

7,598

Variation

margin

payable

on

futures

contracts

594

Other

liabilities

542

Total

liabilities

32,600

#### NET

#### ASSETS

#### $

#### 18,838,206

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

6,599,531

Paid-in

capital

applicable

to

719,998,675

shares

of

$0.0001

par

value

capital

stock

outstanding;

30,000,000,000

shares

of

the

Corporation

authorized

12,238,675

#### NET

#### ASSETS

#### $

#### 18,838,206

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $6,284,105;

#### Shares

#### outstanding:

#### 239,881,359)

#### $

#### 26.20

#### Advisor

#### Class

#### (Net

#### assets:

#### $858,826;

#### Shares

#### outstanding:

#### 33,206,543)

#### $

#### 25.86

#### R

#### Class

#### (Net

#### assets:

#### $877,953;

#### Shares

#### outstanding:

#### 34,644,174)

#### $

#### 25.34

#### I

#### Class

#### (Net

#### assets:

#### $10,817,322;

#### Shares

#### outstanding:

#### 412,266,599)

#### $

#### 26.24
T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

11/30/25

#### Investment

#### Income
(Loss)

Income

Income

distributions

from

underlying

Price

Funds

$

30,113

Interest

509

Total

income

30,622

Expenses

Investment

management

and

administrative

expense

46,076

Rule

12b-1

fees

Advisor

Class

$

1,049

R

Class

2,103

3,152

Total

expenses

49,228

Net

investment

loss

(18,606)

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Sales

of

underlying

Price

Funds

233,451

Futures

(26,785)

Capital

gain

distributions

from

underlying

Price

Funds

Net

realized

gain

206,701

Change

in

net

unrealized

gain

/

loss

Underlying

Price

Funds

1,979,543

Securities

(1) Futures

6,159

Change

in

net

unrealized

gain

/

loss

1,985,701

Net

realized

and

unrealized

gain

/

loss

2,192,402

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 2,173,796
T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

11/30/25

Year

Ended

5/31/25

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

(loss)

$

(18,606)

$

212,363

Net

realized

gain

206,701

899,162

Change

in

net

unrealized

gain

/

loss

1,985,701

462,288

Increase

in

net

assets

from

operations

2,173,796

1,573,813

Distributions

to

shareholders

Net

earnings

Investor

Class

–

(114,408)

Advisor

Class

–

(13,526)

R

Class

–

(12,391)

I

Class

–

(204,226)

Decrease

in

net

assets

from

distributions

–

(344,551)

Capital

share

transactions

\*

Shares

sold

Investor

Class

378,492

819,639

Advisor

Class

61,342

130,219

R

Class

55,725

84,964

I

Class

826,580

1,695,402

Distributions

reinvested

Investor

Class

–

112,824

Advisor

Class

–

13,347

R

Class

–

12,391

I

Class

–

202,114

Shares

redeemed

Investor

Class

(766,951)

(1,451,821)

Advisor

Class

(91,031)

(189,721)

R

Class

(85,003)

(144,096)

I

Class

(1,162,099)

(1,790,196)

Decrease

in

net

assets

from

capital

share

transactions

(782,945)

(504,934)

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

11/30/25

Year

Ended

5/31/25

#### Net

#### Assets
Increase

during

period

1,390,851

724,328

Beginning

of

period

17,447,355

16,723,027

#### End

#### of

#### period

#### $

#### 18,838,206

#### $

#### 17,447,355
\*Share

information

(000s)

Shares

sold

Investor

Class

15,221

36,340

Advisor

Class

2,493

5,840

R

Class

2,311

3,875

I

Class

33,173

75,094

Distributions

reinvested

Investor

Class

–

5,050

Advisor

Class

–

604

R

Class

–

571

I

Class

–

9,047

Shares

redeemed

Investor

Class

(30,693)

(64,422)

Advisor

Class

(3,686)

(8,492)

R

Class

(3,562)

(6,566)

I

Class

(46,858)

(79,228)

Decrease

in

shares

outstanding

(31,601)

(22,287)

T. ROWE

PRICE

Retirement

2045

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Retirement

Funds,

Inc.

(the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act). T.

Rowe

Price Retirement

2045

Fund

(the

fund)

is

a

diversified,

open-end

management

investment

company

and

is

one

of

the

portfolios

established

by

the

corporation. The

fund

invests

in

a

portfolio

of

other

T. Rowe

Price

stock

and

bond

funds

(underlying

Price

Funds)

that

represent

various

asset

classes

and

sectors. The

fund's

allocation

among

underlying

Price

Funds

will

change,

and

its

asset

mix

will

become

more

conservative

over

time.

The

fund

seeks

the

highest

total

return

over

time

consistent

with

an

emphasis

on

both

capital

growth

and

income.

The

fund

has

four classes

of

shares:

the Retirement

2045

Fund

(Investor

Class),

Retirement

2045

Fund–Advisor

Class

(Advisor

Class),

Retirement

2045

Fund–R

Class

(R

Class)

and

Retirement

2045

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries,

and

R

Class

shares

are

available

through

financial

intermediaries

for

employer-sponsored

defined

contribution

retirement

plans

and

certain

other

retirement

accounts.

The

Advisor

Class

and

R

Class

each

operate

under

separate

Board-approved

Rule

12b-1

plans,

pursuant

to

which

each

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

of

the

underlying

Price

T. ROWE

PRICE

Retirement

2045

Fund

Funds

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

of

the

underlying

Price

Funds.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Dividends

received

from

underlying

Price

Fund

investments

are

reflected

as income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Income

and

capital

gain

distributions

from

the

underlying

Price

Funds

are

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any,

are

declared

and

paid

by

each

class

annually.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by the

fund

annually.

#### Class

#### Accounting
Investment

management

and

administrative

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

and

R

Class

each

pay

Rule

12b-1

fees

in

an

amount

not

exceeding

0.25%

and

0.50%,

respectively,

of

the

class's

average

daily

net

assets.

#### In-Kind

#### Redemptions
In

accordance

with

guidelines

described

in

the

fund's

prospectus,

the

fund

may

distribute

shares

of

the

underlying

Price

Funds

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

For

financial

reporting

purposes,

the

fund

recognizes

a

gain

on

in-kind

redemptions

to

the

extent

the

value

of

the

distributed

shares

of

the

underlying

Price

Funds

on

the

date

of

redemption

exceeds

the

cost

of

those

shares.

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

six

months ended

November

30,

2025,

the

fund

realized

$157,013,000 of

net

gain

on

$380,196,000

of

in-kind

redemptions.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

T. ROWE

PRICE

Retirement

2045

Fund

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### Indemnification
In

the

normal

course

of

business,

the fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION
The fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Investments

in

the

underlying

Price

Funds

are

valued

at

their

closing

NAV

per

share

on

the

day

of

valuation.

Debt

securities

are

generally

traded

in

the

over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Futures

contracts

are

valued

at

closing

settlement

prices. Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

The

fund's

Board

of

Directors

(the

Board) has

designated

T. Rowe

Price

Associates,

Inc.

as

the fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee.

The

Valuation Designee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

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

inputs

used

to

measure

fair

value:

T. ROWE

PRICE

Retirement

2045

Fund

Level

1 – quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2 – inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3 – unobservable

inputs

(including

the

Valuation Designee's

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T. ROWE

PRICE

Retirement

2045

Fund

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
The fund

may

use

derivatives

in

an

effort

to

manage

cash

flows

efficiently,

remain

fully

invested,

or

facilitate

asset

allocation

and

rebalancing.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The fund

invests in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The fund

values

its derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in its

results

of

operations.

Accordingly,

the fund

does not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the fund

accounts for its

derivatives

on

a

gross

basis. It

does not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on its financial

statements,

nor does

it offset

the

fair

value

of

derivative

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Bond

Funds

$

571,725

$

—

$

—

$

571,725

Equity

Funds

17,962,715

—

—

17,962,715

Other

Mutual

Funds

2,112

—

—

2,112

Short-Term

Investments

283,513

26,849

—

310,362

Total

$

18,820,065

$

26,849

$

—

$

18,846,914

#### Liabilities
Futures

Contracts\*

$

1,967

$

—

$

—

$

1,967

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

Retirement

2045

Fund

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral. The

following

table

summarizes

the

fair

value

of

the

fund's

futures

contracts

held

as

of

November

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

Additionally,

the

amount

of

gains

and

losses

on derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations,

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

#### Counterparty

#### Risk

#### and

#### Collateral
The fund

invests in

exchange-traded and/

or

centrally

cleared

derivative

contracts,

such

as

futures

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the fund

is required

to

deposit

collateral

in

an

amount

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*
\*

#### Liabilities
Equity

derivatives

Futures

$

1,967

Total

$

1,967

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Futures

#### Realized

#### Gain
(Loss)

Equity

derivatives

$

(26,785)

Total

$

(26,785)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Equity

derivatives

$

6,159

Total

$

6,159

T. ROWE

PRICE

Retirement

2045

Fund

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement)

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions.

As

of

November

30,

2025,

securities

valued

at $7,044,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

#### Futures

#### Contracts
The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values,

and

potential

T. ROWE

PRICE

Retirement

2045

Fund

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

November

30,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

2%

of

net

assets.

#### NOTE

#### 4

#### -

#### INVESTMENTS

#### IN

#### UNDERLYING

#### PRICE

#### FUNDS
Purchases

and

sales

of

the

underlying

Price

Funds

other

than

in-kind

transactions,

if

any, aggregated $822,250,000

and

$1,265,448,000,

respectively

for

the six

months

ended

November

30,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since the fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

At

November

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$12,821,316,000. Net

unrealized

gain

aggregated $6,023,631,000

at

period-end,

of

which $6,209,498,000

related

to

appreciated

investments

and $185,867,000

related

to

depreciated

investments.

#### NOTE

#### 6

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

Price

Associates,

directly

or

through

sub-advisory

agreements

with

its

wholly

owned

subsidiaries,

also

provides

investment

management

services

to

all

the

underlying

Price

Funds.

Certain

officers

and

directors

of

the

fund

are

also

officers

and

directors

of

Price

Associates

and

its

subsidiaries

and

the

underlying

Price

Funds.

T. ROWE

PRICE

Retirement

2045

Fund

The

fund

operates

in

accordance

with

an

amended

investment

management

agreement

(amended

management

agreement),

between

the

corporation,

on

behalf

of

the

fund,

and

Price

Associates.

Under

the

amended

management

agreement, the

fund

pays

an

annual

all-inclusive fee

that

is

based

on

a

predetermined

fee

schedule

that

ranges

from

0.64%

to

0.49%

for

the

Investor

Class,

Advisor

Class,

and

R

Class

and

0.46%

to

0.34%

for

the

I

Class,

generally

declining

as

the

fund

reduces

its

overall

stock

exposure

along

its

investment

glide

path.

The

annual

all-inclusive fee

covers

investment

management

services

and

all

of

the

fund's

operating

expenses

except

for

interest

expense;

expenses

related

to

borrowings,

taxes,

and

brokerage;

nonrecurring,

extraordinary

expenses;

acquired

fund

fees

and

expenses;

and

any

12b-1

fees

applicable

to

a

class.

Differences

in

the

annual

all-inclusive

fees

between

certain

classes

relate

to

differences

in

expected

shareholder

servicing

expenses.

At

November

30,

2025,

the

effective

annual

all-inclusive

fee

rate

was

0.60%

for

the

Investor

Class,

Advisor

Class,

and

R

Class

and

0.43%

for

the

I

Class.

In

addition,

the fund

has entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

fund.

Pursuant

to

the

annual

all-inclusive

fee

arrangement

under

the

investment

management

and

administrative

agreement,

expenses

incurred

by

the

fund

pursuant

to

these

service

agreements

are

paid

by

Price

Associates.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The

fund

may

invest

in

the

T. Rowe

Price

Transition

Fund

(Transition

Fund)

to

facilitate

the fund's

transition

between

the

various

underlying

Price

Funds

as

the

fund

rebalances

its

allocation

to

the

underlying

Price

Funds.

There

is

no

specific

neutral

allocation

to

the

Transition

Fund.

In

addition,

the

fund

may

also

maintain

a

small

position

in

the

Transition

Fund

when

it

is

not

actively

involved

in

a

transition.

T. ROWE

PRICE

Retirement

2045

Fund

The

fund

does

not

invest

in

the

underlying

Price

Funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund's

net

assets.

At

November

30,

2025,

the

fund

held

less

than

25%

of

the

outstanding

shares

of

any

underlying

Price

Fund.

#### NOTE

#### 7

#### -

#### SEGMENT

#### REPORTING
Operating

segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 8

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

T. ROWE

PRICE

Retirement

2045

Fund

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*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.*

F159-051

1/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. 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.

#### Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(3) [Separate certifications by 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.](d23566dex99cert.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.](d23566dex99906ce.htm)

------

#### 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. | T. Rowe Price Retirement Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | January 16, 2026 |

---

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 capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | January 16, 2026 |
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | January 16, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Retirement 2045 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;&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;&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;&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;&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;&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;&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 16, 2026 | /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 2045 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;&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;&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;&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;&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;&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;&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 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Retirement 2045 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---