T. Rowe Price Retirement 2040 Fund (TRRDX)

Fund Assets	26.53B
Expense Ratio	0.59%
Min. Investment	$2,500
Turnover	14.90%
Dividend (ttm)	1.50
Dividend Yield	3.88%
Dividend Growth	117.60%
Payout Frequency	Annual
Ex-Dividend Date	Dec 19, 2025

Previous Close	38.81
YTD Return	12.67%
1-Year Return	13.93%
5-Year Return	40.86%
52-Week Low	33.26
52-Week High	39.01
Beta (5Y)	0.87
Holdings	31
Inception Date	Sep 30, 2002

About TRRDX

T. Rowe Price Retirement 2040 Fund is a target-date mutual fund designed to pursue total return with an emphasis on both capital growth and income as investors progress toward an expected 2040 retirement. The fund is actively managed and invests primarily in a diversified mix of underlying T. Rowe Price stock and bond funds spanning U.S. and international equities, core fixed income, and real assets, with allocations that evolve along a glide path as the retirement date approaches. The glide path gradually reduces equity exposure and increases fixed income, continuing to adjust for roughly three decades beyond the target date to balance growth and income needs over a long retirement horizon. The strategy assumes a retirement age of 65 and benchmarks itself to the S&P Target Date 2040 Index. Key characteristics include multi-asset diversification, tactical flexibility within defined ranges, and an emphasis on broad market representation through T. Rowe Price underlying strategies. As of June 30, 2025, the fund reported an expense ratio of 0.60% and total assets of approximately $25.6 billion, reflecting its scale within the target-date category.

• Fund Family: T. Rowe Price
• Category: Target-Date 2040
• Performance Rating: Above Average
• Risk Rating: Above Average
• Stock Exchange: NASDAQ
• Ticker Symbol: TRRDX
• Index: S&P Target Date 2040 TR

Performance

TRRDX had a total return of 13.93% in the past year, including dividends. Since the fund's inception, the average annual return has been 9.68%.

Other Share Classes

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

Symbol	Share Class	Expense Ratio
TRHDX	-i Class	0.42%
PARDX	-advisor Class	0.84%
RRTDX	-r Class	1.09%

Top 10 Holdings

77.89% of assets

Name	Symbol	Weight
T. Rowe Price Value Z	TRZAX	14.58%
T. Rowe Price Growth Stock Z	TRJZX	14.38%
T. Rowe Price US Large-Cap Core Z	TRZLX	7.91%
T. Rowe Price Equity Index 500 Z	TRHZX	7.81%
T. Rowe Price International Value Eq Z	TROZX	7.01%
T. Rowe Price Overseas Stock Z	TRZSX	6.61%
T. Rowe Price New Income Z	TRVZX	5.87%
T. Rowe Price International Stock Z	TRNZX	5.79%
T. Rowe Price Real Assets Z	TRZRX	4.95%
T. Rowe Price Mid-Cap Value Z	TRTZX	2.99%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 19, 2025	$1.5021	Dec 22, 2025
Dec 20, 2024	$0.6903	Dec 23, 2024
Dec 21, 2023	$1.5464	Dec 22, 2023
Dec 21, 2022	$2.1781	Dec 22, 2022
Dec 21, 2021	$2.594	Dec 22, 2021
Dec 22, 2020	$1.510	Dec 23, 2020

Data Sources: Tiingo, Financial Modeling Prep, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Financial Modeling Prep. Several fund data points are also provided by Finnhub.

Last checked:

Aug 26, 2026

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