# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-013980
**Filing Date:** 2023-1
**Character Count:** 81110
**Document Hash:** 9b7db408bc86a787edb26174c0b788d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013980.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-013980

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21149
- **FILM NUMBER:** 23546822

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

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

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

## Series and Classes Contracts Data

### T. Rowe Price Retirement Blend 2060 Fund (Series ID: S000069900)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000222698 | T. Rowe Price Retirement Blend 2060 Fund         | TRBNX           |
| C000222699 | T. Rowe Price Retirement Blend 2060 Fund-I Class | TBLNX           |

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

# **FORM N-CSR**

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

Investment Company Act File Number: 811-21149

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

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

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

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

T.RowePrice®

SEMIANNUAL REPORT

November 30, 2022

T. ROWE PRICE

# Retirement Blend Funds

INVEST WITH CONFIDENCE®

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

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

# Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to troweprice.com/paperless.

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

It's fast-receive your statements and confirmations faster than U.S. mail.

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

It's secure-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

It can save you money-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

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

T. ROWE PRICE RETIREMENT BLEND FUNDS

Market Commentary

# **HIGHLIGHTS**

mixed.

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

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

T. ROWE PRICE RETIREMENT BLEND FUNDS

# Dear Shareholder

While valuations for securities improved late in the reporting period, uncertainty around corporate fundamentals suggested limited near-term upside, particularly as earnings estimates remain elevated against a slowing growth outlook. Other key risks to global markets include: annual bank receipts, purchased valuables, potential for a multiple structure of global growth, and a favorable response to the situation. This is a key issue in the reporting period, and the company's shareholding structure is a key issue in the reporting period.

1

T. ROWE PRICE RETIREMENT BLEND FUNDS

Management's Discussion of Fund Performance

as shorter-maturity Treasuries experienced the largest yield increases. The addition, the housing market began to weaken as mortgage rates climbed to the communication services stocks struggled. Outside the U.S., most major country highest level in more than 20 years and regional performance throughout Emerging financial stocks generally was high. The market in the U.S. was intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S. has been intensified by the U.S. and the U.S.

FUND COMMENTARY. However, in our view, valuations have become more elevated inflation remained a leading concern for investors throughout the industry. But the future is a major factor in the program, which provides how did the funds perform in the past six months?

2 / 2 /

2

T. ROWE PRICE RETIREMENT BLEND FUNDS

# **INVESTMENT OBJECTIVE**

period, although hopes that inflation may have peaked led to rallies during the potential opportunities for selective investors focused on fundamentals. The investment objective is to increase the market share of the market in the United States, which is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of the market. The market is a key factor in the development of

3

T. ROWE PRICE RETIREMENT BLEND FUNDS

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

Unless otherwise noted, the funds are not yet to be used in the current financial situation. The funds are not yet to be used in the current financial situation. The funds are not yet to be used in the current financial situation.

4

T. ROWE PRICE RETIREMENT BLEND FUNDS

markets stocks relative to developed markets stocks given attractive valuations.

The following table provides the information in a specific format:

5

T. ROWE PRICE RETIREMENT BLEND FUNDS

acknowledging the potential for a higher-for-longer terminal fed funds

| potential | Six-Month Period Ended 11/30/22 | Total Return | balance between the potential and potential for the U.S. held for the works and the inclusion of the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided for the project. The project is provided |
| --- | --- | --- | --- |
| the project | Retirement Blend 2005 Fund | -2.65% | proved beneficial |
| the project | Retirement Blend 2005 Fund- I Class | -2.43 | proved beneficial |
| the project | S&P Target Date Retirement Income | -2.15 | proved beneficial |
| the project | Index |  | proved beneficial |

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

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

6

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Special | Six-Month Period Ended 11/30/22 | Total Return | Special |
| --- | --- | --- | --- |
| On a | Retirement Blend 2020 Fund | -2.33% | Special |
| to U.S. | Retirement Blend 2020 Fund-- I Class | -2.22 | Special |
| global | S&P Target Date 2020 Index | -2.14 | Special |
| the | Lipper Mixed-Asset Target 2020 |  | Special |

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

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

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

7

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Equity |  |  | notable (decreasing) |
| --- | --- | --- | --- |
| Deposits | Six-Month Period Ended 11/30/22 | Total Return | thereofable (should |
| Deposits | Retirement Blend 2035 Fund | -1.67% | if and (decreasing) |
| Deposits | Retirement Blend 2035 Fund- I Class | -1.67 | thereofable (benefit |
| Blend | S&P Target Date 2035 Index | -1.85 | s over the nextsto |
| Presale | Lipper Mixed-Asset Target 2035 |  |  |

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

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

8

T. ROWE PRICE RETIREMENT BLEND FUNDS

What

PERFORMANCE

|  | Six-Month Period Ended 11/30/22 | Total Return | Volatility during the |
| --- | --- | --- | --- |
| period |  |  | for global growth |
| The F | Retirement Blend 2050 Fund | -1.36% | ch fund versus its |
| remain |  |  | ed inflation and |
| respect | Retirement Blend 2050 Fund-- I Class | -1.25 | average returns for |
| rising |  |  | shift to a more |
| each | S&P Target Date 2050 Index | -1.73 | a tool to measure |
| moder |  |  | g inflation, |
| the p | Lipper Mixed-Asset Target 2050 |  | dives. In addition, |

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

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

9

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Six-Month Period Ended 11/30/22 | Total Return |
| --- | --- |
| Retirement Blend 2065 Fund | -1.48% |
| Retirement Blend 2065 Fund-- I Class | -1.36 |
| S&P Target Date 2065+ Index | -1.68 |
| Lipper Mixed-Asset Target 2060+ |  |

10

T. ROWE PRICE RETIREMENT BLEND FUNDS

Funding Period Ended 11/30/22 Total Return
For definition of the benchmark, please see the Return
The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a 100% benchmark. Please see the
Benchmark. The benchmark is a

11

T. ROWE PRICE RETIREMENT BLEND FUNDS

# **IMPORTANT INFORMATION**

a broad, non-accidental, and limited, limited, and limited funds will change
over the period of the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the
the term. The term is based on the

12

T. ROWE PRICE RETIREMENT BLEND FUNDS

# RISKS OF INVESTING

Investments are not subject to the conditions of the Company's agreement, which may be related to the performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in the Company's performance of the Company's operations, or changes in

13

T. ROWE PRICE RETIREMENT BLEND FUNDS

BENCHMARK INFORMATION (CONTINUED)

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2005 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 13.79% | 14.32% | Equity Index 500 |

14

T. ROWE PRICE RETIREMENT BLEND FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2010 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 14.89% | 15.44% | Equity Index 500 |

15

T. ROWE PRICE RETIREMENT BLEND FUNDS

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement Blend 2015 Fund**

| The view change a forecast | Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- | --- |
|  | U.S. Large-Cap Stocks | 15.85% | 16.35% | Equity Index 500 |

16

T. ROWE PRICE RETIREMENT BLEND FUNDS

Note: Indexed 0.00 series of 0.00 management activities. Estimated ... of

# **NEUTRAL AND ACTUAL ALLOCATIONS**

As of 11/30/22

# **Retirement Blend 2020 Fund**

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 16.98% | 17.53% | Equity Index 500 |

17

T. ROWE PRICE RETIREMENT BLEND FUNDS

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2025 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 19.31% | 19.80% | Equity Index 500 |

18

T. ROWE PRICE RETIREMENT BLEND FUNDS

50.00

50.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2030 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 22.86% | 23.53% | Equity Index 500 |

19

T. ROWE PRICE RETIREMENT BLEND FUNDS

53.00

53.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2035 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 26.33% | 27.20% | Equity Index 500 |

20

T. ROWE PRICE RETIREMENT BLEND FUNDS

50.00

50.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2040 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 29.17% | 30.01% | Equity Index 500 |

21

T. ROWE PRICE RETIREMENT BLEND FUNDS

40.00

40.00

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2045 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 30.68% | 31.54% | Equity Index 500 |

22

T. ROWE PRICE RETIREMENT BLEND FUNDS

20.00

40.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2050 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.15% | 32.00% | Equity Index 500 |

23

T. ROWE PRICE RETIREMENT BLEND FUNDS

28.00

28.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2055 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.28% | 32.10% | Equity Index 500 |

24

T. ROWE PRICE RETIREMENT BLEND FUNDS

12.00

18.00

Stock Index, Futureest

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2060 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.28% | 32.10% | Equity Index 500 |

25

T. ROWE PRICE RETIREMENT BLEND FUNDS

0.00

0.00

Stock Index Futures*

# NEUTRAL AND ACTUAL ALLOCATIONS

As of 11/30/22

Retirement Blend 2065 Fund

| Sector(s) | Neutral Allocation | Actual Allocation | Position |
| --- | --- | --- | --- |
| U.S. Large-Cap Stocks | 31.28% | 32.09% | Equity Index 500 |

26

T. ROWE PRICE RETIREMENT BLEND FUNDS

Total Bonds
Index Futures*
International Developed
International Stock Index
Stock Index Futures*
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index
International Equity Index

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

As of 11/30/22

| - Retirement Blend 2005 Fund | $9,012 |
| --- | --- |
| --- S&P Target Date Retirement Income Index | 9,104 |

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

27

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds
Interstate Index Futures* 0.00 0.00
International Developed 14.00 14.00
International Equity Index
Interstate Index Futures and actual allocations may not be used for the following purposes:
Futures* This chart shows the value of a hypothetical $10,000, as a result of the funds used.
The fund is invested in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used in the 2.0% of the funds used

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

As of 11/30/22

| - Retirement Blend 2010 Fund | $8,996 |
| --- | --- |
| --- S&P Target Date 2010 Index | 9,135 |

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

28

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds
Stock Index Futures*
0.00 0.00
0.00
0.00
Stock Index Futures*
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Stock Index Futures*
High Yield
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

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

As of 11/30/22
Retirement Blend 2015 Fund $8,977
S&P Target Date 2015 Index 9,126

29

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds
2.00 3.24
0.00 0.00 High Yield
Totals under the neutral and actual allocations may not be due to the above. The total bond is not included in the total funds. The total funds are not included in the total funds. The total funds are not included in the total funds. The total funds are not included in the total funds.

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

30

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

Total Bonds 2.00 3.25

Total Bonds, the neutral and actual allocations may not be due to rounding. Since
Note: Retirement Bonds are valid at a 2015-2016 period of $10,000. The amount of the fund is
The fund is paid at the 2015-2016 period of $10,000. The fund is paid at the 2015-2016 period of $10,000.
Fund, if held, which is a single class fund.
*Actual and may not include a prior group having an annual market indexes do not include
Retirement Bond 2005 Fund. L Class Fund is not a class as well as mutual fund averages and
indexes.

AVERAGE ANNUAL COMPOUND TOTAL RETURN
This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

| - Retirement Blend 2025 Fund | $8,925 |
| --- | --- |
| --- S&P Target Date 2025 Index | 9,113 |

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

31

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2010 Fund Share will be adjusted to the following functions: The 2010 Fund Share is a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share. The 2010 Fund Share is a 2010 Fund Share.

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

As of 11/30/22

| - Retirement Blend 2030 Fund | $8,868 |
| --- | --- |
| --- S&P Target Date 2030 Index | 9,104 |

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

32

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2015 Fund Share will be adjusted to the offering for structure and the redemption of funds. The return of funds is based on the redemption of funds. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2015 Fund Share. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds. The return of funds is based on the redemption of funds.

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

As of 11/30/22

| - Retirement Blend 2035 Fund | $8,946 |
| --- | --- |
| --- S&P Target Date 2035 Index | 9,090 |

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

33

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2020 Fund Share is calculated by offering the structure of the 2020 Fund Share. The 2020 Fund Share is calculated by offering the structure of the 2020 Fund Share. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share. The 2020 Fund Share is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include a 2020 Fund Share.

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

As of 11/30/22

| - Retirement Blend 2040 Fund | $8,855 |
| --- | --- |
| --- S&P Target Date 2040 Index | 9,093 |

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

34

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 2025 Fund is not included in the offering for structure and the 2025 Fund. The return of the 2025 Fund is not included in the offering for structure and the 2025 Fund. The return of the 2025 Fund is not included in the offering for structure and the 2025 Fund. The return of the 2025 Fund is not included in the offering for structure and the 2025 Fund.

AVERAGE ANNUAL COMPOUND TOTAL RETURN
This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

| - Retirement Blend 2045 Fund | $8,861 |
| --- | --- |
| --- S&P Target Date 2045 Index | 9,104 |

![img-15.jpeg](img-15.jpeg)

35

T. ROWE PRICE RETIREMENT BLEND FUNDS

# GROWTH OF $10,000

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

taxes that the shareholder may pay on fund distributions or the redemption of fund share.

Note: Performance for the 2020 Fund is not available to the offering for structure and the

Average Average Increase in Fund Return (for funds lacking 10-year returns).

The result is compared with benchmarks, which include a broad-based market index

and may also include a peer group average or index. Market indexes do not include

AVERAGE ANNUAL COMPOUND TOTAL RETURN

This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

- Retirement Blend 2050 Fund $8,870

---

 S&P Target Date 2050 Index 9,106

36

T. ROWE PRICE RETIREMENT BLEND FUNDS

**GROWTH OF $10,000**

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

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

**As of 11/30/22**

| - Retirement Blend 2055 Fund | $8,851 |
| --- | --- |
| --- S&P Target Date 2055 Index | 9,109 |

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

37

T. ROWE PRICE RETIREMENT BLEND FUNDS

GROWTH OF $10,000

returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund share. Note: Performance for the 1st class of the year is not to be effective for short-term fund redemption. All other items are not available for the 1st class of the year. The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include Retirement Blend 2060 Fund. 1 Class from fund assets as well as mutual fund averages and indexes. AVERAGE ANNUAL COMPOUND TOTAL RETURN This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

| - Retirement Blend 2060 Fund | $8,846 |
| --- | --- |
| --- S&P Target Date 2060 Index | 9,105 |

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

38

T. ROWE PRICE RETIREMENT BLEND FUNDS

# GROWTH OF $10,000

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

taxes that the shareholder may pay on fund distributions or the redemption of fund share.

Note: Performance for the 1st of the year is expected to be effective for short-term fund redemption

Average of year 2015-2016. Total Return 1,000

The result is compared with benchmarks, which include a broad-based market index

and may also include a peer group average or index. Market indexes do not include

AVERAGE ANNUAL COMPOUND TOTAL RETURN

This table shows how the fund would have performed each year if its actual (or cumulative)

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

As of 11/30/22

- Retirement Blend 2065 Fund $8,859

---

 S&P Target Date 2065+ Index 9,116

39

T. ROWE PRICE RETIREMENT BLEND FUNDS

# GROWTH OF $10,000

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

| Retirement Blend 2005 Fund | 0.34% |
| --- | --- |
| Retirement Blend 2005 Fund-I Class | 0.19 |
| AVERAGE Retirement Blend 2010 Fund | 0.34 |
| Retirement Blend 2010 Fund-I Class | 0.19 |
| $1 |  |

40

T. ROWE PRICE RETIREMENT BLEND FUNDS

# EXPENSE RATIO

Returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shareholding. The amount of funds for the fund was 0.25 per share (1.1 per share). Such funds as the fund distribution for the period 1.1 per share (1.1 per share) are not included in the fund's net income. The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share). The fund's net income is 0.25 per share (1.1 per share).

AVERAGE ANNUAL COMPOUND TOTAL RETURN

41

T. ROWE PRICE RETIREMENT BLEND FUNDS

FUND EXPENSE EXAMPLE

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

AVERAGE Investor Class

| Actual | $1,000.00 | $973.50 | $1.68 |
| --- | --- | --- | --- |

42

T. ROWE PRICE RETIREMENT BLEND FUNDS

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |
| Actual | $1,000.00 | $975.60 | $1.73 |

43

T. ROWE PRICE RETIREMENT BLEND FUNDS

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |
| Actual | $1,000.00 | $978.70 | $1.88 |

44

T. ROWE PRICE RETIREMENT BLEND FUNDS

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
| Investor Class | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Actual | $1,000.00 | $983.30 | $2.04 |

45

T. ROWE PRICE RETIREMENT BLEND FUNDS

The following table provides the following information for the current year, including the date of the year, and the date of the year. The data is presented in a tabular format with the following table:

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |
| Actual | $1,000.00 | $985.20 | $2.14 |

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

46

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Expense ratio of the Investor Class was 0.34% and from the period '01/01/01 to the end of the period |  |  |  |
| --- | --- | --- | --- |
|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |
| Actual | $1,000.00 | $985.20 | $2.19 |

47

T. ROWE PRICE RETIREMENT BLEND FUNDS

| Expense ratio of the Investor Class was 0.37% and after the period ended on the date of the date of the Retirement Blend Fund |  |  |  |
| --- | --- | --- | --- |
|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
|  | 6/1/22 | 11/30/22 | 6/1/22 to 11/30/22 |
| Investor Class |  |  |  |
| Actual | $1,000.00 | $985.20 | $2.19 |

48

T. ROWE PRICE RETIREMENT BLEND FUNDS

The annualized expense ratio of the Investor Class was 0.40% and estimated by the average accrual value over the period, multiplied by the number of unpaid items.

|  |  | Since Inception |
| --- | --- | --- |
| Periods Ended 9/30/22 | 1 Year | 7/26/21 |
| Retirement Blend 2005 Fund | -15.14% | -13.65% |
| Retirement Blend 2005 Fund- I Class | -15.01 | -13.54 |

49

T. ROWE PRICE RETIREMENT BLEND FUNDS

# QUARTER-END RETURNS

the half-year period. The annualized expense ratio of the Investor Class was 0.41% and

This table provides returns through the most recent calendar quarter-end rather than through the end of the fund's fiscal period. It shows how each class would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns.

50

T. ROWE PRICE RETIREMENT BLEND FUNDS

# QUARTER-END RETURNS (CONTINUED)

| In half-year period, The annualized expense ratio of the Investor Class was 0.43%, and |  |  |  |  |
| --- | --- | --- | --- | --- |
| Retirement Blend 2025 Fund |  |  | -17.43 | -15.91 |
| Actual Class was 0.25% | 1,000.00 | 987.50 |  | 1.30 |
| Retirement Blend 2025 Fund- I Class |  |  | -17.44 | -15.85 |
| Hypothetical (assumes 5% Retirement Blend 2030 Fund |  |  |  |  |
| Return before expenses) | 1,000.00 | 1,023.76 | -18.84 | -17.20 |
| Retirement Blend 2030 Fund- I Class |  |  | -18.55 | -16.96 |
| Retirement Blend 2030 Fund- I Class |  |  |  |  |
| Retirement Blend 2030 Fund- I Class |  |  |  |  |

Investment goals

51

T.RowePrice®

the half-year period. The annualized expense ratio of the Investor Class was 0.44%, and
Retirement Blend 2040 Fund -20.52 -18.87
Retirement Blend 2040 Fund -20.45 -18.81
Unlimited Statements -20.40 -19.27
Retirement Blend 2045 Fund -20.40 -19.27
Retirement Blend 2045 Fund -20.84 -19.15
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TRBNX

T. ROWE PRICE

Retirement Blend 2060
Fund

TBLNX

Retirement Blend 2060

T. Rowe Price Investment Services, Inc. 1100 East Pratt Street, Baltimore, MD 21202-1000

(Unaudited)

| Retirement Blend 2055 Fund | -21.09 | -19.43 |
| --- | --- | --- |
| SEMINATIONAL REPORT |  |  |
| Retirement Blend 2055 Fund | For a share outstanding | 21.07 |
| Retirement Blend 2060 Fund |  |  |
| IRAs Traditional, Roth | GENERAL INVESTING | COLLEGE SAVINGS |
|  | Individual or Joint | -21.17 |
|  |  | -19.50 |
|  |  | T. Power Price managed |
| Investor Class |  |  |
| Small Business Fund | access to stocks, ETFs, | lians offer tax- |
| help minimize taxes, | bonds, and more | ingestion |
| NET ASSET VALUE |  | ingestion |
| Beginning of period |  | ingestion |
| Investment activities |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |
|  |  | ingestion |

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

(Unaudited)

FINANCIAL SUMMARY: You may be higher or lower than the quoted past performance, which

may be a guarantee future results. Share price, principal value and return will vary, and you may have a gain or loss when you sell your shares. For the most recent period performance, please contact a T. Rowe Price representative at 1-800-225-5132 or, for I Class

| Motor/Plus Profit/Net | Trust | 0.01 | 0.03 |
| --- | --- | --- | --- |
| Investor Class |  | (0.14) (4) | (1.02) |
|  |  | 6 Months | 7/28/21 (1) |
|  |  | (0.13) | (0.59) |
|  |  | Ended | Through |
| Distributions |  | 11/30/22 | 5/31/22 |

| Ratio/Supplemental | Data | - | (0.13) |
| --- | --- | --- | --- |
| Total distributions |  | - | (0.23) |
| Total return (3)(4)(b) |  | (1.48)% | (10.21)% |

54

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

(Unaudited)

# FINANCIAL HOLDING

For a share outstanding throughout each period

Call 1-800-225-6132 to request a prospectus or summary prospectus; each includes investment

| Net Asset Value | 2060 | 2059 |
| --- | --- | --- |
| Class | 6 Months | 7 Months |
| Net investment income | 0.44% | 0.45% |
| Involves special risks including economic and political uncertainty and currency translation. | 1.00% | 0.49% |
| Net Asset Value Plus Portfolios is a discretionary investment management program provided by | $9.78 | $10.00 |
| Beginning of period | $3,434 | $2,758 |

| Investment activities | 2060 | 2059 |
| --- | --- | --- |
| Net investment income (2)(3) | 0.01 | 0.03 |

55

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

(Unaudited)

FINANCIAL - INPUT CALLS

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

T. Rowe Price Advisory Services, Inc. and T. Rowe Price Investment Services, Inc., are affiliated companies.

Class

The amount presented is inconsistent with the fund's aggregate gains and losses because of the

Particulars

Total return reflects the rate that an investor would have earned on an investment in the fund.

Total return is not annualized for periods less than one year. The fund's

NET ASSET VALUE

56

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

**BOND MUTUAL FUNDS 1.0%**

| Enter the following: the higher or lower than the investment results of the individual underlying Price Funds | 0.56% | 0.76% |
| --- | --- | --- |
| Cross purposes before payments by Price Associates (1) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (2) | 14 | 0.26% (1) |
| On funds bond loans (3) | 8 | 0.26% (1) |
| On funds bond loans (4) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (5) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (6) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (7) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (8) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (9) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (10) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (11) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (12) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (13) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (14) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (15) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (16) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (17) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (18) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (19) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (20) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (21) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (22) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (23) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (24) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (25) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (26) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (27) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (28) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (29) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (30) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (31) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (32) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (33) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (34) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (35) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (36) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (37) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (38) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (39) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (40) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (41) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (42) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (43) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (44) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (45) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (46) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (47) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (48) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (49) | 0.26% (1) | 0.26% (1) |
| On funds bond loans (50) | 0.26% (1) | 0.26% (1) |

57

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

| INVENTORIES - TOTAL FUNDS | 9 Value | 9 Purchase | 9 Sales | 9 Value | 9 Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 5/31/22 | Cost | Cost | Shares | 11/30/22 |
| Dynamic Global Bond Fund (Cost and value in 2000s) | 5 | 3 | 2 | 707 | 7 |
| SHORT-TERM INVESTMENTS 2.2% | 46 | 4 | 49 | 44 | - |
| Money Market Funds 2.2% |  |  |  |  |  |
| Total Short Term Investments (Cost $61) |  |  |  |  | 57 |
| (1) Rowe Price U.S. Treasury |  |  |  |  |  |
| (2) See Note 5 for details of expense-related arrangements with Price Associates |  |  |  |  |  |
| EQUITY MUTUAL FUNDS 06.8% | 137 | 144 | 78 | 127,591 | 128 |
| Total Short Term Investments (Cost $128) |  |  |  |  | 128 |
| Total short term investments (Cost $128) |  |  |  |  |  |
| (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 |  |  |  |  |  |

58

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

**T. Rowe Price Funds:**

| Equity Index 500 Fund | 1,323 | 1,009 | 571 | 17,077 | 1,836 |
| --- | --- | --- | --- | --- | --- |
| Total Investments in Securities | 600 | 437 | 268 | 57,654 | 624 |
| ATTRIBUTED COMPANIES |  |  |  |  |  |
| ROWE PRICE FUND (2) | 328 | 278 | 177 | 6,471 | 455 |
| ROWE ROLLING (2) | 176 | 178 | 98 | 16,300 | 278 |
| INDUSTRIAL VALUE EQUITY FUND | 224 | 125 | 118 | 16,807 | 244 |
| THE ROLLING OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQUITY OF THE EQU | 1,026 | 114 | 67 | 15,450 | 211 |

(2) Annualized

59

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

November 30, 2022 (Unaudited)

| securities, or a company that is under common ownership or control. The following securities were |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| transferred to the above fund. The securities, except for the securities, are subject to the following rules: |  |  |  |  |  |
| Bank of America, Inc. (1) | 14,484 | 186 |  |  |  |
| Fund to available by calling 1-877-456-1138 and at www.towpruce.com |  |  |  |  |  |
| Non-paid, limited, and unsecured income, and change in net unrealized gain/loss reflect all activity |  |  |  |  |  |
| State Fund then ended | 143 | 96 | 59 | 14,484 | 186 |
| Emerging Fund (1) Seven-day yield | 112 | 92 | 52 | 4,126 | 149 |
| Mid-Cap Growth Fund (2) | 81 | 58 | 36 | 1,593 | 112 |
| Mid-Cap Growth Fund (2) | 81 | 58 | 36 | 1,593 | 112 |
| Affiliate Investment in securities, at value (cost $5,641) | 81 | 58 | 36 | 1,593 | 112 |
| Small-Cap Value Fund | 81 | 49 | 36 | 1,820 | 97 |
| New Horizons Fund (2) | 45 | 35 | 25 | 1,201 | 5,729 |

**Liabilities**

| Payable for investment securities purchased | 8 |
| --- | --- |
| Payable for shares redeemed | 4 |

60

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

(Unaudited)

| STATEMENT OF TAXES AND LIABILITIES | $ | - | $ | 1 | $ | - |
| --- | --- | --- | --- | --- | --- | --- |
| Operating and Administrative Expenses (A&E) |  |  |  |  |  |  |
| General, State and Local Taxes (Gross) |  | (8) |  | 6 |  | 5,535 |
| Emerging Markets Stock Fund |  | (9) |  | 7 |  | - |
| Equity |  |  |  | 75 |  | 11 |
| Growth Stock Fund |  | (42) |  | 26 |  | 6 Months |
| International Bonds Fund (USD Hedged) |  | - |  | - |  | Ended 15 |
| International Bonds Fund |  | - |  | - |  | 11/30/22 |
| The accompanying Statement |  |  |  |  |  |  |
| The accompanying Statement (Loss) |  | (10) |  | 13 | $ | 5,718 |
| Income distributions from underlying Price Funds |  |  |  |  | $ | 12 |
| Net Assets Consist of: |  |  |  |  |  |  |
| Investment management and administrative expense |  |  |  |  |  | 8 |
| Total distributable earnings (loss) |  |  |  |  | $ | (330) |
| Net investment income |  |  |  |  |  | 4 |
| Paid-in capital applicable to 660,069 shares of $0.0001 par |  |  |  |  |  |  |

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

61

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

(Unaudited)

| STATEMENT OF OPERATIONS | (13) | 13 | - |
| --- | --- | --- | --- |
| Mid-Cap Growth Fund | (5) | 8 | - |
| Mid-Cap Index Fund | (14) | 12 | - |
| Mid-Cap Value Fund | (3) | 6 | - |
| New Mortgage Fund | (6) | 7 | - |
| New Mortgage Fund Unrealized Gain / Loss | (6) | 6 Months | 7/26/21 |
| QM Unrealized Loss on Sales of underlying Price Funds | (1) | Ended | Through |
| Real Assets | (9) | 9 | 5/31/22 |
| Small-Cap Value | (10) | 11/30/22 | 14 $5,718. |
| Small-Cap Value (Decrease) in Net Assets | (4) | 5 | 13 - |
| Small-Cap Value (Decrease) and unrealized gain / loss |  |  |  |
| NET ASSET VALUE PER SHARE |  |  |  |
| Net investment income | $4 | $6 |  |
| INCREASE IN NET ASSETS FROM OPERATIONS | (272) | $17 |  |
| Investor Class |  |  |  |
| Increase in net unrealized gain / loss | 285 | (206) |  |
| ($3,434,232 / 396,891 shares outstanding) |  |  |  |
| Increase (decrease) in net assets from operations | 17 | $5.85 |  |
|  |  | (333) |  |

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

62

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

(Unaudited)

| STATEMENT OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| Provenance | (1) | (1) | - |
| U.S. Treasury Long-Term Index Fund | (1) | 1 | - |
| Value Fund | (27) | 29 | - |
| U.S. Treasury Money Fund, 3.84% | - | - | 1 |
| Totals | $(272)# | 6 Months Ended 11/30/22 | 285 $7/26/21 Through 12+ 5/31/22 |
| # Cash Flows |  |  |  |
| Cash flow distributions from underlying Price funds represented |  |  | $0 of the net realized gain (12) |
| Increased during period |  | 1,370 | 4,348 |
| Liability |  |  | (2) |
| Beginning of period |  | 4,348 | - |
| Additions to net assets from distributions |  |  |  |
| End of period | $5,718 | $4,348 |  |

Capital share transactions
Share information (000s)

63

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

Unaudited

# STATEMENT OF CHANGES IN NET ASSETS

Investment income comprised $12 of income distributions from underlying Price Funds.

Shares sold
Investment Company Act of 1940 (the 1940 Act). T. Rowe Price Retirement Blend 2060
Investor Class 1,247 4,485
Fund (the fund) is a diversified, open-end management investment company and is one
of the liabilities established by the corporation. The fund incepted on July 26, 2021.
Distributions reinvested
The investor class in a portfolio of other T. Rowe Price stock and bond funds (underlying
Shares redeemed) represent various asset classes and sectors. The fund's allocation
Investor Class 1,250 1,356
Interest (1,150) 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

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

64

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

NOTICE TO FINANCIAL STATEMENTS these financial statements.

T. Rowe Price Retirement Funds, Inc. (the corporation) is registered under the transactions are accounted for on the basis of date dates, income and expenses are recorded on the annual basis. Realized gains and losses are reported on the identified transactions in the current period. The Company's performance is 1.35% compared to the Company's performance in the current period. The Company's performance is 1.35% compared to the Company's performance in the current period. The Company's performance is 1.35% compared to the Company's performance in the current period. The Company's performance is 1.35% compared to the Company's performance in the current period.

65

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

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

Income, distributions, if any, are declared and paid by each class annually. A capital gain (inc. as the fund's valuation designee (Valuation Designee). Subject to oversight by the distribution, if any may also be declared and paid by the fund annually.

Accounting

**Class Accounting**

In the case of the following, the class accounts and its assets transferred from the investor class to the class. The transfer of shares from the investor class to the class is defined in the Statement of Changes in Class Assets within the Capital Division. The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

66

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, assets of each class.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. Each investor's interest in the net assets of the fund is represented in accordance with the 2020 Annual Report on the Financial Statements of the 2020 Annual Report. The fund's share is computed at the close of inputs used to measure fair value; the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open for business purposes. The fund's fair value is calculated at time other than the

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
NOTE 4 - FEDERAL INCOME TAXES
Basis of Preparation. The fund is an investment company and follows accounting and accounting for federal income taxes to be used. The fund's financial statements are not available for any other purpose. The fund's financial statements are not available for any other purpose. The fund's financial statements are not available for any other purpose.

67

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

# NOTE 3 - INVESTMENTS IN UNDERLYING PRICE FUNDS

Level 2 - Inputs other than Level 1 quoted prices that are observable, either directly or indirectly, are not to be used. In the event of the investment, the Company's share of the investment is not to be used. In the event of the investment, the Company's share of the investment is not to be used. In the event of the investment, the Company's share of the investment is not to be used. In the event of the investment, the Company's share of the investment is not to be used. In the event of the investment, the Company's share of the investment is not to be used. In the event of the investment, the Company's share of the investment is not to be used.

Price Funds.

68

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and

Price). Price Associates provides certain accounting and administrative services to the year-end; accordingly, tax-basis balances have not been determined as of the date of the issue. This report is based on the date of the issue.

NOTE: The following table provides the information in English:

The fund's financial instruments are valued at the close of the NYSE and are reported for the year ended December 31, 2006. The fund's financial instruments are valued at the close of the NYSE and are reported for the year ended December 31, 2006. The fund's financial instruments are valued at the close of the NYSE and are reported for the year ended December 31, 2006.

69

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

In February 2022, Russian forces entered Ukraine and commenced an armed

**RECORDS**

**NOTE** The following reports and minimize the use of unobservable inputs. When multiple inputs are used to derive the value, the financial instruments are required to be used to determine the performance of the financial instruments. The financial instruments are not required to be used to determine the performance of the financial instruments. The financial instruments are not required to be used to determine the performance of the financial instruments. The financial instruments are not required to be used to determine the performance of the financial instruments. The financial instruments are not required to be used to determine the performance of the financial instruments. The financial instruments are not required to be used to determine the performance of the financial instruments. The financial instruments are not required to be used to determine the performance of the financial instruments.

70

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

The following table provides information on the legal and regulatory requirements of the United States, and is consistent with the provisions of the United States. The United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States

NOTE: The following table provides the information on the legal and regulatory requirements of the United States, and is consistent with the provisions of the United States. The United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States is a limited and unclassified, and the United States

71

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

shown above, and scroll down to the section near the bottom of the page that says
administrator. The Adviser is responsible for overseeing the day-to-day operations of the
0.5% on Wages Records in 2006. On the 0.5% on Wages Records, which is the adjusted and
0.5% on Wages Records in 2006. On the 0.5% on Wages Records in 2006, which is the adjusted and
0.5% on Wages Records in 2006. On the 0.5% on Wages Records in 2006, which is the adjusted and
0.5% on Wages Records in 2006. On the 0.5% on Wages Records in 2006, which is the adjusted and
0.5% on Wages Records in 2006. On the 0.5% on Wages Records in 2006, which is the adjusted and

72

T. ROWE PRICE RETIREMENT BLEND 2060 FUND

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

Investments in the LRC's activities have been a major part of the T. Rowe Price, which has been designed to be a key business model by the industry. The company is also being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used to create a new product that is being used

# **investment goals.**

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

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

73

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 registered's annual Form N-CSR. No substantive procedures were approved or waivers were granted to this code of ethics during the registrant's move.

Item 3. Audit Committee of Listed Registrants.

Explore products and services that can help you achieve them.

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

The Board has an annual assessment prepared by the LRC, on behalf of the Adviser,

Whether you want to put away more money for retirement, for a child's education, or

Disclosure is required by the American Survey and is a meeting held on July 25, 2022, the Board was

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

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

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

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

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

Not applicable. Foreseeable stress conditions, including whether the investment strategy is a significant factor in open-end, the extent to which the company provides a relatively

# **Item 13. Exhibits**

(a) The registrant's code of ethics pursuant to Form N-CSR is filed with the registrant in this Form N-CSR.
(1) Small Business Plans access to stocks, ETFs, and other business services.
(2) Should the registrant be the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

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

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

# SIGNATURES

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

T. Rowe Price Retirement Funds, Inc.

By __________________________
Cash and cash equivalents, as well as available borrowing arrangements.
T. Rowe Price
Municipal Executive Officer
Gifts and transfers to a
related expenses
child (UGMA/UTMAs)
Date __________________________
Active Partnerships
for online investing
powered by experts
Trust
Transfer on Death

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

By __________________________
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By __________________________
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

Visit troweprice.com/broadrange

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

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

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

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

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

F1360-0511/23

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement Blend 2060 Fund;

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

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

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

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

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

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

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

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

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

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

---

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

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement Blend 2060 Fund;

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Item 13. (b)** 

---

| | |
|:---|:---|
| **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** | **CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** |
| Name of Issuer: T. Rowe Price Retirement Blend 2060 Fund | Name of Issuer: T. Rowe Price Retirement Blend 2060 Fund |
| In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: | In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that: |
| 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; | 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; |
| 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. | 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
| Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---