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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.”

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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

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Option 1:

Stay putYou can often keep your retirement savings invested in your old plan after you leave your job.

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You may want to leave your money in the plan

Cons

• Your investment choices maybe limited

• You may not be allowed to make additional contributions ortake loans

• You could have recordkeeping headaches if you change jobs frequently

• The plan controls access toyour 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

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Option 2: Convert your savings to cashWithdrawing your assets in a lump sum is an option, but it’s rarely the best choice for pursuing your retirement savings goals.

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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 retirementsavings plan

Pros

• Immediate access to your savings

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Cashing out could meanpaying 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.

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Cashing out could meanpaying a hefty toll

Take it now Roll it over Retirement plan account balance

$50,000 $50,000

25% federalincome 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.

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There’s no substitute for time on the road to retirement Investor A stays investedRolls over a $50,000 portfolio, which earns8% a year for 25 years

Investor B cashes out, then five years later tries to catch upContributes $5,000 a year for 20 years, also earning 8%

Totalinvested$50,000

Total$245,425

Total$367,009

Totalinvested$100,000

Illustrative purposes only.

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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.

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Moving your savings can get you further down the road to retirement

Cons

• Investment options maybe limited

• Rules governing withdrawals are based on the plan’s provisions

• New plan may not be available if you’re starting your own businessor taking a part-time job

Pros

• Tax-deferred compoundingof assets

• Retirement assets under one roof

• Some plans offer special investment options, such as employer stock purchase programs or loan provisions

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Option 4:

Take it with you!Transfer your savings to a Rollover IRA without taxes or penalty.

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A Rollover IRA offers a range of benefits, wherever your careertakes you

Cons

• Does not offer loans• Special tax advantages for

assets held in employer stock are not available

• May offer less protectionfrom creditors

Pros

• Wider range of investment choices

• Option to make withdrawals before age 59½ without IRS penalties

• Ability to convert assets to aRoth IRA

• Easier recordkeeping and management

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Two ways to roll overyour savings1. Direct rollover

• Retirement assets are transferred directly from formeremployer’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

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Two ways to roll overyour savings2. 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 orin 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

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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

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Need directions?

Talk to your financial advisor

Call Putnam Investments

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A BALANCED APPROACH

A WORLD OF INVESTING

A COMMITMENT TO EXCELLENCE

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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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