# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-26-018930
**Filing Date:** 2026-1
**Character Count:** 69282
**Document Hash:** 1f211e33fd869d0874ebfbeb9581bb99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018930.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018930

**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:** 26550039

**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 Balanced Fund (Series ID: S000002114)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000005499 | T. Rowe Price Retirement Balanced Fund               | TRRIX           |
| C000005500 | T. Rowe Price Retirement Balanced Fund-Advisor Class | PARIX           |
| C000005501 | T. Rowe Price Retirement Balanced Fund-R Class       | RRTIX           |
| C000244824 | T. Rowe Price Retirement Balanced Fund-I Class       | TRJWX           |

?xml version='1.0' encoding='ASCII'? Retirement Balanced Fund_RPE_F145-051

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Report pursuant to Rule 30e-1
![Image](g855918g15j11.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement Balanced Fund

#### Investor Class (TRRIX)
This semi-annual shareholder report contains important information about Retirement Balanced 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 Balanced Fund - Investor Class | $25 | 0.49% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2207641 |
| Number of Portfolio Holdings | 27 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 7.4% |

---

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

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

---

| | |
|:---|:---|
| Domestic Bond Funds | 41.7% |
| Domestic Equity Funds | 29.4 |
| International Bond Funds | 14.3 |
| International Equity Funds | 10.8 |
| Short-Term and Other | 3.8 |

---

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

---

| | |
|:---|:---|
| T. Rowe Price Limited Duration Inflation Focused Bond Fund | 19.6% |
| T. Rowe Price New Income Fund | 15.9 |
| T. Rowe Price International Bond Fund (USD Hedged) | 6.0 |
| T. Rowe Price Value Fund | 5.7 |
| T. Rowe Price Growth Stock Fund | 5.7 |
| T. Rowe Price Hedged Equity Fund | 4.1 |
| T. Rowe Price U.S. Large-Cap Core Fund | 3.7 |
| T. Rowe Price Dynamic Global Bond Fund | 3.5 |
| T. Rowe Price Emerging Markets Bond Fund | 3.4 |
| T. Rowe Price International Value Equity Fund | 3.3 |

---

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

F145-053 1/26

Retirement Balanced Fund

Investor Class (TRRIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g855918g39h92.jpg)

![Image](g855918g15j11.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement Balanced Fund

#### Advisor Class (PARIX)
This semi-annual shareholder report contains important information about Retirement Balanced 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 Balanced Fund - Advisor Class | $38 | 0.74% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2207641 |
| Number of Portfolio Holdings | 27 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 7.4% |

---

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

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

---

| | |
|:---|:---|
| Domestic Bond Funds | 41.7% |
| Domestic Equity Funds | 29.4 |
| International Bond Funds | 14.3 |
| International Equity Funds | 10.8 |
| Short-Term and Other | 3.8 |

---

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

---

| | |
|:---|:---|
| T. Rowe Price Limited Duration Inflation Focused Bond Fund | 19.6% |
| T. Rowe Price New Income Fund | 15.9 |
| T. Rowe Price International Bond Fund (USD Hedged) | 6.0 |
| T. Rowe Price Value Fund | 5.7 |
| T. Rowe Price Growth Stock Fund | 5.7 |
| T. Rowe Price Hedged Equity Fund | 4.1 |
| T. Rowe Price U.S. Large-Cap Core Fund | 3.7 |
| T. Rowe Price Dynamic Global Bond Fund | 3.5 |
| T. Rowe Price Emerging Markets Bond Fund | 3.4 |
| T. Rowe Price International Value Equity Fund | 3.3 |

---

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

F254-053 1/26

Retirement Balanced Fund

Advisor Class (PARIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g855918g39h92.jpg)

![Image](g855918g15j11.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement Balanced Fund

#### R Class (RRTIX)
This semi-annual shareholder report contains important information about Retirement Balanced 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 Balanced Fund - R Class | $51 | 0.99% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2207641 |
| Number of Portfolio Holdings | 27 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 7.4% |

---

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

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

---

| | |
|:---|:---|
| Domestic Bond Funds | 41.7% |
| Domestic Equity Funds | 29.4 |
| International Bond Funds | 14.3 |
| International Equity Funds | 10.8 |
| Short-Term and Other | 3.8 |

---

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

---

| | |
|:---|:---|
| T. Rowe Price Limited Duration Inflation Focused Bond Fund | 19.6% |
| T. Rowe Price New Income Fund | 15.9 |
| T. Rowe Price International Bond Fund (USD Hedged) | 6.0 |
| T. Rowe Price Value Fund | 5.7 |
| T. Rowe Price Growth Stock Fund | 5.7 |
| T. Rowe Price Hedged Equity Fund | 4.1 |
| T. Rowe Price U.S. Large-Cap Core Fund | 3.7 |
| T. Rowe Price Dynamic Global Bond Fund | 3.5 |
| T. Rowe Price Emerging Markets Bond Fund | 3.4 |
| T. Rowe Price International Value Equity Fund | 3.3 |

---

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

F454-053 1/26

Retirement Balanced Fund

R Class (RRTIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g855918g39h92.jpg)

![Image](g855918g15j11.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

#### Retirement Balanced Fund

#### I Class (TRJWX)
This semi-annual shareholder report contains important information about Retirement Balanced 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 Balanced Fund - I Class | $18 | 0.34% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2207641 |
| Number of Portfolio Holdings | 27 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 7.4% |

---

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

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

---

| | |
|:---|:---|
| Domestic Bond Funds | 41.7% |
| Domestic Equity Funds | 29.4 |
| International Bond Funds | 14.3 |
| International Equity Funds | 10.8 |
| Short-Term and Other | 3.8 |

---

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

---

| | |
|:---|:---|
| T. Rowe Price Limited Duration Inflation Focused Bond Fund | 19.6% |
| T. Rowe Price New Income Fund | 15.9 |
| T. Rowe Price International Bond Fund (USD Hedged) | 6.0 |
| T. Rowe Price Value Fund | 5.7 |
| T. Rowe Price Growth Stock Fund | 5.7 |
| T. Rowe Price Hedged Equity Fund | 4.1 |
| T. Rowe Price U.S. Large-Cap Core Fund | 3.7 |
| T. Rowe Price Dynamic Global Bond Fund | 3.5 |
| T. Rowe Price Emerging Markets Bond Fund | 3.4 |
| T. Rowe Price International Value Equity Fund | 3.3 |

---

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

F1576-053 1/26

Retirement Balanced Fund

I Class (TRJWX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g855918g39h92.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

TRRIX

Retirement

Balanced

Fund

PARIX

Retirement

Balanced

Fund–

.

Advisor Class

RRTIX

Retirement

Balanced

Fund–

.

R Class

TRJWX

Retirement

Balanced

Fund–

.

I Class

T. ROWE

PRICE

Retirement

Balanced

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

$

13.58 $

13.14 $

12.32 $

13.80 $

16.59 $

15.03 Investment

activities

Net

investment

income

(1)(2)

0.22 0.43 0.36 0.43 0.32 0.18 Net

realized

and

unrealized

gain/

loss

0.76 0.54 1.01 (0.62)

(1.19)

2.80 Total

from

investment

activities

0.98 0.97 1.37 (0.19)

(0.87)

2.98 Distributions

Net

investment

income

(0.23)

(0.43)

(0.40)

(0.44)

(0.33)

(0.19)

Net

realized

gain

—

(0.10)

(0.15)

(0.85)

(1.59)

(1.23)

Total

distributions

(0.23)

(0.53)

(0.55)

(1.29)

(1.92)

(1.42)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 14.33

#### $

#### 13.58

#### $

#### 13.14

#### $

#### 12.32

#### $

#### 13.80

#### $

#### 16.59
T. ROWE

PRICE

Retirement

Balanced

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)

#### 7.22%

#### 7.50%

#### 11.35%

#### (1.18)%

#### (6.12)%

#### 20.48%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(4) 0.49%

(5) 0.49%

0.49%

0.49%

0.49%

0.50%

Net

expenses

after

payments

by

Price

Associates

(4) 0.49%

(5) 0.49%

0.49%

0.49%

0.49%

0.50%

Net

investment

income

(4) 3.19%

(5) 3.17%

2.87%

3.33%

2.06%

1.12%

Portfolio

turnover

rate

(4) 7.4%

18.6%

26.8%

22.8%

32.2%

35.4%

Net

assets,

end

of

period

(in

millions)

$943

$935

$1,002

$1,454

$1,697

$1,950

0%

0%

0%

0%

0%

0%

T. ROWE

PRICE

Retirement

Balanced

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

Balanced

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

$

13.59 $

13.15 $

12.32 $

13.81 $

16.60 $

15.03 Investment

activities

Net

investment

income

(1)(2)

0.21 0.40 0.33 0.39 0.28 0.14 Net

realized

and

unrealized

gain/

loss

0.75 0.54 1.02 (0.63)

(1.19)

2.81 Total

from

investment

activities

0.96 0.94 1.35 (0.24)

(0.91)

2.95 Distributions

Net

investment

income

(0.21)

(0.40)

(0.37)

(0.40)

(0.29)

(0.15)

Net

realized

gain

—

(0.10)

(0.15)

(0.85)

(1.59)

(1.23)

Total

distributions

(0.21)

(0.50)

(0.52)

(1.25)

(1.88)

(1.38)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 14.34

#### $

#### 13.59

#### $

#### 13.15

#### $

#### 12.32

#### $

#### 13.81

#### $

#### 16.60
T. ROWE

PRICE

Retirement

Balanced

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)

#### 7.08%

#### 7.24%

#### 11.16%

#### (1.50)%

#### (6.35)%

#### 20.24%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(4) 0.74%

(5) 0.74%

0.74%

0.74%

0.74%

0.75%

Net

expenses

after

payments

by

Price

Associates

(4) 0.74%

(5) 0.74%

0.74%

0.74%

0.74%

0.75%

Net

investment

income

(4) 2.94%

(5) 2.94%

2.57%

3.07%

1.75%

0.87%

Portfolio

turnover

rate

(4) 7.4%

18.6%

26.8%

22.8%

32.2%

35.4%

Net

assets,

end

of

period

(in

thousands)

$70,930

$72,718

$76,308

$80,450

$96,695

$139,415

0%

0%

0%

0%

0%

0%

T. ROWE

PRICE

Retirement

Balanced

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

Balanced

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

$

13.57 $

13.14 $

12.31 $

13.79 $

16.59 $

15.02 Investment

activities

Net

investment

income

(1)(2)

0.19 0.36 0.29 0.36 0.25 0.10 Net

realized

and

unrealized

gain/

loss

0.76 0.54 1.02 (0.62)

(1.20)

2.81 Total

from

investment

activities

0.95 0.90 1.31 (0.26)

(0.95)

2.91 Distributions

Net

investment

income

(0.19)

(0.37)

(0.33)

(0.37)

(0.26)

(0.11)

Net

realized

gain

—

(0.10)

(0.15)

(0.85)

(1.59)

(1.23)

Total

distributions

(0.19)

(0.47)

(0.48)

(1.22)

(1.85)

(1.34)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 14.33

#### $

#### 13.57

#### $

#### 13.14

#### $

#### 12.31

#### $

#### 13.79

#### $

#### 16.59
T. ROWE

PRICE

Retirement

Balanced

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)(3)(4)

#### 7.03%

#### 6.89%

#### 10.89%

#### (1.67)%

#### (6.65)%

#### 19.97%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

payments

by

Price

Associates

(4) 0.99%

(5) 0.99%

0.99%

0.99%

0.99%

1.00%

Net

expenses

after

payments

by

Price

Associates

(4) 0.99%

(5) 0.99%

0.99%

0.99%

0.99%

1.00%

Net

investment

income

(4) 2.69%

(5) 2.66%

2.31%

2.85%

1.57%

0.64%

Portfolio

turnover

rate

(4) 7.4%

18.6%

26.8%

22.8%

32.2%

35.4%

Net

assets,

end

of

period

(in

thousands)

$118,094

$117,061

$119,157

$115,796

$134,378

$160,253

0%

0%

0%

0%

0%

0%

T. ROWE

PRICE

Retirement

Balanced

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

Balanced

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

$

13.58 $

13.15 $

12.33 Investment

activities

Net

investment

income

(2)(3)

0.24 0.45 0.14 Net

realized

and

unrealized

gain/loss

0.76 0.53 1.14 Total

from

investment

activities

1.00 0.98 1.28 Distributions

Net

investment

income

(0.24)

(0.45)

(0.31)

Net

realized

gain

—

(0.10)

(0.15)

Total

distributions

(0.24)

(0.55)

(0.46)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 14.34

#### $

#### 13.58

#### $

#### 13.15

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)(5)

#### 7.37%

#### 7.59%

#### 10.63%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

payments

by

Price

Associates

(5) 0.34%

(6) 0.34%

0.34%

(6) Net

expenses

after

payments

by

Price

Associates

(5) 0.34%

(6) 0.34%

0.34%

(6) Net

investment

income

(5) 3.37%

(6) 3.32%

2.01%

(6) Portfolio

turnover

rate

(5) 7.4%

18.6%

26.8%

Net

assets,

end

of

period

(in

millions)

$1,076

$1,021

$978

0%

0%

0%

T. ROWE

PRICE

Retirement

Balanced

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) 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

Balanced

Fund

November

30,

2025

Unaudited

#### Portfolio

#### of

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

#### Value

#### 5/31/25

#### $

#### Purchase

#### Cost

#### $

#### Sales

#### Cost

#### Shares

#### $

#### Value

#### 11/30/25
(Cost

and

value

in

$000s)

#### BOND

#### FUNDS

#### 56.0%
T. #### Rowe

#### Price

#### Funds:
Limited

Duration

Inflation

Focused

Bond

Fund

431,530

32,942

27,003

92,492,675

431,941

New

Income

Fund

334,879

29,745

22,719

43,534,776

351,761

International

Bond

Fund

(USD

Hedged)

130,189

9,745

8,677

15,424,595

132,343

Dynamic

Global

Bond

Fund

78,095

5,649

5,146

10,124,113

76,538

Emerging

Markets

Bond

Fund

70,310

3,512

4,530

7,621,789

74,998

High

Yield

Fund

61,646

3,172

3,707

10,336,177

61,914

U.S.

Treasury

Long-Term

Index

Fund

57,746

2,196

8,905

7,607,420

55,839

Dynamic

Credit

Fund

30,090

2,645

2,091

3,487,045

30,895

Floating

Rate

Fund

20,627

1,110

1,257

2,217,803

20,470

#### Total

#### Bond

#### Funds

#### (Cost

#### $1,310,095)

#### 1,236,699

#### EQUITY

#### FUNDS

#### 40.2%
T. #### Rowe

#### Price

#### Funds:
Value

Fund

121,931

1,809

6,773

2,513,476

126,428

Growth

Stock

Fund

116,109

1,779

8,845

1,003,358

126,272

Hedged

Equity

Fund

86,550

1,296

5,448

6,473,831

90,504

U.S.

Large-Cap

Core

Fund

82,007

1,200

9,330

1,724,033

81,202

International

Value

Equity

Fund

70,750

1,039

5,098

3,125,139

73,691

Equity

Index

500

Fund

61,226

9,647

8,131

376,817

67,981

Overseas

Stock

Fund

61,767

934

3,140

4,044,815

65,607

Real

Assets

Fund

57,191

1,173

8,192

3,327,853

59,502

International

Stock

Fund

53,790

792

3,468

2,305,793

52,803

Mid-Cap

Value

Fund

26,514

2,265

802,575

27,344

Mid-Cap

Growth

Fund

28,525

4,363

245,909

25,941

Emerging

Markets

Discovery

Stock

Fund

22,600

2,987

1,347,594

24,661

Emerging

Markets

Stock

Fund

20,444

1,831

527,342

22,865

Small-Cap

Value

Fund

15,881

1,540

289,600

16,820

Small-Cap

Stock

Fund

13,151

230,718

14,295

New

Horizons

Fund (2)

11,886

926

1,575

211,671

12,815

#### Total

#### Equity

#### Funds

#### (Cost

#### $509,001)

#### 888,731

#### OTHER

#### MUTUAL

#### FUNDS

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

#### Price

#### Funds:
Transition

Fund

10,021

9,948

2,277

#### Total

#### Other

#### Mutual

#### Funds

#### (Cost

#### $223)

#### 223
T. ROWE

PRICE

Retirement

Balanced

Fund

#### $

#### Value

#### 5/31/25

#### $

#### Purchase

#### Cost

#### $

#### Sales

#### Cost

#### Shares

#### $

#### Value

#### 11/30/25
(Cost

and

value

in

$000s)

#### SHORT-TERM

#### INVESTMENTS

#### 3.8%

#### Money

#### Market

#### Funds

#### 3.8%
T. Rowe

Price

U.S.

Treasury

Money

Fund,

4.05% (3)

81,149

37,423

35,744

82,828,136

82,828

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $82,828)

#### 82,828

#### Total

#### Investments

#### in

#### Securities

#### 100.0%

#### of

#### Net

#### Assets

#### (Cost

#### $1,902,147)

#### $

#### 2,208,481
(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

T. ROWE

PRICE

Retirement

Balanced

Fund

#### 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

Credit

Fund

$

(15) $

$

1,126

Dynamic

Global

Bond

Fund

(342) (2,060)

2,195

Emerging

Markets

Bond

Fund

(378) 5,706

2,473

Emerging

Markets

Discovery

Stock

Fund

4,700

—

Emerging

Markets

Stock

Fund

3,934

—

Equity

Index

500

Fund

3,831

5,239

Floating

Rate

Fund

(12) (10) 799

Growth

Stock

Fund

2,638

17,229

—

Hedged

Equity

Fund

1,220

8,106

—

High

Yield

Fund

(80) 803

2,266

International

Bond

Fund

(USD

Hedged)

(630) 1,086

2,673

International

Stock

Fund

1,201

1,689

—

International

Value

Equity

Fund

2,545

7,000

—

Limited

Duration

Inflation

Focused

Bond

Fund

(706) (5,528)

17,075

Mid-Cap

Growth

Fund

679

1,373

—

Mid-Cap

Value

Fund

2,715

—

New

Horizons

Fund

1,578

—

New

Income

Fund

(1,784)

9,856

8,464

Overseas

Stock

Fund

1,291

6,046

—

Real

Assets

Fund

1,519

9,330

—

Small-Cap

Stock

Fund

1,404

—

Small-Cap

Value

Fund

2,261

—

Transition

Fund

(4) (2) 17

U.S.

Large-Cap

Core

Fund

2,405

7,325

—

U.S.

Treasury

Long-Term

Index

Fund

(2,314)

4,802

1,179

Value

Fund

9,461

—

U.S.

Treasury

Money

Fund,

4.05%

—

—

1,784

Totals

$

12,967#

$

104,294

$

40,432+

T. ROWE

PRICE

Retirement

Balanced

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$5

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$40,432

of

income

distributions

from

underlying

Price

Funds.

T. ROWE

PRICE

Retirement

Balanced

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

$1,902,147)

$

2,208,481

Receivable

for

investment

securities

sold

1,366

Receivable

for

shares

sold

1,348

Total

assets

2,211,195

#### Liabilities
Payable

for

shares

redeemed

2,065

Investment

management

and

administrative

fees

payable

775

Other

liabilities

714

Total

liabilities

3,554

#### NET

#### ASSETS

#### $

#### 2,207,641

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

271,884

Paid-in

capital

applicable

to

154,004,066

shares

of

$0.0001

par

value

capital

stock

outstanding;

30,000,000,000

shares

of

the

Corporation

authorized

1,935,757

#### NET

#### ASSETS

#### $

#### 2,207,641

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $942,761;

#### Shares

#### outstanding:

#### 65,781,922)

#### $

#### 14.33

#### Advisor

#### Class

#### (Net

#### assets:

#### $70,930;

#### Shares

#### outstanding:

#### 4,945,845)

#### $

#### 14.34

#### R

#### Class

#### (Net

#### assets:

#### $118,094;

#### Shares

#### outstanding:

#### 8,243,002)

#### $

#### 14.33

#### I

#### Class

#### (Net

#### assets:

#### $1,075,856;

#### Shares

#### outstanding:

#### 75,033,297)

#### $

#### 14.34
T. ROWE

PRICE

Retirement

Balanced

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

distributions

from

underlying

Price

Funds

$

40,432

Expenses

Investment

management

and

administrative

expense

4,574

Rule

12b-1

fees

Advisor

Class

$

R

Class

Total

expenses

4,958

Net

investment

income

35,474

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Sales

of

underlying

Price

Funds

12,962

Capital

gain

distributions

from

underlying

Price

Funds

Net

realized

gain

12,967

Change

in

net

unrealized

gain

/

loss

on

underlying

Price

Funds

104,294

Net

realized

and

unrealized

gain

/

loss

117,261

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 152,735
T. ROWE

PRICE

Retirement

Balanced

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

$

35,474

$

69,455

Net

realized

gain

12,967

44,098

Change

in

net

unrealized

gain

/

loss

104,294

43,926

Increase

in

net

assets

from

operations

152,735

157,479

Distributions

to

shareholders

Net

earnings

Investor

Class

(15,115)

(38,466)

Advisor

Class

(1,051)

(2,822)

R

Class

(1,595)

(4,093)

I

Class

(17,713)

(40,798)

Decrease

in

net

assets

from

distributions

(35,474)

(86,179)

Capital

share

transactions

\*

Shares

sold

Investor

Class

82,338

144,907

Advisor

Class

5,691

15,289

R

Class

6,326

14,805

I

Class

96,873

183,259

Distributions

reinvested

Investor

Class

14,333

36,524

Advisor

Class

1,030

2,791

R

Class

1,589

4,087

I

Class

16,969

39,397

Shares

redeemed

Investor

Class

(140,145)

(280,841)

Advisor

Class

(12,356)

(24,128)

R

Class

(13,273)

(24,965)

I

Class

(114,826)

(212,459)

Decrease

in

net

assets

from

capital

share

transactions

(55,451)

(101,334)

T. ROWE

PRICE

Retirement

Balanced

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

(decrease)

during

period

61,810

(30,034)

Beginning

of

period

2,145,831

2,175,865

#### End

#### of

#### period

#### $

#### 2,207,641

#### $

#### 2,145,831
\*Share

information

(000s)

Shares

sold

Investor

Class

5,854

10,765

Advisor

Class

1,135

R

Class

1,103

I

Class

6,865

13,616

Distributions

reinvested

Investor

Class

1,010

2,715

Advisor

Class

R

Class

I

Class

1,194

2,927

Shares

redeemed

Investor

Class

(9,971)

(20,880)

Advisor

Class

(881) (1,793)

R

Class

(945) (1,854)

I

Class

(8,161)

(15,795)

Decrease

in

shares

outstanding

(3,996)

(7,550)

T. ROWE

PRICE

Retirement

Balanced

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). The

T. Rowe

Price Retirement

Balanced

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

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

Balanced

Fund

(Investor

Class),

Retirement

Balanced

Fund–Advisor

Class

(Advisor

Class),

Retirement

Balanced

Fund–R

Class

(R

Class)

and

Retirement

Balanced

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

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.

T. ROWE

PRICE

Retirement

Balanced

Fund

#### 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. 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

by

each

class

daily

and

paid

monthly.

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

$2,222,000 of

net

gain

on

$9,649,000

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

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.

T. ROWE

PRICE

Retirement

Balanced

Fund

#### 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. 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:

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)

T. ROWE

PRICE

Retirement

Balanced

Fund

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.

On

November

30,

2025,

all

of

the

fund's

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

#### NOTE

#### 3

#### -

#### INVESTMENTS

#### IN

#### UNDERLYING

#### PRICE

#### FUNDS
Purchases

and

sales

of

the

underlying

Price

Funds

other

than

in-kind

transactions,

if

any, aggregated $160,621,000

and

$206,481,000,

respectively

for

the six

months

ended

November

30,

2025. #### NOTE

#### 4

#### -

#### 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.

T. ROWE

PRICE

Retirement

Balanced

Fund

At

November

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$1,976,965,000. Net

unrealized

gain

aggregated $231,516,000

at

period-end,

of

which $380,427,000

related

to

appreciated

investments

and $148,911,000

related

to

depreciated

investments.

#### NOTE

#### 5

#### -

#### 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.

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

of

0.49%

for

the

Investor

Class,

Advisor

Class,

and

R

Class

and

0.34%

for

the

I

Class.

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.

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

Retirement

Balanced

Fund

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.

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

#### 6

#### -

#### 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.

T. ROWE

PRICE

Retirement

Balanced

Fund

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

#### 7

#### -

#### 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

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.*

F145-051

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;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&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.](d855918dex99cert.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.](d855918dex99906ce.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 Balanced 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 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 Balanced 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 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

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

Name of Issuer: T. Rowe Price Retirement Balanced 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 |

---