The One-Step Choice offers a convenient solution if:

• You don’t have the time or experience for investment research.
• You prefer to have your retirement investments professionally managed.

The One-Step Choice keeps things simple. You choose a single T. Rowe Price Retirement fund to invest in. It’s a convenient, low-maintenance way to have your retirement investments professionally managed for you.

T. Rowe Price Retirement funds have names that match specific investment time horizons. So all you need to do is:

• Decide how many more years until you expect to retire.
• Then choose a T. Rowe Price Retirement fund closest to your expected retirement year.

What is a T. Rowe Price Retirement fund?

T. Rowe Price Retirement funds invest in a mix of assets. Sometimes called "target date funds," "retirement funds," or "age-based funds," they are designed and managed for investors who have a specific target retirement year in mind. The target date is an approximate date when investors may plan to begin withdrawing from the fund.

T. Rowe Price Retirement funds invest in a mix of mutual funds including stocks, bonds and real estate investments. ¹

How Do T. Rowe Price Retirement funds Work?

In a T. Rowe Price Retirement fund, the mix of assets changes over time to maximize return and minimize risk as the target year approaches.

• T. Rowe Price Retirement funds are adjusted periodically to maintain an asset allocation appropriate for the fund’s time horizon. ²
• Each T. Rowe Price Retirement fund’s investments are adjusted from more aggressive to more conservative as a target retirement year approaches.²
• Approximately seven to ten years after a T. Rowe Price Retirement fund’s target date, a T. Rowe Price Retirement fund may merge into the Retirement Income Fund or a similar fund.

As with all mutual funds, the principal value in a Lifecycle Fund is not guaranteed. Also, please note that the target date of the Lifecycle Fund is an approximate date when investors plan to begin withdrawing from the fund. Approximately seven to ten years after a Lifecycle Fund’s target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund.

¹ Diversification and reallocating/rebalancing cannot ensure a profit nor eliminate market risk and that the principal value of these funds is not guaranteed at any time. In addition to the fund level expenses, T. Rowe Price Retirement funds are also subject to the expenses of their underlying investments.

² T. Rowe Price Retirement funds share the risks associated with the types of securities held by each of the underlying funds in which they invest, including market risk, company risk, foreign investment risks, interest-rate risk, credit risk, illiquid security risk, prepayment risk and extension risk. For a detailed discussion of risk, consult the prospectus.