T. Rowe Price announces new series of target-date retirement funds

T. Rowe Price plans to launch a new series of 11 target-date retirement funds later this summer, the Baltimore-based money manager said Wednesday.

Target date funds automatically become more conservative as investors age. Price began offering such funds in 2002 and they had assets amounted to $88.1 billion at the end of March. This original series is designed to provide income for a retirement lasting 20 to 30 years. The new series, called T. Rowe Price Target Retirement Funds, will provide income for a shorter withdrawal period.

The new series, expected to be available Aug. 22, will have about 42 percent of its assets in stocks at investors' year of retirement, compared with 55 percent in the older series, the company said.

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