# T. Rowe Price Retirement 2045 Fund (RRTRX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/rrtrx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: T. Rowe Price · Asset class: Bond - Strategy: Actively Managed · Inception: 2007-05-31 This fund strategically allocates its investments across a broad spectrum of T. Rowe Price's proprietary stock and bond mutual funds. This approach creates a diversified portfolio that spans various asset classes and market sectors. The composition of these underlying investments is designed to progressively adjust over time, aligning with the fund's specific target retirement date. Specifically, this fund is strategically managed for individuals intending to retire around the year 2045, as indicated by its name, based on the assumption of a 65-year-old retirement age. ## Key Facts | Metric | Value | |---|---| | Price | $27.16 | | Expense Ratio | 1.10% | | Assets Under Management | $18.82B | | NAV | $27.16 | | Holdings Count | — | | Distribution Yield (TTM) | 3.15% | | Annual Distribution (TTM) | $0.86 /share | | Distribution Frequency | Annual | | 52-Week Range | $23.74 – $28.17 | | Beta | 1.20 | ## Latest Distribution - Amount: $0.8554 /share - Ex-date: 2025-12-19 - Pay date: 2025-12-22 ## Frequently Asked Questions ### What does RRTRX invest in? This fund strategically allocates its investments across a broad spectrum of T. Rowe Price's proprietary stock and bond mutual funds. This approach creates a diversified portfolio that spans various asset classes and market sectors. The composition of these underlying investments is designed to progressively adjust over time, aligning with the fund's specific target retirement date. Specifically, this fund is strategically managed for individuals intending to retire around the year 2045, as indicated by its name, based on the assumption of a 65-year-old retirement age. ### What is the expense ratio of RRTRX? T. Rowe Price Retirement 2045 Fund (RRTRX) charges an expense ratio of 1.10%. This is the annual fee deducted from fund assets to cover management and operations. ### What is RRTRX's dividend yield? RRTRX's trailing-twelve-month yield is 3.15%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of RRTRX? Effective duration measures RRTRX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. RRTRX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of RRTRX? RRTRX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of RRTRX? Yield to maturity (YTM) is the total return you'd earn from RRTRX if every bond in the portfolio is held to maturity at the current price. RRTRX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does RRTRX pay a dividend? Yes, T. Rowe Price Retirement 2045 Fund (RRTRX) distributes dividends to shareholders. The trailing-twelve-month yield is 3.15%. Full dividend history is on this page. ### How often does RRTRX pay dividends? T. Rowe Price Retirement 2045 Fund pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is RRTRX's next ex-dividend date? The most recently announced ex-dividend date for RRTRX was 2025-12-19. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will RRTRX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 1.10% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does RRTRX charge its expense ratio? The expense ratio is deducted in tiny daily slices from RRTRX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does RRTRX cost more than a fund like VOO? RRTRX is actively managed (current expense ratio 1.10%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether RRTRX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to RRTRX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as RRTRX (1.10%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/rrtrx - Distribution history: https://www.dividenddata.com/funds/rrtrx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/rrtrx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/rrtrx/expenses - Peer comparison: https://www.dividenddata.com/funds/rrtrx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.