1. | 1 EO013 294303 8/15 Not FDIC Insured May Lose Value No Bank Guarantee Delete existing title and subtitle, and replace with: Retirement planning strategies for women PLEASE CHANGE TO PLAIN PUTNAM BLUE/WHITE TEMPLATE—remove statue of liberty

2. | 2 EO013 294303 8/15 Women are poised to lead in financial investing Control nearly 60% of wealth in the United States Make up more than 40% of all Americans with gross investable assets above $600,000 Represent 45% of American millionaires Will control two thirds of the nation’s wealth by 2030 Source: Women in Leadership and Philanthropy at Virginia Tech.

3. | 3 EO013 294303 8/15 Women face specific challenges Living longer than men Earning less than men Paying for college Caring for elderly parents Supporting adult children Navigating changes in family structure

4. | 4 EO013 294303 8/15 Living longer than men Women age 65 today can expect to live on average until age 86.6* Health-care spending is projected to rise 5.8% per year over the next 10 years** 61% of women are worried about health-care costs in retirement (only 51% of men)† *Social Security Administration. **CMS. † AARP.

5. | 5 EO013 294303 8/15 Earning less than men Women age 55–64 earned 77 cents for every dollar earned by men* Over time, lower earnings diminish women’s ability to save and the Social Security benefits they receive Earnings are affected by caregiving responsibilities — for example, more than one third leave the workforce or reduce hours to care for older adults *Bureau of Labor Statistics, 2013.

6. | 6 EO013 294303 8/15 Paying for college Average yearly tuition and fees:* $9,139 — public four-year college (in-state students) $22,958 — public four-year college (out-of-state students) $31,231 — private four-year college 2014: Student debt reached $1 trillion (record high) 2015: Families saved less for college than in three previous years, but those with a financial plan saved 46% more than those without a plan** * The College Board, 2014–2015 School Year. ** Sallie Mae, 2015.

7. | 7 EO013 294303 8/15 Caring for elderly parents 66% of caregivers are women* Spend up to 50% more time providing care than men* MetLife study:** – 33% decreased work hours–20% switched to part-time – 29% passed up a promotion–16% quit – 22% took leave of absence–13% retired early – Women suffer a greater loss on their retirement fund than men: about $40,000 more Lost wages and Social Security benefits: $324,044† *American Sociological Association. ** MetLife Study on the Impact of Caregiving on Worklife. † 2011 Study.

8. | 8 EO013 294303 8/15 Supporting adult children 29% of parents had a grown child move home in recent years (mostly for economic reasons)* 36% of young adults age 18–31 live in parents’ home (highest percentage in at least 40 years)* 59% of parents provide financial support to adult children no longer in school** Among adults age 40–59 with at least one grown child:* – 73% helped support an adult children in the prior year – 54% were the grown child’s primary means of support * Pew Research Center poll. ** Forbes Woman, NEFE.

9. | 9 EO013 294303 8/15 Navigating changes in family structure 17% of women age 25 and over have never been married* Percentage has risen dramatically since the 1960s and is now at a record high Presents both challenges and opportunities for single women who are planning for the future *Pew Research Center, 2012.

10. | 10 EO013 294303 8/15 What every investor wants Financial plan to replace current income in retirement Tax-smart saving strategies Ways to optimize Social Security

11. | 11 EO013 294303 8/15 How to move your retirement plan in the right direction

12. | 12 EO013 294303 8/15 Will you need more income in retirement? * Putnam research, using U.S. Dept. of Labor, Consumer Expenditure (July 2013–June 2014). ** U.S. Bureau of Labor Statistics, Consumer Price Index annual average for the period 6/30/95–6/30/15. ExpensesThe average consumer over age 65 spends $51,933 annually. Over 20 years with inflation, that’s $1,300,266 * Wealth preservation Long-term inflation averages 2.3% per year **

13. | 13 EO013 294303 8/15 Do you know how much you ’ ll need to save? Source: EBRI 2015 retirement confidence survey. Under $250,000 $250,000 to $499,999 $500,000 to $999,999 $1M to $1,499,999 Survey responses $1.5M or more

14. | 14 EO013 294303 8/15 Because reality can be startling Assumes 25 years of retirement, and a retirement nest egg growing at 6% annually, compounded monthly and adjusted for 3% inflation. If your current annual income isYou ’ ll need to save $50,000 $890,000 $100,000 $1,800,000 $250,000 $3,600,000

15. | 15 EO013 294303 8/15 Save as much as you can 2015 limit Your employer ’ s retirement plan Before-tax contributions, tax-deferred earnings $18,000 Traditional IRA Before-tax contributions (if you qualify), tax-deferred earnings $5,500 Roth IRA After-tax contributions, tax-free withdrawals $5,500 Additional contributions for those age 50 and over Employer ’ s retirement plan $6,000 Traditional or Roth IRA $1,000 Source: IRS, 2015.

16. | 16 EO013 294303 8/15 Social Security won ’ t cover it all *In today’s dollars. Average benefit retiring at age 65. The maximum Social Security benefit in 2014 for an individual at full retirement age (66) is $31,956. Sources: NWLC calculations based on U.S. Social Security Administration, Annual Statistical Supplement to the Social Security Bulletin, 2014, Bureau of Labor Statistics, Highlights of Women’s Earnings in 2013. What you can expect from Social Security * Median annual income of full-time worker (age 55–64) Single men Single women

17. | 17 EO013 294303 8/15 Actively manage your savings Diversify to reduce risk, while seeking to optimize returns Rebalance regularly Take sustainable withdrawals Continue to discuss and update your goals Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses.

18. | 18 EO013 294303 8/15 Stocks felt the boom and bust of the 1990s and early 2000s. $504,181 Jan. 1993 $1,688,587 Dec. 2014 Diversify to reduce volatility Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index. The S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index. Annual withdrawals are $25,000 increased by 3% annually for inflation. Annual withdrawal: $25,000

19. | 19 EO013 294303 8/15 Diversify to reduce volatility Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index and the Barclays U.S. Aggregate Bond Index. The Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities. You cannot invest directly in an index Annual withdrawals are $25,000 increased by 3% annually for inflation. Diversification does not guarantee a profit or ensure against loss. It is possible to lose money in a diversified portfolio. Bonds were steady, but lagged behind stocks. Annual withdrawal: $25,000 $509,588 Jan. 1993 $375,442 Dec. 2014

20. | 20 EO013 294303 8/15 Diversify to reduce volatility Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index, the Barclays U.S. Aggregate Bond Index, and a diversified portfolio composed of a 25% investment in the S&P 500 Index and a 75% investment in the Barclays U.S. Aggregate Bond Index. Refer to slide 22 for index definitions. You cannot invest directly in an index. Annual withdrawals are $25,000 increased by 3% annually for inflation. Diversified portfolio is rebalanced annually. A diversified portfolio outpaced bonds with far less volatility. Annual withdrawal: $25,000 $508,236 Jan. 1993 $714,100 Dec. 2014

21. | 21 EO013 294303 8/15 Diversify across opportunities Past performance does not indicate future results. Indexes are unmanaged and show broad market performance. It is not possible to invest directly in an index. Highest return Lowest return 200020012002200320042005200620072008200920102011201220132014 U.S. Small-Cap Growth Stocks | Russell 2000 Growth IndexInternational stocks | MSCI EAFE Index U.S. Large-Cap Growth Stocks | Russell 1000 Growth IndexU.S. Bonds | Barclays U.S. Aggregate Bond Index U.S. Small-Cap Value Stocks | Russell 2000 Value IndexCash | BofA Merrill Lynch U.S. 3-Month Treasury Bill Index U.S. Large-Cap Value Stocks | Russell 1000 Value Index Changes in market performance, 2000–2014

22. | 22 EO013 294303 8/15 Small-Cap Growth Stocks are represented by the Russell 2000 Growth Index, which is an unmanaged index of those companies in the Russell 2000 Index chosen for their growth orientation. Large-Cap Growth Stocks are represented by the Russell 1000 Growth Index, which is an unmanaged index of capitalization-weighted stocks chosen for their growth orientation. Small-Cap Value Stocks are represented by the Russell 2000 Value Index, which is an unmanaged index of those companies in the Russell 2000 Index chosen for their value orientation. Large-Cap Value Stocks are represented by the Russell 1000 Value Index, which is an unmanaged index of capitalization-weighted stocks chosen for their value orientation. International Stocks are represented by the MSCI EAFE Index, which is an unmanaged index of international stocks from Europe, Australasia, and the Far East. U.S. Bonds are represented by the Barclays U.S. Aggregate Bond Index, which is an unmanaged index used as a general measure of fixed-income securities. Cash is represented by the Bank of America Merrill Lynch U.S. 3-Month Treasury Bill Index, which is an unmanaged index used as a general measure for money market or cash instruments.

23. | 23 EO013 294303 8/15 Active rebalancing Stocks Bonds Out-of- balance portfolio Stocks are represented by the S&P 500 Index and bonds by the Barclays U.S. Aggregate Bond Index. Indexes are unmanaged and represent broad market performance. It is not possible to invest directly in an index. Data is historical. Past performance is not a guarantee of future results. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses. Without rebalancing: The market controls asset allocation 22% 27% 73% 78% Balanced portfolio 20042005200620072008200920102011201220132014

24. | 24 EO013 294303 8/15 Active rebalancing Stocks are represented by the S&P 500 Index and bonds by the Barclays U.S. Aggregate Bond Index. Indexes are unmanaged and represent broad market performance. It is not possible to invest directly in an index. Data is historical. Past performance is not a guarantee of future results. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses. Diversification and rebalancing will not necessarily prevent you from losing money, however they may reduce volatility and potentially limit downside losses. With rebalancing: Asset allocation remains consistent 20042005200620072008200920102011201220132014 Stocks Bonds Balanced portfolio 33% 67%

25. | 25 EO013 294303 8/15 Putnam Dynamic Asset Allocation Funds Asset class diversification Global investment perspective Active rebalancing Individual security selection EO013 280390 3/13

26. | 26 EO013 294303 8/15 Consider these risks before investing: Allocation of assets among asset classes may hurt performance. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, factors related to a specific issuer or industry and, with respect to bond prices, changing market perceptions of the risk of default and changes in government intervention. These factors may also lead to increased volatility and reduced liquidity in the bond markets. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below- investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. You can lose money by investing in the fund.

27. | 27 EO013 294303 8/15 Putnam ’ s three diversified funds Choices for investors with different objectives Amount allocated to stocks Amount allocated to bonds Growth Fund Balanced Fund Conservative Fund

28. | 28 EO013 294303 8/15 How long will your savings last? This example assumed a 95% probability rate. These hypothetical illustrations are based on rolling historical time period analysis and do not account for the effect of taxes, nor do they represent the performance of any Putnam fund or product, which will fluctuate. These illustrations use the historical rolling periods from 1926 to 2010 of stocks (as represented by an S&P 500 composite), bonds (as represented by a 20-year long-term government bond (50%) and a 20-year corporate bond (50%)), and cash (U.S. 30-day T-bills) to determine how long a portfolio would have lasted given various withdrawal rates. A one-year rolling average is used to calculate performance of the 20-year bonds. Past performance is not a guarantee of future results. The S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index. Years Percentage of your portfolio ’ s original balance withdrawn each year It depends on how much you withdraw each year. 10% will last 10 years 9% will last 11 years 4% will last 37 years 5% will last 22 years 6% will last 17 years 7% will last 14 years 8% will last 12 years 3% will last 50 + years

29. | 29 EO013 294303 8/15 Put your plan into action Understand your investment challenges and consider how they may impact your retirement Develop an effective retirement plan to determine what you can do today to ensure you ’ ll have the income you ’ ll need later on

30. | 30 EO013 294303 8/15 Prepare for the unexpected Life events – Family and home emergencies – Change in health – Change in career or income – Divorce or death of a spouse Estate planning

31. | 31 EO013 294303 8/15 Work with a financial advisor Be actively engaged in the management of your money and review your financial plan regularly

32. | 32 EO013 294303 8/15 A BALANCED APPROACH A WORLD OF INVESTING A COMMITMENT TO EXCELLENCE | 32 EO013 280390 3/13

33. | 33 EO013 294303 8/15 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. Putnam Retail Management putnam.com

34. | 34 EO013 294303 8/15