T.Rowe Price Group (TROW) has introduced a new mutual fund for people who are saving for retirement, increasing its roster of those funds to ten.
The latest offering, the Retirement 2045 fund, is aimed at investors who plan to retire around that year. The fund, like Price’s other retirement funds, invests in 12 of the company’s mutual funds. The new fund currently has 93% of its assets in stocks, and 7% in bonds.
Price’s retirement funds emphasize growth for investors who are not near to retiring. The funds become more conservative as investors get nearer to retirement, and are periodically rebalanced. Assets in the funds have increased more than ten-fold since the end of 2003 to more than $5 billion, Price said.
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