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2. | 2 EO033 296708 9/15 Your career may take many twists and turns Americans, on average, have worked 11 different jobs by the time they turn 46 years old. Source: Bureau of Labor Statistics, July 2012, “Number Of Jobs Held, Labor Market Activity, And Earnings Growth Among The Youngest Baby Boomers: Results From A Longitudinal Survey.”

3. | 3 EO033 296708 9/15 Which road will you follow? 1. Stay put: leave it in the plan 2. Convert it to cash 3. Move it to your new employer’s plan 4. Take it with you with a Rollover IRA

4. | 4 EO033 296708 9/15 Option 1: Stay put You can often keep your retirement savings invested in your old plan after you leave your job.

5. | 5 EO033 296708 9/15 You may want to leave your money in the plan Cons Your investment choices may be limited You may not be allowed to make additional contributions or take loans You could have recordkeeping headaches if you change jobs frequently The plan controls access to your savings Pros Tax-deferred compounding No taxes or IRS penalties Some plans offer special investment options such as employer stock May offer much lower fees

6. | 6 EO033 296708 9/15 Option 2: Convert your savings to cash Withdrawing your assets in a lump sum is an option, but it’s rarely the best choice for pursuing your retirement savings goals.

7. | 7 EO033 296708 9/15 Avoid detours! Taking a cash distribution can have a significant impact on your ability to meet your savings goals Cons Distribution may be subject to taxes and penalties The money can never be rolled over to another IRA or employer retirement plan If you don’t invest the money, it could derail your retirement savings plan Pros Immediate access to your savings

8. | 8 EO033 296708 9/15 Cashing out could mean paying a hefty toll Tax consequences: Income taxes due at current rate 20% mandatory withholding 10% additional tax on early withdrawals* Loss of tax-deferred status *Most withdrawals made before age 59½ are subject to a 10% additional tax penalty.

9. | 9 EO033 296708 9/15 Cashing out could mean paying a hefty toll Take it nowRoll it over Retirement plan account balance $50,000 25% federal income tax –$12,500–$0 10% early withdrawal penalty* –$5,000–$0 Remaining balance $32,500$50,000 *Most withdrawals made before age 59½ are subject to a 10% additional tax penalty.

10. | 10 EO033 296708 9/15 There’s no substitute for time on the road to retirement Investor A stays invested Rolls over a $50,000 portfolio, which earns 8% a year for 25 years Investor B cashes out, then five years later tries to catch up Contributes $5,000 a year for 20 years, also earning 8% Total invested $50,000 Total $245,425 Total $367,009 Total invested $100,000 Illustrative purposes only.

11. | 11 EO033 296708 9/15 Option 3: Move your savings If you are changing jobs, you may be able to move your savings to your new employer’s retirement plan.

12. | 12 EO033 296708 9/15 Moving your savings can get you further down the road to retirement Cons Investment options may be limited Rules governing withdrawals are based on the plan’s provisions New plan may not be available if you’re starting your own business or taking a part-time job Pros Tax-deferred compounding of assets Retirement assets under one roof Some plans offer special investment options, such as employer stock purchase programs or loan provisions

13. | 13 EO033 296708 9/15 Option 4: Take it with you! Transfer your savings to a Rollover IRA without taxes or penalty.

14. | 14 EO033 296708 9/15 A Rollover IRA offers a range of benefits, wherever your career takes you Cons Does not offer loans Special tax advantages for assets held in employer stock are not available May offer less protection from creditors Pros Wider range of investment choices Option to make withdrawals before age 59½ without IRS penalties Ability to convert assets to a Roth IRA Easier recordkeeping and management

15. | 15 EO033 296708 9/15 Two ways to roll over your savings 1. Direct rollover Retirement assets are transferred directly from former employer’s plan to: – A Rollover IRA, or – A new employer’s plan No income taxes due No mandatory 20% federal income tax withholding No IRS penalty for early withdrawal

16. | 16 EO033 296708 9/15 Two ways to roll over your savings 2. Indirect rollover Distribution check is made payable to participant 20% is withheld for federal income tax purposes Participant has 60 days to reinvest distribution (including amount withheld) in a new employer’s plan or in a Rollover IRA IRS penalty for missed deadline is severe – Cannot shelter those assets from taxes in the future – Income taxes must be paid on full distribution – 10% additional tax if distribution is made before age 59½

17. | 17 EO033 296708 9/15 Keep your eyes on the road Remember, cashing out can cost you Compounding can help grow your savings A Rollover IRA may offer more flexibility

18. | 18 EO033 296708 9/15 Need directions? Talk to your financial advisor Call Putnam Investments

19. | 19 EO033 296708 9/15 A BALANCED APPROACH A WORLD OF INVESTING A COMMITMENT TO EXCELLENCE | 19 EO033 290288 8/14

20. | 20 EO033 296708 9/15 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

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