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Data last updated: Oct 19, 2026
Snapshot (as of Oct 19, 2026): T. Rowe Price Retirement 2045 (TRRKX) pays a $0.34 annual dividend, yielding 3.39% at $28.17/share. Source: Yahoo Finance, aggregated by MerryDiv.
Dividend Yield: 3.39%
Annual Dividend: $0.34 per share
Dividend Frequency: annually
Years of Dividend History: 21
The T. Rowe Price Retirement 2045 Fund dividend comes from a target-date fund that allocates across a broad mix of T. Rowe Price equity and fixed-income mutual funds, shifting its asset mix progressively as 2045 approaches. TRRKX currently yields 3.4%, with a trailing annual dividend rate of $0.9567 per share paid once a year. The next ex-dividend date is December 19, 2025. With a beta of 1.2, this fund carries slightly more price volatility than the broader market, which matters for income investors who prioritize capital stability alongside yield.
T. Rowe Price Retirement 2045 Fund pays out dividends as a fund structure, making the payout ratio not applicable (fund/ETF). T. Rowe Price Retirement 2045 Fund dividend safety is tied directly to the performance of its underlying T. Rowe Price equity and fixed-income holdings, since distributions reflect realized gains and income generated by those funds rather than a fixed corporate earnings stream. The fund's beta of 1.2 means its net asset value moves more than the market on average, which can pressure the size of annual distributions in down years.
T. Rowe Price Retirement 2045 Fund dividend history shows a CAGR of 10.9% per year from 2005 to 2025. Per-share payments grew from $0.1200 in 2005 to $0.9567 in 2025 (the 2024 figure of $0.4361 is a partial year and not used in the CAGR calculation). The largest single-year jump in the window was 118.2% in 2007. The history also contains at least one year-over-year decline exceeding 5%, so growth has not been linear.
| Period | CAGR | From | To |
|---|---|---|---|
| 3-Year | -10.9% | $1.35 (2022) | $0.96 (2025) |
| 5-Year | +0.1% | $0.95 (2020) | $0.96 (2025) |
| 10-Year | +1.1% | $0.85 (2015) | $0.96 (2025) |
TRRKX fits dividend investors who want moderate income from a diversified, target-date fund structure rather than a single company's earnings. The current yield of 3.4% is classified as moderate (2-4%), sitting just below the 5-year average yield of 3.49%, which means income is broadly in line with recent norms. The fund's annual payment structure and variable distribution size, driven by underlying fund performance, mean year-to-year income is not predictable. Investors get broad exposure across T. Rowe Price equity and fixed-income funds with a long dividend history, but accept meaningful distribution variability as the trade-off.
| Payment Date | Amount per Share |
|---|---|
| 2025-12-19 | $0.9567 |
| 2024-12-20 | $0.4361 |
| 2023-12-21 | $0.8759 |
| 2022-12-21 | $1.3527 |
| 2021-12-21 | $1.2840 |
| 2020-12-22 | $0.9500 |
| 2019-12-20 | $1.1000 |
| 2018-12-20 | $1.4050 |
| 2017-12-21 | $0.6500 |
| 2016-12-21 | $0.7100 |
| Year | Total Dividends |
|---|---|
| 2025 | $0.9567 |
| 2024 | $0.4361 |
| 2023 | $0.8759 |
| 2022 | $1.3527 |
| 2021 | $1.2840 |
Project income from TRRKX with the TRRKX dividend calculator or track your full portfolio with the dividend tracker.