T. Rowe Price Target 2045 I (TRFWX)

Fund Assets	458.78M
Expense Ratio	0.42%
Min. Investment	$2,500
Turnover	23.50%
Dividend (ttm)	1.04
Dividend Yield	4.84%
Dividend Growth	100.29%
Payout Frequency	Annual
Ex-Dividend Date	Dec 22, 2025

Previous Close	21.45
YTD Return	12.44%
1-Year Return	18.61%
5-Year Return	46.62%
52-Week Low	18.45
52-Week High	21.55
Beta (5Y)	0.82
Holdings	24
Inception Date	Feb 26, 2016

About TRFWX

T. Rowe Price Target 2045 Fund I Class is a target-date mutual fund designed to help investors prepare for retirement around the year 2045. Its primary function is to provide a diversified investment approach by allocating assets across a broad range of T. Rowe Price stock and bond funds. The fund maintains a higher exposure to equities in the early years to emphasize capital growth, gradually shifting towards fixed income assets as the target date approaches to balance growth with income and manage risk. This glide path adjustment seeks to support asset accumulation during the saver’s working years, while also aiming to maintain income potential and reduce volatility as retirement nears and continues. The fund impacts a wide spectrum of market sectors, investing significantly in U.S. and international equities as well as core and opportunistic fixed income instruments. By pooling assets into underlying funds representing various asset classes and sectors, it plays a significant role in the retirement planning market, offering a managed, all-in-one portfolio solution for individuals seeking a professionally allocated long-term investment strategy that adapts as the investor’s retirement approaches.

• Fund Family: T. Rowe Price
• Category: Target-Date 2045
• Performance Rating: Below Average
• Risk Rating: Below Average
• Stock Exchange: NASDAQ
• Ticker Symbol: TRFWX
• Share Class: -i Class
• Index: S&P Target Date 2045 TR

Performance

TRFWX had a total return of 18.61% in the past year, including dividends. Since the fund's inception, the average annual return has been 11.10%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
PAFFX	-advisor Class	0.84%

Top 10 Holdings

76.18% of assets

Name	Symbol	Weight
T. Rowe Price Value Z	TRZAX	14.04%
T. Rowe Price Growth Stock Z	TRJZX	13.89%
T. Rowe Price Equity Index 500 Z	TRHZX	7.90%
T. Rowe Price US Large-Cap Core Z	TRZLX	7.64%
T. Rowe Price International Value Eq Z	TROZX	6.75%
T. Rowe Price New Income Z	TRVZX	6.70%
T. Rowe Price Overseas Stock Z	TRZSX	6.07%
T. Rowe Price International Stock Z	TRNZX	5.58%
T. Rowe Price Real Assets Z	TRZRX	4.79%
T. Rowe Price Em Mkts Discv Stk Z	TRFZX	2.84%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 22, 2025	$1.0369	Dec 23, 2025
Dec 23, 2024	$0.5177	Dec 24, 2024
Dec 22, 2023	$0.4956	Dec 26, 2023
Dec 22, 2022	$0.8362	Dec 23, 2022
Dec 22, 2021	$0.185	Dec 23, 2021
Dec 22, 2020	$0.480	Dec 23, 2020

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

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