T. Rowe Price Retirement 2040 Fund
TRRDX
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- T. Rowe Price Retirement 2040 Fund (TRRDX) is a target-date mutual fund managed by T. Rowe Price Group, Inc., which invests in a diversified portfolio of other T. Rowe Price stock, bond, and real asset mutual funds representing various asset classes and sectors; its allocation among these underlying funds, including T. Rowe Price Equity Index 500 Fund, Blue Chip Growth Fund, U.S. Treasury Intermediate Fund, International Stock Fund, and Real Assets Fund, changes over time in relation to its 2040 target retirement date, assuming a retirement age of 65, with a current emphasis on approximately 57% U.S. stocks, 28% non-U.S. stocks, 7% U.S. bonds, 3% non-U.S. bonds, and 5% cash equivalents to balance capital growth and income generation. The fund seeks the highest total return over time consistent with this glide path, maintaining substantial equity exposure even post-target date to support long-term postretirement income without guaranteeing a specific level; it features a net expense ratio of 0.59%-0.61% and targets individual and institutional investors, particularly in retirement plans across the United States. Launched on September 30, 2002, TRRDX forms part of T. Rowe Price's broader suite of retirement solutions offered by the firm founded in 1937 and headquartered in Baltimore, Maryland. In recent developments, T. Rowe Price Group announced a strategic collaboration with Goldman Sachs in September 2025, involving up to $1 billion in open-market stock purchases and joint development of private-market products for retirement and wealth channels, with new launches expected by mid-2026; additionally, in February 2025, the firm formed a partnership with Oak Hill Advisors and Aspida to expand diversified strategies for insurance clients, leveraging T. Rowe Price's existing minority stake in Aspida. These alliances underscore T. Rowe Price's focus on enhancing retirement offerings amid $1.6 trillion in assets under management, including over $1 trillion in retirement-related assets, while serving clients globally through 17 offices in 55 countries.