1. Women and Wealth: Creating a Strategy That Works for You
Presented by: Dena K. Lewis
Assistant Vice President
Merrill Edge Financial Solutions Advisor™
Good [morning/afternoon/evening].
Thank you for coming. I’ve had the pleasure of working with many of you. But for those whom I have not met, let me introduce myself. I’m [Name]. I’ve been in the financial services industry for XX years, XX of them with Merrill Edge.
[Feel free to add as much about yourself as you wish.]
Most investors today realize the importance of adhering to core concepts when it comes to pursuing their financial goals.
This morning we’re going to talk about some of the wealth management concerns and challenges facing women today, and some of the ways Merrill Edge can help you incorporate fundamental concepts into your investment strategy that can lay the foundation for helping you pursue your financial goals, no matter what your life situation is.

2. Are Not Bank Guaranteed
The information in this presentation is intended to be a general introduction of Merrill Edge’s approach to wealth management. It is not intended to be either a specific offer by any Merrill Edge entity to sell or provide, or a specific invitation to apply for, any particular product or service.
Merrill Edge offers a broad range of brokerage, investment advisory (including financial planning) and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select.
Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties. Neither Merrill Lynch nor its Financial Solutions Advisors provide tax, accounting or legal advice. Clients should review any planned financial transactions or arrangements that may have tax, accounting or legal implications with their personal professional advisors.
Asset allocation, diversification and rebalancing do not assure a profit or protect against a loss in declining markets.
Investing in securities involves risks. There is always the potential of losing money when you invest in securities.
Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets.
Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.
MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation.
Banking products are provided by Bank of America, N.A., and affiliated banks, members FDIC and wholly owned subsidiaries of BAC.
Investment products:
© 2012 Bank of America Corporation. All rights reserved. ARX0G6E3 | PPT | 6/2012
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value

3. Agenda What we’ll discuss today:
Women as a force in the economy and workplace
The unique challenges women face
Strategies for retirement planning
How a Merrill Edge Financial Solutions Advisors can help
What we’re going to be talking about this morning is how we as women have become a major financial force in the world.
We’ll also review some of the major challenges that women face when saving for retirement
Next we’ll talk about some basic strategies for retirement planning
And how I can help you with that process.

4. Women: a financial force

5. Financial preparedness
Ninety-five percent of U.S. women are involved in household financial decisions; 25% are the primary decision makers.1
Are you prepared financially for:
A long life well into retirement
What will happen to your loved ones if you die unexpectedly
The possibility you, a spouse or a parent becomes disabled
So why are we presenting a seminar on “Women and Wealth”? Is it because we think that women need help or guidance more than men or any other group of individuals? Absolutely not.
The fact is, according to the Prudential research study “Financial Experience & Behaviors Among Women,” a full 95% of U.S. women are directly involved in their household financial decisions, and 25% of those women are the primary financial decision makers. Further Merrill Edge research discovered that in general, women are more concerned than men about how their finances will be affected by certain factors. For example, 85 percent for women are anxious about rising health care costs compared to 80 percent of men.
So..the bottom line is that responsibility is ON US!!
Along with financial responsibility comes the need to be prepared. Are you prepared for life’s unforseen events? We as women seek financial security, yet we may not always necessarily plan for future scenarios.
So ask the question…Are you prepared financially for:
A long life well into retirement?
What will happen to your loved ones if you die unexpectedly?
The possibility that you, a spouse or a parent might become disabled?
Let’s look at a few more interesting facts about why women are a strong financial force in today’s world.
1 “Financial Experience & Behaviors Among Women,” 2010–2011 Prudential Research Study,

6. Women: A force in the economy
Some economic factors about women today:
Comprise 43% of top wealth holders1
Will hold 50% of total private wealth (estimated to be $22T by 2020).2
Make more than 80% of all consumer purchase decisions3
Spend more than 70% of consumer dollars worldwide4
Well for one thing..
Women make up 43% of top wealth holders
We also control 51.3% of personal wealth in the U.S.
Women make more than 80% of all consumer purchase decisions
Women spend more than 70% of all consumer dollars worldwide
1 Brian G. Raub, “Personal Wealth, 2004,” U.S. Internal Revenue Service, Statistics of Income Division,
2 Harvard Business Review. “The Female Economy “ September 2009
3 A.T. Kearney Consulting Firm, Trendwatching, 2007,
4 Boston Consulting Group “Women Want More: How to Capture Your Share of the World’s Largest, Fastest-Growing Market” August 2009 6

7. Women in the workplace Some statistics about women in the workplace:
Women comprise 46.7% of the total U.S. labor force1
They account for 51.5% of persons employed in management/professional positions2
More than 8 million U.S. businesses are majority women-owned, with an economic impact of $3 trillion annually, translating into more than 23 million jobs3
Women receive more bachelor’s and advanced college degrees than men4
Women today are earning more and are in higher career positions than in any previous generation. As such, they have more money than they have ever had before.
Let’s take a look at a few workplace statistics and continue to examine :
Women comprise almost 46.7% of the total U.S. labor force
They account for 51.5% of persons employed in management, professional and related occupations categories
More than 8 million U.S. businesses are majority owned by women. Women-owned firms have an economic impact of $3 trillion annually, which translates into the creation and/or maintenance of more than 23 million jobs―or 16% or all U.S. jobs.
Women receive more bachelor and advanced college degrees than men
1 Women’s Employment During the Recovery, U.S. Department of Labor, 2011,
2 Bureau of Labor Statistics, “Employed persons by detailed occupation, sex, race, and Hispanic or Latino ethnicity,” 2010.
3 The Economic Impact of Women-Owned Businesses in the United States, Center for Women’s Business Research, 2009.
4 U.S. Census Bureau, Current Population Survey, 2010 Annual Social and Economic Supplement, April 2011.

8. Life Expectancy in Years1
Unique challenges
Women face unique challenges that can impact their ability to realize longer-term goals:
Increased life expectancy/greater retirement needs1
Longer exposure to inflation/increased health care costs
Long-term impact of time spent out of work force2
Earning 81.2% as much as men as a full-time worker3
Life Expectancy in Years1
Women Men
Despite numerous advances we have made as women we continue to face unique challenges that can impact our ability to realize longer-term goals and can put them at a greater level of financial risk than men.
For example, women can expect to live longer—80.5 years versus years for men.
With an increased life expectancy comes more years spent in retirement, which creates greater retirement needs and increased health care costs. Also with a longer life expectancy comes greater exposure to the effects of inflation not only on everyday income but on long-term savings goals.
What about when we decide to leave the workforce to have children…Because more women are caregivers than men, we lose more wages due to leaving the work force early because of our caregiving responsibilities. So its no surprise that women generally save less and contribute less to company-sponsored retirement plans.
In addition, women earn 81.2% as much as men during their working years. And generally, they have a more conservative approach to investing.
WHY IS THAT?! I believe its simple a lack of knowledge and a fear of the unknown.
1 U.S. Census Bureau, Life Expectancy by Sex, Age, and Race: 2008 (most recent statistics).
2 The MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents, 2011.
3 Bureau of Labor Statistics, Current Population Survey, “Median weekly earnings of full-time wage and salary workers by detailed occupation and sex, 2010,” April 2011.

9. What about your life? Consider this:
Are you living for today, maintaining a long-term time frame, or both?
Is your financial strategy a balance between lifetime financial needs and the legacy you would like to leave?
Are you familiar with your investment portfolio? Do you feel you have the right mix of stocks, bonds and cash to help meet your investment needs?
Have you determined your tolerance—both financial and emotional— for investment risk?
Have you worked to develop strategies to help meet your philanthropic goals?
Do you have a will and/or trusts? If so, are they current?
SO…..We’ve looked at a few of the economic and workplace advances women have made, and at some of the unique challenges women today face. But what about your life? How much time have you taken to ensure that YOU are prepared for a solid financial future?
Yes…we all have THINGS that we have to tend to, deadlines that we have to meet, but have you taken the time to TAKE CARE OF YOU!!
WELL…
It’s time to seriously consider these questions:
Are you living for today, maintaining a long-term investment time frame, or both?
Is your financial strategy a balance between lifetime financial needs and the legacy you would like to leave your beneficiaries?
Are you familiar with your investment portfolio; for example, are you aware of its mix of stocks, bonds and cash, and are you confident that mix can help you meet your investment needs?
Have you determined your financial and emotional tolerance for investment risk?
Have you worked to develop investment strategies to help meet your philanthropic goals and objectives?
Do you have a will and/or trusts? If so, are they current?

10. Saving for Retirement

11. Impacts to lifetime earnings
The earnings gap between genders and career interruptions may hinder a woman’s lifetime earnings
Read slide
U.S. Department of Labor
U.S. Bureau of Labor Statistics June 2010

12. Contribute as much as you can
Contribute the maximum to your 401(k) plan or IRA, including catch-up contributions
Individual Retirement Accounts (IRAs)1
Employer- Sponsored Plans2
Individuals
under age 50
Age 50+ catch-up contribution
Individuals
under age 50
Age 50+ catch-up contribution
2011
Does anyone remember the financial crisis of 2008? It was scary right?!
Well, because of the financial crisis, some people have been hesitant to continue making contributions to their retirement plans. The thing I want everyone to remember is that while market volatility can be unsettling, it’s not a new concept, by any means. Historically, many equity investments have grown over the long term. The key is to contribute small amounts regularly to a 401(k) plan. By doing this you may be able to spread out your risk over time, have the opportunity to take advantage of buying in at lower prices when markets are down.1 While the time for recoveries can vary widely, and past performance is no guarantee of future results, keeping a long-term perspective may help you come out ahead.
In addition, because retirement accounts come with tax advantages, these accounts are the first place you should look to increase your contribution rate. Contributing the maximum amount to your tax-advantaged accounts, such as individual retirement accounts (IRAs) and 401(k)s, can accelerate your assets while allowing you to benefit from tax-deferred compounding.
In 2011, you can make a pre-tax elective deferral contribution of up to $16,500 to a employer-sponsored plan (401(k), 403(b), or 457(b) plan). You also can contribute up to $5,000 to an IRA.
If you are 50 or older, you also can make an additional catch-up contribution—$5,500 to an employer sponsored plan (if eligible)and $1,000 to an IRA.
1This investing strategy is generally known as “dollar cost averaging.” Keep in mind that dollar cost averaging cannot guarantee a profit or prevent a loss in declining markets. Since such an investment plan involves continual investment in securities regardless of fluctuating price levels, you must consider your willingness to continue purchasing during periods of high or low price levels.
$5,000
$1,000
$16,500
$5,500
1 Contribution limits are for traditional and Roth IRAs.
2 These contribution limits apply to 401(k), 403(b) and 457b plans.

13. Hypothetical example3, assumes an 8% annual return in a brokerage IRA
Start investing early
Career interruptions can be challenging for saving for retirement. However, investing early can help you later
Assumptions
Susan
Starting at age 22 invests $3,000 per year for 43 years until her retirement
Her balance at age 65: $1,067,849
Joan
Starting age 22 invests $3,000 per year for 8 years.
She then leaves the workforce until she is 50
She then returns for 15 more years and contributes $6,000
Her balance at age 65: $726,250
Hypothetical example3, assumes an 8% annual return in a brokerage IRA 0k
200k
400k
600k
800k
1,000k
Susan
Joan
1,200k
So lets look at a scenario that will help us to see how important regular, consistent contributions to a retirement account will make all the difference when you get ready to retire. Even if you are not contributing the max amount.
Here we have Joan and Susan,
Even though Joan maxed out her annual contributions after age 50, she still couldn’t make up for the break in contributions while she was out of the workforce. Susan on the other hand, did not max IRA contributions but contributed consistently every year. Susan has over $300,000 more to enjoy in retirement.
1 The data illustrated in the bar graph is hypothetical and not indicative of the performance of any particular investment. Chart assumes annual IRA contributions made on January 1 each year of investing. Assumes annual rate of return of 8% on a non-FDIC insured brokerage investment and tax-deferred compounding in an IRA. Past performance is no guarantee of future results. An account may earn more, may earn less, or may incur a loss. Final account balances are prior to any distributions, fees, and taxes which would lower the ending balance. Taxes may be due upon distribution. You may be subject to a 10% additional federal tax if you withdraw prior to age 59½. Investing in this manner does not ensure a profit or guarantee against loss. Investing in securities involves risks due to price fluctuations.

14. Explore your tax-deferred account options
There are a variety of retirement account solutions to consider
Do you have access to a 401(k) right now?
Have you changed jobs?
Are you married and not in the workforce?
YES: Maximize contributions to employer-sponsored retirement plans or at least contribute enough to earn the company match available.
NO: Open an IRA and maximize contributions including “catch-up” contributions (if eligible)
YES: Roll over your 401(k) or other employer-sponsored retirement plan from a previous employer into an IRA.
YES: Participate in a ‘Spousal IRA’ if eligible
Now in Susan’s Case she had a career interruption…one that she couldn’t avoid, and shouldn’t have to avoid. Career interruptions are not a bad thing ladies! Its all a matter of what measures you take to PREPARE for them!
The thing with Career interruptions is that they make accumulation through employer-sponsored retirement plans more challenging. During career shifts, women may lose out on years of contributions, company matches and potential investment growth. So it is important to maximize contributions during working years.
With more job changes, 401(k)s may be numerous and left at old employers. Investment options may be limited in an employer-sponsored retirement plan. Consider rolling over 401(k) with previous employers into an IRA for potentially more investment choices and streamlined account management.
More women are working part-time, may have a non-traditional work schedule, or may not work at all saving for retirement difficult. There are ways to save for retirement even without access to an employer-sponsored plan. Consider opening and contributing to an IRA annually or a ‘Spousal IRA’ if eligible.
Spousal IRAs let stay-at-home spouses contribute the full amount allowed to an IRA even if they earn no personal income as long as their spouse earns enough to cover their contribution
Can be made to either a Roth or Traditional IRA (dependent upon normal contribution rules)
Once contributed, the money belongs to the non-wage-earning spouse, regardless of where the money came from
Deductibility
For clients filing jointly, and not actively participating in an employer-sponsored plan, but his/her spouse is, then the client's deductibility of contributions to an IRA phases out with joint modified adjusted gross income between $169,000 and $179,000

15. Investment strategies to help meet your financial goals
So now that we have talked about various vehicles to start saving for retirement lets talk about strategy. Your investment strategy.

16. Your strategy shaped by your life
Consider this:
Find the appropriate asset mix for your goals, timetable and risk tolerance
Keep your accounts diversified to help protect against market volatility
Consider whether your investment selections are likely to keep up with inflation
Rebalance regularly*
Review your strategy with your Financial Solutions Advisor at least once a year as you near retirement
Your investment strategy should be defined by your goals.
As much as I am able to help you make the right investment choices to reach you goals the strategy we develop depends on your answers to questions such as:
What are your goals? Are you looking to buy a home or additional property? Do you have another type of major purchase in mind? Are you planning for your child’s college education? Is your retirement planning adequate?
What is your timetable for your investment goals? Are you buying property within the next five years? Do you have less than 10 years before your child starts college? What about retirement—do you see yourself retiring in 10, 20 or 30 years?
Concerning investment, what is your tolerance for risk?
Once you answer these questions, you and I can work together to determine the balance of stocks, bonds and cash you are most comfortable with and that can help you pursue your investment goals.
If your goals, timetable and risk tolerance change, we can revise your investment strategy and rebalance your portfolio as needed.
Let’s take a look at how we can start.
*Asset allocation, diversification and rebalancing do not assure a profit or protect against loss in declining markets.

17. A strategy defined by your goals
Your overall investment strategy depends on:
Your goals, timetable and tolerance for risk
A balance of stocks, bonds and cash
Monitoring and rebalancing your portfolio ?
STOCKS
CASH
BONDS ?
Your investment strategy should be defined by your goals. And at various stages of your life, you will probably have multiple goals that need to be addressed. I can help you make investment choices depending on your answers to questions such as:
What are your goals? Are you looking to buy a home or additional property? Do you have another type of major purchase in mind, such as a vacation home, a boat or collectibles? Are you planning for your child’s college education? Is your retirement planning adequate? Do you have long-term care insurance?
What is your timetable for your investment goals? Are you buying property within the next five years? Do you have less than 10 years before your child starts college? What about retirement—do you see yourself retiring in 10, 20 or 30 years?
Concerning investment, what is your tolerance for risk?
Once you answer these questions, you and I can work together to determine the balance of stocks, bonds and cash you are most comfortable with and that can help you pursue your investment goals.
If your goals, timetable and risk tolerance change, we can revise your investment strategy and rebalance your portfolio as needed.
Let’s take a look at how we can start.

18. Determining an appropriate asset allocation
Merrill Edge Asset Allocation Models
Moderately Conservative
Moderately Aggressive
Conservative
Moderate
Aggressive
60%
35% 5%
70%
25% 5%
80%
15% 5%
20%
55%
25%
40%
50%
10%
First we have to determine your asset allocation. Your goals, timetable and tolerance for investment risk will help determine your asset allocation.
Here are some hypothetical asset allocations by investor profile—Conservative, Moderately Conservative, Moderate, Moderately Aggressive and Aggressive. Keep in mind that these are for illustrative purposes only and are not specific recommendations.
On the far left is an example of a conservative investor’s asset allocation that is mostly weighted in bonds, with less than half split between cash and stocks.
By contrast, on the far right, the aggressive investor’s asset allocation shows a high concentration of stocks with very little weight given to bonds and even less to cash.
Remember, there is no “typical” investment strategy. Each individual’s goals and preferences are different. I can help you select an asset mix that is appropriate for your situation.
Let’s look more closely at investing within each asset class.
Stocks
Bonds
Cash
Source: Bank of America Merrill Lynch Research Investment Committee (RIC) Report, January Models are for illustrative purposes only. Merrill Lynch has changed the allocations for each model in the past and may change the allocations in the future, depending upon research and investment strategy recommendations.

19. Choices within each asset class
Bonds: Income generation
Corporate
Municipal
Stocks: Portfolio growth
Dividends
Market capitalization
International/Emerging markets
Other assets
Real assets, cash
Private equity, hedge funds
Once we work together to determine an appropriate asset allocation strategy, you then have choices within each asset class.
At this point you might be asking why should I allocate across and within asset classes? Generally speaking, a more diversified portfolio can provide you with more resiliency and offer an important hedge against market volatility.
Remember, not all bonds are the same. You can invest in the bonds of a corporation or a municipality. All types of bonds provide a source of fixed income. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds, and vice versa, and inflation also can erode their value.
And not all stocks are the same. Over the long term, stocks historically have provided growth, and that’s an essential part of almost every investment strategy. In helping to implement your allocation of stocks, we’ll look at the comparative advantages of many types of equities—from high dividend payers to stocks that may be more volatile but have the potential for appreciation. We’ll also look to diversify your equity holdings across a range of market capitalizations, geographies, styles and risk levels.
We can also review more sophisticated investment strategies that include other types of assets, such as real assets, private equity and hedge funds.
Some or all alternative investments may not be suitable for certain investors. Many alternative investment products, specifically private equity and most hedge funds, require purchasers to be “qualified purchasers” within the meaning of the federal securities laws (generally, individuals who own at least $5 million in “investments” and institutional investors who own at least $2.5 million in “investments,” as such term is defined in the federal securities laws). No assurance can be given that any alternative investment’s objective will be achieved. Many alternative investment products are sold pursuant to exemptions from securities registration and, for example, may not be subject to the same regulatory requirements as mutual funds or other registered securities. In addition to certain general risks, including but not limited to risk of loss of principal, illiquidity of certain investment vehicles and lack of transparency with respect to fund portfolio holdings, each product will be subject to its own risks, including strategy and market risk. Certain alternative investments result in the investors’ receipt of tax reporting information.
This information is for illustrative purposes only. It is not intended to serve as investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances.

20. Merrill Edge Wealth Management Process
We can help you organize your financial life.
We help you look at your financial life in total and establish objectives that balance several goals simultaneously, such as a child’s education, your retirement and your wealth transfer plan.
We’ll work with you to build an investment strategy that allows the different pieces of your financial life to work together, taking into consideration not only your various goals, but also the levels of risk you’re prepared to take to pursue them.
The strength of your strategy will mean little if it falls short at execution. We draw from a vast array of proprietary and nonproprietary products to help you customize integrated solutions.
Your relationship with us should be based on accountability. That means we’ll meet with you to help you review your progress, measure results against your objectives and make adjustments as necessary.
Over the years I’ve worked with clients who have all kinds of financial needs and goals. This experience has taught me that people can best pursue their objectives by following a consistent investment approach.
As a Merrill Edge Advisor, I help investors maintain discipline in rising markets and resist emotional selling during market declines. At the heart of this approach is the Merrill Lynch Wealth Management Process, a four-step guide to helping you organize your financial life.
We can work with you to:
Establish Objectives. We’ll take the time to explore your unique situation in order to fully understand what matters to you most, whether it be a child’s or grandchild’s education, your retirement, your wealth transfer plan or a combination of several goals.
Set Strategy. With your specific needs in mind, we’ll work with you to build an investment strategy that allows all the different pieces of your financial life to work together. We’ll not only consider your various goals, we’ll design a diversified plan to address your objectives at the level of risk you’re most comfortable with.
Implement Solutions. Together we’ll execute your strategy by drawing from Merrill Edge’s vast resources—with access to Bank of America’s comprehensive banking services—to deliver sophisticated financial solutions.
Review Progress. We’ll meet with you to help you review your progress, measure results against your objectives and make necessary adjustments as we work toward meeting your goals.

21. Retirement Income Strategies

22. Longer life expectancy, longer retirement
How long must your money last?
People are now living longer in retirement
You may need income for 20 to 30 years after your paychecks stop
Life Expectancy Beyond Retirement at Age 65
50% chance of living to 85
Male
Age 65
25% chance of living to 92
50% chance of living to 88
Female
Age 65
25% chance of living to 94
at least one person has a 50% chance of living to 92
Couples
Age 65
at least one person has a 25% chance of living to 97
Note to presenters:
The 2000 mortality tables are the most recent data posted on the website of the Society of Actuaries.
Today’s longer life expectancies have added more years after normal retirement age--a longevity bonus decade. With traditional retirement, that has meant leaving the workforce at the age of 65 and living a more sedentary, leisurely lifestyle for 20 years or more. With 25% of women over 65 likely to live to age 94, 20 years of retirement savings may not suffice - an additional 10 years of retirement income may be needed.
A healthy 65 year old female has a 50% chance of living until 88 or 23 more years.
Source: Annuity 2000 Mortality Table, Society of Actuaries. Figures assume you are in good health. 22 22

23. You need answers to plan effectively
Retirement income planning can help you answer these critical questions
What kind of lifestyle do I want?
When can I retire?
How much will I need?
How can I make sure I don’t run out of money?
How can I recover from losses in my portfolio?
How will I know if I’m on track?
So where do you start? We all have the same questions and concerns…WE ARE ALL WONDERING…
READ THE SCREEN
The problem is, however, that few of us take that all important next step toward effectively answering those nagging questions – putting a retirement income plan in place.

24. Create a retirement income plan
Understanding your income and expenses can help you structure an investment strategy to meet essential and discretionary expenses Consider solutions with a guaranteed* income stream like annuities to help meet your essential daily living expenses
Target Spending Level
Funding Gap
Employment Income
Social Security
Pension
Planned Expenditures
Planned Income
Portfolio Draw Down Income
Funding Gap
One thing I want to point out when thinking about your income in retirement is the difference between guaranteed and non-guaranteed income. Most retirement accounts are considered non-guaranteed income because if and when the funds are fully withdrawn, the account is closed and there will be no more income from that account. On the other hand, guaranteed income generally involves sources that continue to pay you for the rest of your life, no matter how long you live.
Guaranteed income sources include pensions, Social Security and annuities. If you’re concerned about your non-guaranteed income lasting long enough, you may want to consider purchasing a guaranteed income product to fill the gap such as an annuity. An annuity can create an income floor to meet everyday fixed expenses and provide a bit more peace of mind.
All annuity contract and rider guarantees, or annuity payout rates, are backed by the claims paying ability of the issuing insurance company. They are not backed by Merrill Lynch or its affiliates, nor do Merrill Lynch or its affiliates make any representations or guarantees regarding the claims-paying ability of the issuing insurance company.
Pension
*All annuity contract and rider guarantees, or annuity payout rates, are backed by the claims paying ability of the issuing insurance company. They are not backed by Merrill Lynch or its affiliates, nor do Merrill Lynch or its affiliates make any representations or guarantees regarding the claims-paying ability of the issuing insurance company. Variable annuities are sold by prospectus only. Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of the variable annuity and its underlying investment options. The current contract prospectus and underlying fund prospectuses provide this and other important information. Please contact your Financial Solutions Advisor to obtain the prospectuses. Please read the prospectuses carefully before investing or sending money

25. Structuring your portfolio for now and later
Short-Term Consumption
Intermediate-Term Longevity
Long-Term Wealth Transfer
Liquid & Guaranteed
Growth
Investment Strategy
Growth & Income
Merrill Edge uses a three- pronged investment approach to help meet your needs throughout retirement
Create an asset allocation strategy that reflects your needs
Align investment objectives, liquidity and risk tolerance
Consider various tax implications
Asset allocation does not assure a profit or protect against loss in declining markets
A strong income plan identifies both “how much” of your portfolio you’ll need to withdraw in order to meet your expenses and it will also help you develop an investment strategy and asset allocation that reflects those needs. To that end, we offer a retirement income framework that is a holistic approach to planning your retirement.
It’s vitally important that you look at the types of expenses and align income sources and investments to address those expenses.
Short-term everyday expenses: food, housing, and healthcare
Intermediate-term: resources that last throughout your retirement. These assets would be invested to keep pace with inflation and replenish short-term portfolio.
Long-term: what you’d like to leave for your heirs and for charitable goals
Ideally, you’ll want guaranteed income sources to cover your everyday expenses. For longer-range expenses such as longevity expenses for which liquidity is a bit less important, there’s an opportunity to align investments so that they will have the potential to generate both growth and income. And for very long-range legacy goals, where liquidity and income are not needed, more growth-focused investments may be appropriate.

26. Estate planning considerations

27. The importance of estate planning
Estate planning includes:
Financial strategy that incorporates investments, retirement accounts, life insurance, trusts
Legal documents as required by state law
Tax planning as per federal and state tax laws
Beneficiary Planning
Special considerations:
Durable power of attorney
Living will
HIPAA health care authorization and release
An estate plan helps to ensure that your estate passes according to your wishes. Such a plan includes a financial strategy that incorporates investments, retirement accounts, life insurance and trusts; legal documents as required by state law; and tax planning according to federal and state tax laws.
You should work closely with your own personal legal advisor to consider documents such as:
A durable power of attorney, which allows you to delegate specific financial or health care powers to any person to act on your behalf during your lifetime, including during periods of incapacity
A health care authorization proxy, which legally designates another person to make decisions for you concerning any health care issues that are not necessarily life-threatening. You may also want to consider writing a “living will,” otherwise known as an advance health care directive.
An HIPAA authorization and release which, according to the Health Insurance Portability and Accountability Act of 1996, allows a designee to access your medical information when needed.
These documents should be on file with your own personal medical professional. You should also have them readily available at home or when traveling.

28. Distributing your assets per your wishes
Will
Living Trust
Provides for the distribution of assets after your death
Applies to assets owned in your name not otherwise the subject of beneficiary designations
Does not address lifetime planning, e.g., incapacity
Is subject to probate proceedings
Requires court-appointed personal representative
Provides benefits while you are still alive, including during incapacitation, and after death
Allows limited probate proceedings for pour-over will
Applies to all assets titled in the name of the trust
Addresses lifetime management of assets
Requires grantor-appointed trustee
A will allows you to provide for the distribution of your assets following your death. A living trust provides benefits while you are still alive and after your death. Either may be suitable depending on your circumstances. Let’s take a look at some of the aspects of both.
A will applies to one person—it is not written jointly. A will does not make provisions for any issues while you are alive, such as incapacity. It is also subject to probate proceedings, a court-supervised process that identifies and gathers your assets. A personal representative needs to attend probate court on behalf of your will.
A revocable living trust allows you to transfer your property to the trust during your lifetime and offers benefits while you are still alive. It can also contain post-death provisions, serving, in effect, as a will substitute. A revocable trust is also considered more effective regarding management of your assets in the event of your incapacitation. Your designee can be named as the successor trustee to assume responsibility upon your incapacitation and/or death.
A pour-over will accompanies a revocable living trust. It deals with forgotten assets not titled to your trust during your lifetime and sends them into your trust. (Note: Some states are more effective than others concerning living trusts versus wills; therefore, it’s important to fully understand your state laws.)
Both wills and living trusts are revocable by testator at any time prior to death except during periods of incapacity. Your own personal tax and legal advisor can help you determine which would be more appropriate for your situation.

29. Beneficiary planning
It is important to make appropriate beneficiary designations to ensure that:
Your assets pass to your beneficiaries according to your wishes
Your assets avoid the potential delay and expense of probate
Your beneficiaries have the opportunity to extend or “stretch”, the tax-deferred earning period of the assets
An estate plan helps to ensure that your estate passes according to your wishes.
Your assets pass to your beneficiaries according to your wishes
Your assets avoid the potential delay and expense of probate
Your beneficiaries have the opportunity to extend or “stretch”, the tax- deferred earning period of the assets
It is important to make appropriate beneficiary designations and you may update them when changes occur in your life.

30. Putting it all together

31. Do you have any questions?
We’ve discussed:
Women as a financial force
Retirement
Investment strategies to help meet your financial goals
Philanthropy
Caregiving
Estate planning strategies
Much of what we’ve covered today involves highly stressful and emotionally charged life events. Some financial industry professionals might tell you to put your emotions aside and view everything objectively. Well, that’s not always possible. Don’t deny your feelings; acknowledge them—whether they involve anger over a divorce, sadness over the loss of a spouse, fear of caring for an aging loved one, or some combination of these. The important thing is to channel your feelings in a positive direction.
As a Merrill Edge Financial Solutions Advisor, I can provide you with tools that can help keep you financially organized so that if and when life-changing events occur, you’ll be prepared as much as possible.
So now let’s open the floor to any questions. Who would like to start?
[After Q&A concludes] I realize that many of you may have questions that are either personal or highly specific to your own situation. I encourage each of you to schedule an appointment with me where we can explore the subject in greater detail.
It all begins with a discussion. I look forward to the opportunity to help you prepare for a new future. Thank you for joining me today.

32. Building and enriching your financial life
Enjoy a single, comprehensive view of your Merrill Edge and Bank of America account balances for easier financial management.
We offer brokerage accounts and IRAs through Merrill Edge, and checking accounts and CDs through Bank of America, N.A.
Solutions
Call the Merrill Edge Advisory Center to speak with one of our Financial Solutions Advisors.
We will give you personalized advice and guidance for your specific situation.
Service
Solutions: Enjoy a single, comprehensive view of your Merrill Edge and Bank of America account balances for easier financial management. We offer brokerage accounts and IRAs through Merrill Edge, and checking accounts and CDs through Bank of America, N.A.
Service: Call the Merrill Edge Advisory Center to speak with one of our Financial Solutions Advisors.
We will give you personalized advice and guidance for your specific situation.
Pricing: Merrill Edge clients enjoy clear and transparent pricing. Talk to us about our simple account fees, flat rate equity trades and other benefits.
Merrill Edge clients enjoy clear and transparent pricing.
Talk to us about our simple account fees, flat rate equity trades and other benefits.
Pricing

33. Building and enriching your financial life
Dena Lewis
Merrill Edge Financial Solutions Advisor™ /
Merrill Edge Financial Solutions Advisor
Contact your local Financial Solutions Advisor: Dena K. Lewis /
Merrill Edge Advisory Center
Helping you determine how to address the challenges you face given your unique financial circumstances is just one of the ways Merrill Edge can help.
While the challenges may make it tough to take the first step, you don’t have to do it alone. With the help of a Merrill Edge Financial Solutions Advisor, you can start implementing simple changes and best practices right away.
We will work as a team with you and your other advisors, including tax professionals and lawyers, to find the most appropriate solutions for your situation.
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to learn more.
Bank at Work

34. Have your money working for you.
Thank you