Expense Ratio History

TRARX expense ratio history

T. Rowe Price Target 2005 Fund

Fund company
T. Rowe Price
Type
Mutual fund

0.45%

In basis points
45 basis points
Yearly cost per $10,000
$45
Prospectus dated
1 August 2025, filed with the SEC; rounded to 0.01%
Last change
Cut from 1.04% on 24 May 2021

Fee over time

TRARX expense ratio: 0.60% until 1 Oct 2014, then 0.59%; 0.59% until 23 Sep 2015, then 0.58%; 0.58% until 1 Oct 2016, then 1.31%; 1.31% until 1 Oct 2017, then 1.35%; 1.35% until 1 Oct 2018, then 1.19%; 1.19% until 1 Oct 2019, then 1.04%; 1.04% until 24 May 2021, then 0.45%; read at 0.45% on 1 Aug 2025.0.00%0.50%1.00%1.50%2.00%Aug 2013Sep 2015Oct 2017Nov 2019Dec 2021Jan 20240.60% before0.45% from 24 May 2021
TRARX expense ratio: 0.60% until 1 Oct 2014, then 0.59%; 0.59% until 23 Sep 2015, then 0.58%; 0.58% until 1 Oct 2016, then 1.31%; 1.31% until 1 Oct 2017, then 1.35%; 1.35% until 1 Oct 2018, then 1.19%; 1.19% until 1 Oct 2019, then 1.04%; 1.04% until 24 May 2021, then 0.45%; read at 0.45% on 1 Aug 2025.0.00%0.50%1.00%1.50%2.00%Aug 2013Sep 2017Oct 20210.60% before0.45% from 24 May 2021
Solid line: the fee in effect after each recorded change. Dashed: the fee before it. Dots: prospectuses filed with the SEC and dates we read the fee from a source.

Share classes

The same fund is sold as 3 share classes, each with its own fee. Figures are from each class's latest prospectus in SEC filings, rounded to 0.01%.

TickerShare classFeeAfter waiversProspectus dated
TRARX (this page) T. Rowe Price Target 2005 Fund 0.45% — 1 Aug 2025
PANRX T. Rowe Price Target 2005 Fund-Advisor Class 0.70% — 1 Aug 2025
TFRRX T. Rowe Price Target 2005 Fund-I Class 0.30% — 1 Aug 2025

Every figure we've recorded

DateFeeWhat happened
1 Aug 2025 0.45% In the prospectusTotal annual fund operating expenses in the prospectus dated 2025-08-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Aug 2024 0.45% In the prospectusTotal annual fund operating expenses in the prospectus dated 2024-08-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2023 0.45% In the prospectusTotal annual fund operating expenses in the prospectus dated 2023-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2022 0.45% In the prospectusTotal annual fund operating expenses in the prospectus dated 2022-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2021 0.45% In the prospectusTotal annual fund operating expenses in the prospectus dated 2021-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
24 May 2021 0.45% In the prospectusTotal annual fund operating expenses in the prospectus dated 2021-05-24 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
24 May 2021 0.45% Cut from 1.04% to 0.45%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2021-05-24
1 Oct 2019 1.04% In the prospectusTotal annual fund operating expenses in the prospectus dated 2019-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2019 1.04% Cut from 1.19% to 1.04%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2019-10-15
1 Oct 2018 1.19% In the prospectusTotal annual fund operating expenses in the prospectus dated 2018-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2018 1.19% Cut from 1.35% to 1.19%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2018-10-12
1 Oct 2017 1.35% In the prospectusTotal annual fund operating expenses in the prospectus dated 2017-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2017 1.35% Raised from 1.31% to 1.35%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2017-10-17
1 Oct 2016 1.31% In the prospectusTotal annual fund operating expenses in the prospectus dated 2016-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2016 1.31% Raised from 0.58% to 1.31%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2016-10-17
23 Sep 2015 0.58% In the prospectusTotal annual fund operating expenses in the prospectus dated 2015-09-23 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
23 Sep 2015 0.58% Cut from 0.59% to 0.58%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2015-10-19
1 Oct 2014 0.59% In the prospectusTotal annual fund operating expenses in the prospectus dated 2014-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Oct 2014 0.59% Cut from 0.60% to 0.59%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2014-10-20
1 Oct 2013 0.60% In the prospectusTotal annual fund operating expenses in the prospectus dated 2013-10-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
20 Aug 2013 0.60% In the prospectusTotal annual fund operating expenses in the prospectus dated 2013-08-20 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS

What this fee costs

Change the amount, years or return. The estimate keeps the fee at 0.45% and the return steady each year, the same assumptions as the cost example in a fund's prospectus.

$568 in fees over 10 years

After fees, $10,000 grows to $15,587.

Fees paid on $10,000 at 5% a year
AfterFees paid
1 year$46
3 years$145
5 years$253
10 years$568

How we read this figure

The figure is the total annual fund operating expenses line of the fee table in the fund's prospectus, as tagged in the fund company's filing with the SEC. The SEC publishes these figures rounded to four decimal places, so 0.015% appears as 0.02%. The fund company's own page may show a more precise number.

SEC filings give 14 prospectuses for this share class since 2013. Each one is listed above with a link to the filing.

How we read fees

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