# EDGAR Filing Document

**Accession Number:** 0001177017
**File Stem:** 0001193125-23-014023
**Filing Date:** 2023-1
**Character Count:** 116641
**Document Hash:** dba04020ccf023a31aa1471e1d7962be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014023.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001193125-23-014023

**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:** 23546908

**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 2040 Fund (Series ID: S000002113)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005496 | T. Rowe Price Retirement 2040 Fund               | TRRDX           |
| C000005497 | T. Rowe Price Retirement 2040 Fund-Advisor Class | PARDX           |
| C000005498 | T. Rowe Price Retirement 2040 Fund-R Class       | RRTDX           |

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

56

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

57

T. ROWE PRICE RETIREMENT FUNDS

# FUND EXPENSE EXAMPLE (CONTINUED)

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

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

58

T. ROWE PRICE RETIREMENT FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

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

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

59

T. ROWE PRICE RETIREMENT FUNDS

# **QUARTER-END RETURNS**

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

60

T. ROWE PRICE RETIREMENT FUNDS---

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

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

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

61

T. ROWE PRICE RETIREMENT FUNDS

# QUARTER-END RETURNS (CONTINUED)

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

investment goals.

Retirement 2030 Fund-

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

62

T.RowePrice®

# You have many

Explore products and services that can help

Advisor Class
you achieve them

TRRDX

PARDX

T. ROWE PRICE

Retirement 2040 Fund

Retirement 2040 Fund-

Advisor Class

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

(Unaudited)

| SEMIANNUAL REPORT |  | For a share outstanding throughout each period |  |
| --- | --- | --- | --- |
| Advisory Class | GENERAL INVESTING | COLLEGE | SAVINGS |
| November 30, 2022 |  |  |  |
| Retirement 2080 Fund- | Individual or Joint | T. Rowe Price managed |  |
| ID for Traditional Staff |  |  |  |
| Investor Class | General | 529 plans offer tax- |  |
| US Fund | Year 2.00 | 7.62 | 1.32 |
| United States | Exchange 2 offers | 1.32 | 10/13/20- |
| Small Business Plan | Balance 2 | advantaged solutions |  |
| NET ASSET VALUE | Balance 2 | for families saving |  |
| Beginning of period | $28.24 | $25.28 | $25.81 |
|  |  | $25.81 |  |

Investment activities
Net investment

INVEST WITH CONFIDENCE®

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

| GRAND TOTAL |  | -22.27 | - | - | -1.59 | 10/13/20 |
| --- | --- | --- | --- | --- | --- | --- |
| maximize savings |  | Gifts and transfers for a share outstanding throughout each period |  |  |  |  |
| R Class |  | child (UGMA/UTMAs) |  |  |  |  |
| T. Rowe Price ® |  | related expenses |  |  |  |  |
| ActivePlus Portfolios 1 |  | 10/13/20 |  |  |  |  |
| Investor Class |  | Trust |  |  |  |  |
| g | (0.02) | 0.26 | 0.18 | 0.39 | 0.37 | 0.36 |
| 5 Months |  | Transfer on Death |  |  |  |  |
| months |  | End | 9.83 | 1.29 | (0.52) | 2.50 |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |

| Ratios/Supplemental |  | Data |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions |  |  |  |  |  |  |
| Total return | (1.81)% | (9.65)% | 40.35% | 6.24% | 0.32% | 11.14% |
| income | - | (0.24) | (0.25) | (0.45) | (0.39) | (0.36) |

65

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

PROSPECTIVE - THIRD CLASS

For a share outstanding throughout each period

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment

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The first class of investment is a 2nd class of investment, which is a 2nd class of investment. The first class of investment is a 2nd class of investment, which is a 2nd class of investment.

The first class of investment is a 2nd class of investment, which is a 2nd class of investment. The first class of investment is a 2nd class of investment, which is a 2nd class of investment.

The first class of investment is a 2nd class of investment, which is a 2nd class of investment. The first class of investment is a 2nd class of investment, which is a 2nd class of investment.

The first class of investment is a 2nd class of investment, which is a 2nd class of investment. The first class of investment is a 2nd class of investment, which is a 2nd class of investment.

The first class of investment is a 2nd class of investment, which is a 2nd class of investment. The first class of investment is a 2nd class of investment, which is a 2nd class of investment.

The first class of investment is a 2nd class of investment, which is a 2nd class of investment. The first class of investment is a 2nd class of investment, which is a 2nd class of investment.[{"box_2d": [35, 138, 612, 239], "label": "text", "text","}][{"box_2d": [35, 138, 612, 239], "label":":":": [35, 2024"}][{"box_2d": [35, 138, 612, 239], "label":":":":": [35, 2024"}][{"box_2d": [35, 138, 612, 239], "label":":":":":": [35, 2024"}][{"box_2d": [35, 138, 612, 239], "label":":":":":":": [35, 2024"}][{"box_2d": [35, 138, 612, 239], "label": "text", "caption": [BBOX]0.0000,0.2000,0.0000,0.2000[/BBOX]"}]

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![img-109.jpeg](img-109.jpeg)[{"box_2d": [35, 138, 612, 239], "label": "

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

# **ADDITIONAL FINANCIALS**

T. Rowe Price Advisory Services, Inc., a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period 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. is a registered investment firm whose accounting throughout the period 1940.

# **Advisor Class**

The following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

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For the following table, the following table shows the number of items in the table. The first item is the number of items in the table. The second item is the number of items in the table. The third item is the number of items in the table. The fourth item is the number of items in the table. The fifth item is the number of items in the table. The sixth item is the number of items in the table. The seventh item is the number of items in the table. The eight item is the number of items in the table. The nine item is the number of items in the table. The tenth item is the number of items in the table. The tenth item is the number of items in the table.

67

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

FINANCIAL - INPUT CASES

For a share outstanding throughout each period

| Advisor Class | Period 6 Months Ended | Total $10,079 Year Ended | $10,108 Year Ended | $12,189 Year Ended | $10,377 Year Ended | $11,329 Year Ended | $11,295 Year Ended |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total from investment | 11/30/22 | 5/31/22 | 5/31/22 | 9.74 5/31/21 | 1.26 5/31/20 | (0.51) 5/31/19 | 2.48 5/31/18 |
| Ratios/Supplemental Distributions |  |  |  |  |  |  |  |
| Total return income | (1.94)% | (9.91)% (0.16) | (9.91)% (0.20) | 40.06% (0.20) | 5.95% (0.38) | 0.07% (0.31) | 10.88% (0.29) |

68

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally. The share is estimated using average shares outstanding method. (1.80) (0.72)
The results for details of expense-related arrangements with Price Associates (2.51) effective April 18,
before payment began charging an all-inclusive management fee based on the class' average daily
net assets. The fund converted its investment from each underlying P 0.25%
NET ASSET VALUE Class 27.35 Z Class 27.80 has a 38.40% expense 25.02% less 25.01% 27.33
Payment by P presented is inconsistent with the fund's results of operations because of the timing
of assumptions of fund classes in relation to fluctuating market values for the 0.25% of the
Funds. When the fund reflects the rate that an investor would have earned on an investment in the fund
net during each period, assuming reinvestment of all distributions, and payment of no redemption or

69

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

FINANCIAL - INPUT PLANS

For a share outstanding throughout each period

R Class

Table. Total return is not annualized for periods less than one year. The fund's other or lower than the investment results of the individual underlying Price Funds.

|  | Ended | Ended | Ended | Ended | Ended |
| --- | --- | --- | --- | --- | --- |
| EXPENSES | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| NET ASSET VALUE | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Other financial | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| ANNUALIZED | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |

|  | Ended | Ended | Ended | Ended | Ended |
| --- | --- | --- | --- | --- | --- |
| Reflects the indirect expense impact to the fund from its investment in the underlying Price Funds. | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Not less than the individual expense ratio of each underlying Price Fund weighted for the fund's relative Net Investment | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |

70

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

FINANCIAL - INPUT CASES

For a share outstanding throughout each period

| pR Class | 6 Months | Year | Financial statements | 1.26 | (0.50) | 2.45 |
| --- | --- | --- | --- | --- | --- | --- |
| T | 11/30/22 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
| Total from investment |  |  |  |  |  |  |
| Ratios/Supplemental Distributions | Data |  |  |  |  |  |
| Total return income | (2.03)% | (10.13)% | 39.65% | 5.73% | (0.15)% | 10.56% |
|  | - | (0.09) | (0.16) | (0.31) | (0.24) | (0.23) |

71

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

FINANCIAL - INPUT CLASS

For a share outstanding throughout each period

Rally. The share is estimated using average shares outstanding method. (1.80) (0.72)
The results for details of expense-related arrangements with Price Associates (Effective April 31,
before payment) began charging an all-inclusive management fee based on the class' average daily
net assets. The fund is converted to investments from each underlying Price
Investment Class 27.03 Z Class 27.50 has a 38.08% expense of less than 24.62.01% 27.12
Payment by the present is inconsistent with the fund's results of operations because of the timing
of assumptions of fund lines. In relation to fluctuating market values for the investment period,
the fund reflects the rate that an investor would have earned on an investment in the fund
net during each period, assuming reinvestment of all distributions, and payment of no redemption or

72

T. ROWE PRICE RETIREMENT 2040 FUND

November 30, 2022 (Unaudited)

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

(Cost and value in $000s)

**BOND MUTUAL FUNDS, 6.7%**
(1) The fund's total fund for the fund's return is not annualized for periods less than one year. The fund's underlying Price Funds (see below) are not a longer than the investment results of the individual underlying Price Funds (see below). The fund's total fund for the fund's return is not annualized for periods less than one year. The fund's underlying Price Funds (see below) are not a longer than the investment results of the individual underlying Price Funds (see below). The fund's total fund for the fund's return is not annualized for periods less than one year. The fund's underlying Price Funds (see below) are not a longer than the investment results of the individual underlying Price Funds (see below). The fund's total fund for the fund's return is not annualized for periods less than one year.

(2) The fund's total fund for the fund's return is not annualized for periods less than one year. The fund's underlying Price Funds (see below) are not a longer than the investment results of the individual underlying Price Funds (see below). The fund's total fund for the fund's return is not annualized for periods less than one year.

73

T. ROWE PRICE RETIREMENT 2040 FUND

| RECOMMENDATION | $ Value | $ Purchase | $ Sales | $ Value | $ Value |
| --- | --- | --- | --- | --- | --- |
| Hedged) | 147,922 | 1,541 | 23,284 | 13,467,254 | 2,039,922 |
| Dynamic Global Bond Fund | 117,128 | 1,467 | 30,189 | 8,947,543 | 85,449 |
| (Cost and value in 2000s) |  | 2,059 | 23,341 | 8,738,304 | 49,197 |
| SHORT-TERM INVESTMENTS 3.4% |  | 8,912 | 1,448 | 3,725,122 | 31,552 |
| per Capita | $1,199 | $1,250 | $1,536 | $1,221 | $1,306 |
| Closing Risk Fund |  | 15,604 | 136 | 1,725,709 | 15,583 |
| U.S. Treasury Obligations 0.1% |  |  |  |  |  |
| The Company's total and the integral part of these financial statements. |  |  |  |  |  |
| Focused Bond Fund | 136,995 | 5,034 | 145,582 | 62,161 | 290 |
| 2/9/23 (4) |  |  |  | 12,000,000 | 11,904 |

74

T. ROWE PRICE RETIREMENT 2040 FUND

Total Bond Mutual Funds (Cost $952,631)

810,198

EQUITY MUTUAL FUNDS 90.0%

| 100.0% of Net Assets (Cost $9,168,840) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Value Fund | 2,393,119 | 848 | 373,956 | 42,758,364 | $12,186,029 |
| Stock Fund (2) | 1,730,970 | 93,124 | 51,236 | 23,743,834 | 1,667,529 |
| Equity Index 500 Fund | 1,265,774 | 61,899 | 122,036 | 10,344,548 | 1,368,453 |
| Overseas Stock Fund | 937,501 | 57,588 | 257,257 | National | Unrealized |
| International Value Equity Fund | 1,017,726 | 358 | 144,264 | 30,020,012 | 642,574 |

75

T. ROWE PRICE RETIREMENT 2040 FUND

| Long. 260 MSCI EAFE Index contracts | 487,239 | 174 | 40,040 | 12,979,340 | 440,778 |
| --- | --- | --- | --- | --- | --- |
| Short. 5 Russell 2040 Fund | 487,239 | 174 | 40,040 | 12,979,340 | 440,778 |
| Long. 115 Sap 500 Fund | 487,239 | 174 | 40,040 | 12,979,340 | 440,778 |
| Net payments (recouped) of variation margin to date | 487,239 | 174 | 40,040 | 12,979,340 | 440,778 |
| U.S. Equity Research Fund | 487,284 | 162,049 | 18,899 | 10,154,503 | 396,229 |
| Variation margin (recouped) of variation margin to date | 487,284 | 162,049 | 18,899 | 10,154,503 | 396,229 |
| Variation margin (recouped) of variation margin to date | 487,284 | 162,049 | 18,899 | 10,154,503 | 396,229 |

76

T. ROWE PRICE RETIREMENT 2040 FUND

| securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the six months ended November 30, 2022. |
| --- |
| Small-Cap, Stock Fund 310,525 128 16,683 6,363,587 301,661 |
| Net realized gain (loss), investment income and change of net unrealized gain/loss reflect all activity |
| Small-Cap, Stock Fund 313,660 109 38,068 4,872,311 321,739 |
| of the capital gain distributions from underlying Price funds represented $1,260 of the net realized |
| New Business Fund (2) 184,459 85 16,145 3,482,872 180,064 |
| Change in Net |
| Total Equity Mutual Funds (Cost $1,802,044) Income |
| Net Realized Unrealized Investment |
| Affiliate Gain (Loss) Gain/Loss Income |
| OTHER MUTUAL FUNDS 0.0% |
| T. Rowe Price Funds: |

77

# T. ROWE PRICE RETIREMENT 2040 FUND

November 30, 2022 (Unaudited)

| Dynamic Global Bond Fund | $811 | $(2,957) | $1,429 |
| --- | --- | --- | --- |
| Emerging Markets Bond Fund | (197) | (1,596) | 865 |
| Total Other Mutual Funds (Cost $1,673) | 388 | (14,775) | 1,684 |
| Emerging Markets Stock Fund | (1,588) | (18,130) | - |
| Emerging Markets Stock Fund | 10,878 | (93,184) | 9,682 |
| Money Market Funds 3.3% | 1 | 115 | 104 |
| J. Rowe Property, in securities, at value (cost $9,168,840) |  |  | $12,186,029 |
| Growth Stock Fund | 24,673 | (105,329) | 400,587,143 |
| Money Receivables for investment securities | 741,554 | 647,001 | 400,587,143 |
| High Yield Fund | (3,439) | (1,097) | 2,082 |
| Receivable for shares sold |  |  | 1,049 |
| Variation margin receivable on futures contracts |  |  | 917 |
| Total assets |  |  | 12,198,635 |

# **Liabilities**

78

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

| STATEMENT OF ASSETS AND LIABILITIES | (2,153) | (3,892) | 1,490 |
| --- | --- | --- | --- |
| Investments, assets and liabilities | (2,344) | (7,349) | - |
| (9000s, except shares and per share amounts) | (4,479) | (31,248) | - |
| International Value Equity Fund |  | 3,843 | 21 |
| Limited | 1,454 | 6,262 | 11,687 |
| Mid-Cap Growth Fund | 6,792 | (6,595) | 6 Months Ended |
| Mid-Cap Value Fund | (2,150) | 11,665 | 11/30/22 733 |
| Investment Management and administrative fees payable |  |  | 5,995 |
| New He | (5,891) | (15,862) | - |
| New Income | 3,141 | (26,109) | - |
| New Income Income (Loss) |  |  |  |
| Overseas Stock Fund |  |  |  |
| Income |  |  |  |
| NET ASSETS |  |  | $12,178,378 |
| Net assets contributions from underlying Price Funds |  |  | 75 |
| Interest |  |  | 29,051 |
| Net Assets Consist of: |  |  |  |
| Expenses |  |  |  |

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

79

# T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

| STANDING OF OPERATIONS |  |  |  |
| --- | --- | --- | --- |
| ($000) | (496) | (20,812) | - |
| Small-Cap Stock Fund | (73) | 6,691 | - |
| Small-Cap Value Fund | 6,508 | (4,810) | - |
| Transition Fund | 964 | 7 | 312 |
| Total attributable earnings (loss) |  | 6 Months | 3,656,115 |
| U.S. Equity Research Fund (loss) and other liabilities (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  | 295 | 35,960 |
| U.S. Equity Research Fund (loss) and other liabilities (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  | 9,827 | 5,31/22 |
| U.S. Total (loss) and other liabilities (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  | 11/30/22 | 8,538,223 |
| Value Fund Class (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  | (8,261) | 8,538,223 |
| Net Assets (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | 119,725 | (19,053) | 4,547 |
| Net Assets (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  |  |  |
| Net Investments Income (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) | $ | (11,456) | $ |
| Net Investment loss (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  | 210,705 | 1,611,206 |
| Net Realized gain (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  |  |  |
| Net Realized gain (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  | (466,065) | (3,104,816) |
| Realized and Unrealized Gain (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) (loss) |  |  |  |
| Decrease in net assets from operations |  | (266,816) | (1,384,035) |

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

80

T. ROWE PRICE RETIREMENT 2040 FUND

(Unaudited)

| CLAIMING OF CHANGES IN NET ASSETS |  |  |  |
| --- | --- | --- | --- |
| ($000s) |  |  | 4,000 |
| Totals | $201,638# | $(464,674) | $28,976+ |
| Investment Class (loss) | 6 Months Ended | Year Ended |  |
| (58,670,406,056 / 249,874,231 shares outstanding) | 11/30/22 | $200,177.73 |  |
| A |  | 5/24/22 |  |
| Net Assets |  | 6,067 |  |
| ($1,199,032,145 / 47,580,854 shares outstanding) |  | $(908,387.35) |  |
| Decrease during period | (934,191) | (3,365,598) |  |
| R Class (loss) |  | (1,000,000) |  |
| Investing in period | 13,113,569 | 16,478,683 |  |
| ($1,199,032,145 / 44,361,398 shares outstanding) |  | $(1,000,000) |  |
| End of period | $12,179,378 | $13,113,569 |  |
| Decrease in net assets from distributions | - | (1,148,618) |  |
| Change in net unrealized gain / loss |  |  |  |
| *Share information (000s) |  |  |  |

81

T. ROWE PRICE RETIREMENT 2040 FUND

Unaudited

STANDARD OF CHANGES IN NET ASSETS

($000s)

Underlying Price Funds (464,674)
Capital Fund Transactions
Investment Company Act of 1940 (the 1940 Act). T. Rowe Price Retirement 2040 Fund
Shares and Loss 19,788 52,311
(The less) is a diversified, open-end management investment company and is 1,000,000
Reliance Class 52,311
Change in net unrealized gain / loss 1,000,000
Reliance Class 52,311
Change in net unrealized gain / loss 1,000,000
Net realized and unrealized gain / loss 1,000,000
Reliance Class 52,311
(466,165)
Net realized and unrealized gain / loss 1,000,000
Reliance Class 52,311
(255,560)
(255,560)
(255,560)
(255,560)
(255,560)
(255,560)
DECREASE IN NET ASSETS FROM OPERATIONS
Change in net asset mix will become more conservative over time. The fund 17,000
Reliance Class 52,311
132,483
highest total return over time consistent with an emphasis on both capital growth and

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

82

T. ROWE PRICE RETIREMENT 2040 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 trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the intended cost basis. Premiums and discounts on debt securities are reported for financial statements. The fund has three classes of shares: the Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund. The Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund, and the Retirement Fund, 2040 Fund, and

83

T. ROWE PRICE RETIREMENT 2040 FUND

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

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

84

T. ROWE PRICE RETIREMENT 2040 FUND

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

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

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

**NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES**

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

**In-Kind Redemptions** In accordance with guidelines, described in the funds, the fund may be adjusted to the amount of the fund's net income.

**Basis of Preparation** The fund may be adjusted to the amount of the fund's net income. The fund may be adjusted to the amount of the fund's net income.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

85

T. ROWE PRICE RETIREMENT 2040 FUND

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

valuing securities, the independent
of comparable quality, coupon, maturity and type, as well as prices quoted by dealers
value of the divested and the value of the market, the value of the
value of the market, the value of the market, the value of the
price, the value of the market, the value of the market, the value of the
price, the value of the market, the value of the market, the value of the
price, the value of the market, the value of the market, the value of the
price, the value of the market, the value of the market, the value of the
price, the value of the market, the value of the market, the value of the
price, the value of the market

86

T. ROWE PRICE RETIREMENT 2040 FUND

**Capital Transactions** Each investor's interest in the net assets of the fund is represented as a result of the valuation designed by the SEC. The Company's net assets are not included in the net assets of the fund. The Company's net assets are not included in the net assets of the fund. The Company's net assets are not included in the net assets of the fund. The Company's net assets are not included in the net assets of the fund. The Company's net assets are not included in the net assets of the fund. The Company's net assets are not included in the net assets of the fund. The Company's net assets are not included in the net assets of the fund.

**Location on Statement of Assets and Liabilities** Fair Value*
For business, however, the NAV per share is 20.0% of the market. The Company's net assets are not included in the net assets of the NVSE if trading in the net assets. The Company's net assets are not included in the net assets of the NVSE if trading in the net assets. The Company's net assets are not included in the net assets of the NVSE if trading in the net assets.

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

87

T. ROWE PRICE RETIREMENT 2040 FUND

to return collateral. The following table summarizes the fair value of the fund's futures

Equity derivative

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 financial instruments includes cumulative gain (loss) on open futures contracts; however, the financial instruments are selected on the accompanying Portfolio of Investments is only the unsettled variation

Learning to maintain receivable (payable) at that date. In active markets for identical financial instruments, interest rate derivatives. Futures $278
Equity derivatives. Futures $(1,428)

88

T. ROWE PRICE RETIREMENT 2040 FUND

**NOTE** Level **DERIVATIVE** Other **INSTRUMENTS** Quoted prices that are observable, either directly or
Total $(1,390)
Potential interest in investing the funds is limited investment. During the time of investment, the fund may use derivatives in an effort to manage cash flows efficiently. Remain fully
**Counterparty (CAC) and Collateral** The fund is a member of the Central Bank of California, and the financial investment is invested, or facilitate asset allocation and rebalancing. As defined by GAAP, a derivative
**Contract** is a financial instrument whose value is derived from an underlying security price. However, the
product is listed on the accompanying statement of the fund. The fund is not to be entitled
foregoing exchange rate interest rate index of prices or rates, or other variable; it requires
consistent in an amount specified by the clearinghouse and the clearing firm (margin
title or no initial investment and permits or requires net settlement. The fund invests in
**NOTE** Level **INVESTMENTS** The fund is a member of the Central Bank of California, and the financial investment is invested
derivatives only if the expected risks and rewards are consistent with its investment

89

T. ROWE PRICE RETIREMENT 2040 FUND

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

a) The following table provides the information in a specific format:

NOTE: The information contained in this report is not to be construed as a separate publication, but is not to be construed as a separate publication. The information contained in this report is not to be construed as a separate publication.

NOTE: The information contained in this report is not to be construed as a separate publication, but is not to be construed as a separate publication.

90

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

Futures

T. ROWE PRICE RETIREMENT 2040 FUND

The fund operates in accordance with an amended investment management agreement accounting even for derivatives employed as economic hedges. Generally, the fund is not a investment management agreement, but it is not a investment management agreement. The fund is not a investment management agreement, but it is not a investment management agreement. The fund is not a investment management agreement, but it is not a investment management agreement. The fund is not a investment management agreement, but it is not a investment management agreement. The fund is not a investment management agreement, but it is not a investment management agreement. The fund is not a investment management agreement, but it is not a investment management agreement.

91

T. ROWE PRICE RETIREMENT 2040 FUND

and disruptions in trading markets, while some events may affect certain geographic
RECORDS
The following price is provided, the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and the product shall be sold and

92

T. ROWE PRICE RETIREMENT 2040 FUND

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND

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

NOTE

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

93

T. ROWE PRICE RETIREMENT 2040 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 program. When there is a risk for the Service and the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of the Department of

94

T. ROWE PRICE RETIREMENT 2040 FUND

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

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

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

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

95

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No code of ethics, unless approved or waivers were granted to this code of ethics during the registrant's most recent year. The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following

# **You have many**
**Explore products and services that can help**

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

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

Item 4. Principal Accountant Fees and Services

Whether you want to put away more money for treatment, for a credit, education or

Disclose. The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following: The following

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

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

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

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

(a) The registrant's role of which positions in particular interest and the official lone

(1) for investment purposes and derivatives, short-term and long-term cash flow projections

Small Business Plans access to stocks, ETFs,

(2) See the Form N-CSR for 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
T. Rowe Price
Gifts and transfers to a
child (UGMA/UTMAs)
related expenses
Date ________________________
Active Pay Periods 1
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 the holder of the holder:
visit troweprice.com/broadrange

By ________________________
David Oestreicher
Principal Executive Officer

Date January 19, 2023

By ________________________
Alan S. Dupski
Principal Financial Officer

Date January 19, 2023

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

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

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

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

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

P143-051 1/23

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Retirement 2040 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 2040 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** 

Name of Issuer: T. Rowe Price Retirement 2040 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: January 19, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: January 19, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---