PLANNING, SAVING, AND INVESTING FOR RETIREMENT · 2019-03-06 · PLANNING, SAVING, AND INVESTING...

PLANNING, SAVING, AND INVESTING FOR RETIREMENTSix Considerations for Effective Goals-based Investing

Investment Solutions from Northern Trust Asset Management

PLANNING, SAVING, AND INVESTING FOR RETIREMENT

1. Start with a Plan

2. Market Participation is Important

3. Risk Management is Key

4. Asset Allocation Drives Outcomes

5. Stay the Course to Pursue Your Goals

6. Cost Matters. Value Does Too.

Six Considerations for Effective Goals-based Investing

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#1: START WITH A PLAN

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• Determine your financial goals

• Establish a time horizon for achieving your goals

• Seek to manage risk

• Assess your investable assets, future contributions and future spending needs

• Work with your financial advisor to create and implement an effective investment plan

• Consider a professionally managed goals-based solution that is designed to help you reach your investment goals within a specified time frame, such as the Goal Engineer Series from Northern Trust

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Considerations for a sound investment plan:

Financial Goals

Time Horizon

Risk Management

Investable Assets

Future Contributions

Future Income Needs

#2: MARKET PARTICIPATION IS IMPORTANT

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• Growing assets is a main objective for retirement investors

• Risk and return go hand in hand

• Historically, the markets have created value for investors over time

• Stocks have been one of the best investments to build wealth

• Goal Engineer seeks to provide risk-managed growth throughout your investment journey

6northerntrust.com | © NorthernTrust 2017

Hypothetical $10,000 investment — 1946 to 2017*

Source: Northern Trust Investment Strategy, Ibbotson. *Data from:12/31/1945 to 9/30/2017. Past performance is no guarantee of future results. Returns reflect the reinvestment of dividends and other earnings and are shown before the deduction of investment management fees, unless indicated otherwise. Returns of the indexes also do not typically reflect the deduction of investment management fees, trading costs or other expenses. It is not possible to invest directly in an index. Indexes are the property of their respective owners, all rights reserved.

1946 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016

Stocks $17.4M

Bonds $0.6M

Cash $0.2M

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Hypothetical $10,000 investment — 1946 to 2018

Source: Northern Trust Investment Strategy, Ibbotson. Data from:12/31/1945 to 12/31/2018. Stocks: Ibbotson U.S. Large Stock Total Return Index. Bonds: Ibbotson U.S. Long Term Government Total Return Index. Cash: Ibbotson U.S. 30 Day T-Bill Total Return Index. Past performance is no guarantee of future results. Returns reflect the reinvestment of dividends and other earnings and are shown before the deduction of investment management fees, unless indicated otherwise. Returns of the indexes also do not typically reflect the deduction of investment management fees, trading costs or other expenses. It is not possible to invest directly in an index. Indexes are the property of their respective owners, all rights reserved.


Hypothetical $10,000 investment — 1946 to 2018

Source: Northern Trust Investment Strategy, Ibbotson. *Data from:12/31/1945 to 12/31/2018. Stocks: Ibbotson U.S. Large Stock Total Return Index. Bonds: Ibbotson U.S. Long Term Government Total Return Index. Cash: Ibbotson U.S. 30 Day T-Bill Total Return Index. Past performance is no guarantee of future results. Returns reflect the reinvestment of dividends and other earnings and are shown before the deduction of investment management fees, unless indicated otherwise. Returns of the indexes also do not typically reflect the deduction of investment management fees, trading costs or other expenses. It is not possible to invest directly in an index. Indexes are the property of their respective owners, all rights reserved.

Investment Professional Use Only – Not for Distribution to the Public

#3: RISK MANAGEMENT IS KEY

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• Investors must contend with many types of risk

• It’s important to understand the risks you assume, and to employ an investment plan that is designed to manage them in line with your goals

• Market risk is the potential for loss due to fluctuations in market performance (market volatility)

• Inflation risk is the probability that the purchasing power of your assets will decline over time as costs rise and the value of a dollar shrinks

• Longevity risk is the possibility of outliving your assets’ capacity to support your income needs

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The Goal Engineer Series is designed to manage multiple types of risk:


Market Risk Inflation Risk Longevity Risk

The Goal Engineer Series is designed to manage multiple types of risk:

VOLATILITY HAPPENS

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• Market volatility can dramatically impact investment returns, especially over the short-term

• History demonstrates that after periods of significant volatility, the stock market has not only recovered—but reached new highs

• Volatility at the start of your investment journey can be compensated for over time

• Volatility while you are drawing income from your investments—especially at the beginning of the distribution phase—can be detrimental

• Goal Engineer gradually reduces your portfolio’s stock allocation over time in an effort to minimize the effects of market volatility on your investment outcome

Source: Northern Trust Investment Strategy. Daily price of DJIA from 12/31/07 – 3/9/2009 and from 12/31/07 – 12/31/18. Past performance is no guarantee of future results. Returns do not reflect the reinvestment of dividends and other earnings and are shown before the deduction of investment management fees. Returns of the indexes also do not typically reflect the deduction of investment management fees, trading costs or other expenses. It is not possible to invest directly in an index. Indexes are the property of their respective owners, all rights reserved.

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Stock market returns

December 2007 – March 2009(Short-term investment)

December 2007 – December 2018(Long-term investment)


December 2007 – March 2009 (Short-term investment)

Market Correction:

(-50.6%)

Source: Northern Trust Investment Strategy. Daily price of DJIA from 12/31/07 – 3/9/2009 and from 12/31/07 – 12/31/18. Past performance is no guarantee of future results. Returns do not reflect the reinvestment of dividends and other earnings and are shown before the deduction of investment management fees. Returns of the indexes also do not typically reflect the deduction of investment management fees, trading costs or other expenses. It is not possible to invest directly in an index. Indexes are the property of their respective owners, all rights reserved.

Stock market returns

Subsequent Gain: +256%

December 2007 – December 2018 (Long-term investment)


INFLATION RISK IS REAL

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• Inflation typically rises over the long-term; preparing for future inflationary environments is prudent

• Inflation can be unpredictable; some spending categories are impacted more than others

• Investments perceived as low risk—such as cash holdings—may actually be quite risky when viewed through the lens of inflation

• Generally, in addition to building wealth, stocks have also been one of the best investments to outpace inflation

• Goal Engineer allocates a portion of your assets to investments that seek to defend against rising inflation and participate in the markets’ potential for growth

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Source: Northern Trust, Bloomberg, Bureau of Labor Statistics. Data through 12/31/2018. 1Entertainment is composed of one third each food away from home, transportation, and recreation (data begins 12/31/2009). 2Education data begins 12/31/2009. 3Cash is represented by Bloomberg Barclays U.S. Treasury Bills: 1–3 month Index. Past performance is no guarantee of future results. Returns reflect the reinvestment of dividends and other earnings and are shown before the deduction of investment management fees, unless indicated otherwise. Returns of the indexes also do not typically reflect the deduction of investment management fees, trading costs or other expenses. It is not possible to invest directly in an index. Indexes are the property of their respective owners, all rights reserved. 4U.S. Bureau of Labor Statistics: https://beta.bls.gov/dataViewer/view/timeseries/APU0000717311. 5Annual average U.S. ticket price: http://www.natoonline.org/data/ticket-price/. 6U.S. Bureau of Labor Statistics: https://data.bls.gov/timeseries/CUSR0000SEMF01

Inflation can erode purchasing power over timeIce Cream (1/2 gal.)4

2008 = $4.282018 = $4.81

+12.4%

Movie Ticket5

2008 = $7.182018 = $9.14

+27.3%

Prescription6

2008 = $382.222018 = $525.48

+37.5%

Average Inflation by Spending Category vs. Return on Cash (12/31/07 — 12/31/18)


Average Inflation by Spending Category vs. Return on Cash (12/31/08 — 12/31/18)

2008 = $4.282018 = $4.81

+ 12.4%

Source: Northern Trust, Bloomberg, Bureau of Labor Statistics. Data through 12/31/2018. 1Entertainment is composed of one thirdeach food away from home, transportation, and recreation (data begins 12/31/2009). 2Education data begins 12/31/2009. 3Cash isrepresented by Bloomberg Barclays U.S. Treasury Bills: 1–3 month Index. Past performance is no guarantee of future results. Returnsreflect the reinvestment of dividends and other earnings and are shown before the deduction of investment management fees, unlessindicated otherwise. Returns of the indexes also do not typically reflect the deduction of investment management fees, trading costs orother expenses. It is not possible to invest directly in an index. Indexes are the property of their respective owners, all rights reserved. 4U.S. Bureau of Labor Statistics: https://data.bls.gov/timeseries/APU0000710411. 52008: Average U.S. ticket price, http://www.natoonline.org/data/ticket-price/; 2018: https://www.boxofficemojo.com/about/adjuster.htm (estimated by Box Office Mojo –an IMDb company.) 6U.S. Bureau of Labor Statistics: https://data.bls.gov/timeseries/CUSR0000SEMF01

2008 = $7.182018 = $9.14

+ 27.3%

Prescription6

2008 = $382.222018 = $525.48

+ 37.5%

Ice Cream (1/2 gal.)4

Movie Ticket5

Inflation can erode purchasing power over time


YOUR ASSETS MAY NEED TO LAST A LONG TIME

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• On average, a 65-year-old woman can expect to live another 21.6 years; a 65 year-old man can expect to live another 19.3 years1

• There’s a high probability you may need to draw an income from your portfolio for 20 years—and possibly even 30 years or more—beyond your retirement date

• During retirement, it can be critical to have an investment plan that seeks to provide stability and income; inflation defense and the potential for growth are also important

• Over time, Goal Engineer gradually transitions the majority of your portfolio to bond funds to help defend against market volatility and provide income potential

• Goal Engineer maintains a meaningful allocation to stocks and inflation-sensitive assets beyond your goal date so your assets have the potential to continue to grow and maintain purchasing power

Source: 1https://www.ssa.gov/planners/lifeexpectancy.html

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Source: Chart: Social Security Administration, Period Life Table, 2014

The probability of living to age 75 and beyondThe probability of living to age 75 and beyond

Source: Chart: Social Security Administration, Period Life Table, 2014.

#4: ASSET ALLOCATION DRIVES OUTCOMES

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• Asset allocation is widely recognized as a critical factor in investment outcomes

• Asset allocation entails allocating your investment holdings to different asset classes such as stocks (equity), bonds (fixed income), real assets and cash

• Asset classes can be categorized as risk assets or risk control assets; each asset class included in the Goal Engineer Series serves a specific purpose

• Risk and risk control assets exhibit a low correlation with one another

• Goal Engineer features an optimized mix of risk and risk control assets diversified across various sectors, industries, entities and countries

Diversification is no guarantee against loss.


RISK CONTROL ASSETS

Assets designed to dampen volatility and meet near-term goals

RISK ASSETSAssets designed to provide long-term

capital appreciation in a risk-efficient way

GLOBAL EQUITIESCapital Appreciation

(Growth)

HIGH YIELDIncome

Generation

NATURAL RESOURCES

Risk Management

GLOBAL REAL ESTATE

Risk Management

GLOBAL LISTED INFRASTRUCTURE

Risk Management

CASHLiquidity

Management

INVESTMENT GRADE FIXED

INCOMEIncome

Generation

INFLATION-PROTECTED

FIXED INCOMERisk

Management

#5: STAY THE COURSE TO PURSUE YOUR GOALS

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• Reacting emotionally to market news—positive or negative—can impede investment success

• A disciplined approach that is designed to take the guesswork out of investing may help you stay committed to achieving your goals

• The Goal Engineer Series follows a thoughtfully constructed risk-reduction path that adjusts your portfolio’s allocation over time, positioning for more growth earlier on while gradually reducing risk as time passes

• Goal Engineer seeks to provide a smoother path to your goals, to help you stick to your investment plan and increase the likelihood of a successful outcome

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Take the Right Risk at the Right Time

For illustrative purposes only, actual allocations will differ.




2040 2035 2030 2025 2020 2015StableIncome

Time to Goal

InflationSensitive

Growth

Income

Sample Portfolio Allocations: Goal Engineer SeriesSample Portfolio Allocations: Goal Engineer Series

Income

2035 2030 2025 2020 2015Stable

Income2040

Inflation Sensitive

Growth

Time to Goal




2040 2035 2030 2025 2020 2015StableIncome

Time to Goal

InflationSensitive

Growth

Income

Sample Portfolio Allocations: Goal Engineer Series

#6: COST MATTERS. VALUE DOES TOO.

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• The Goal Engineer Series comprises risk-managed portfolios for six time horizons, as well as a stable income portfolio

• Goal Engineer offers a turnkey investment solution to and through retirement, supported by Northern Trust’s time-tested asset allocation, portfolio construction and glidepath development expertise

• Goal Engineer seeks to provide value at a reasonable cost

• Underlying investments include cost-efficient FlexShares® ETFs and Northern Funds within the structure of a single separately managed account

• The Goal Engineer Series is designed to help you pursue your goals with confidence and achieve the outcome you seek “On Target, On Time”

FlexShares ETFs and Northern Funds are managed by Northern Trust.

Please see important disclosures on the following pages. Please contact your Financial Advisor to discuss Northern Trust strategies and investment solutions.

GOAL ENGINEER SERIESPortfolio Holdings as of December 31, 2018

FlexShares ETF / Northern Fund TickerExpense

RatioStable Income 2015 2020 2025 2030 2035 2040

GROWTH 27.7% 30.0% 33.5% 40.0% 52.6% 71.7% 76.0%US Equity

FlexShares Quality Dividend Index Fund QDF 0.37% 9.4% 10.3% 11.2% 12.9% 14.2% 13.3% 9.1%FlexShares US Quality Large Cap Index Fund QLC 0.32% 3.0% 3.2% 3.9% 4.9% 8.6% 16.2% 20.8%FlexShares Morningstar US Market Factor Tilt Index Fund TILT 0.25% 1.1% 1.2% 1.3% 1.7% 3.0% 5.6% 7.3%

Developed ex-US EquityFlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund TLTD 0.39% 2.9% 3.1% 3.7% 4.7% 8.2% 15.5% 19.9%FlexShares International Quality Dividend Index Fund IQDF 0.47% 9.9% 10.8% 11.7% 13.5% 14.8% 13.9% 9.6%

Emerging Market EquityFlexShares Morningstar Emerging Markets Factor Tilt Index Fund TLTE 0.59% 1.4% 1.5% 1.7% 2.2% 3.8% 7.2% 9.4%

INFLATION SENSITIVE 15.4% 15.3% 15.1% 14.9% 14.1% 12.9% 12.6%Global Natural Resources

FlexShares Morningstar Global Upstream Natural Resources Index Fund GUNR 0.46% 2.8% 3.0% 3.3% 3.9% 5.2% 7.1% 7.4%

Global Real EstateFlexShares Global Quality Real Estate Index Fund GQRE 0.45% 0.7% 0.8% 0.9% 1.1% 1.4% 1.8% 2.0%

Global InfrastructureFlexShares STOXX Global Infrastructure Index Fund NFRA 0.47% 0.7% 0.8% 0.9% 1.1% 1.4% 1.9% 2.0%

Treasury Inflation-Protected SecuritiesFlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 0.18% 11.3% 10.8% 10.0% 8.7% 6.0% 2.0% 1.1%

INCOME 56.3% 54.1% 50.8% 44.6% 32.8% 14.8% 10.8%US Investment Grade Fixed Income

Northern Fixed Income Fund NOFIX 0.46% 54.2% 51.8% 48.1% 41.4% 28.6% 9.1% 4.7%

US High Yield Fixed IncomeNorthern High Yield Fixed Income Fund NHFIX 0.79% 2.2% 2.4% 2.7% 3.2% 4.2% 5.7% 6.0%

CASH 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6%Money Market2 0.35% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6%

Asset-weighted expense ratio3 0.42% 0.42% 0.42% 0.42% 0.43% 0.43% 0.42%

Asset Allocation%1

Growth Inflation Sensitive Income Cash

NTAC:3NS‐20

FlexShares ETF / Northern Fund TickerExpense

RatioStable Income 2015 2020 2025 2030 2035 2040

GROWTH 27.7% 30.0% 33.5% 40.0% 52.6% 71.7% 76.0%US Equity

FlexShares Quality Dividend Index Fund QDF 0.37% 9.4% 10.3% 11.2% 12.9% 14.2% 13.3% 9.1%FlexShares US Quality Large Cap Index Fund QLC 0.32% 3.0% 3.2% 3.9% 4.9% 8.6% 16.2% 20.8%FlexShares Morningstar US Market Factor Tilt Index Fund TILT 0.25% 1.1% 1.2% 1.3% 1.7% 3.0% 5.6% 7.3%

Developed ex-US EquityFlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund TLTD 0.39% 2.9% 3.1% 3.7% 4.7% 8.2% 15.5% 19.9%FlexShares International Quality Dividend Index Fund IQDF 0.47% 9.9% 10.8% 11.7% 13.5% 14.8% 13.9% 9.6%

Emerging Market EquityFlexShares Morningstar Emerging Markets Factor Tilt Index Fund TLTE 0.59% 1.4% 1.5% 1.7% 2.2% 3.8% 7.2% 9.4%

INFLATION SENSITIVE 15.4% 15.3% 15.1% 14.9% 14.1% 12.9% 12.6%Global Natural Resources

FlexShares Morningstar Global Upstream Natural Resources Index Fund GUNR 0.46% 2.8% 3.0% 3.3% 3.9% 5.2% 7.1% 7.4%

Global Real EstateFlexShares Global Quality Real Estate Index Fund GQRE 0.45% 0.7% 0.8% 0.9% 1.1% 1.4% 1.8% 2.0%

Global InfrastructureFlexShares STOXX Global Infrastructure Index Fund NFRA 0.47% 0.7% 0.8% 0.9% 1.1% 1.4% 1.9% 2.0%

Treasury Inflation-Protected SecuritiesFlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 0.18% 11.3% 10.8% 10.0% 8.7% 6.0% 2.0% 1.1%

INCOME 56.3% 54.1% 50.8% 44.6% 32.8% 14.8% 10.8%US Investment Grade Fixed Income

Northern Fixed Income Fund NOFIX 0.46% 54.2% 51.8% 48.1% 41.4% 28.6% 9.1% 4.7%

US High Yield Fixed IncomeNorthern High Yield Fixed Income Fund NHFIX 0.79% 2.2% 2.4% 2.7% 3.2% 4.2% 5.7% 6.0%

CASH 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6%Money Market2 0.35% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6%

Asset-weighted expense ratio3 0.42% 0.42% 0.42% 0.42% 0.43% 0.43% 0.42%

Asset Allocation%1

Growth Inflation Sensitive Income Cash

NTAC:3NS‐2021

The portfolio weights and statistics shown are based on Northern Trust model portfolios and are not calculated or derived from any Unified Man-aged Account (UMA) or Model Delivery Platform (MDP). Under Model Delivery Platform (MDP) arrangements, Northern Trust only provides a mod-el to the Sponsor Firm for Unified Managed Accounts (UMAs) and/or Separately Managed Accounts (SMAs), and does not have trading discretion over these accounts. As a result, MDP accounts may contain different investments based on parameters that govern the use of multiple managers and other restrictions. There may also be performance dispersion between accounts as a result of Northern Trust’s lack of trading discretion over the MDP models. 1 Asset Allocation percentages reflect those of Northern Trust’s model portfolio as of close of business at the end of the calendar quarter. Current and future weights may differ at the discretion of the portfolio manager. Actual client portfolios may vary. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. It should not be assumed that any of the securities transactions or holdings discussed have been or will be profitable or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.2 Money Market expense ratio assumes the use of Northern Trust’s money market funds. The client’s fee may vary based on the specific money market fund in which the client is invested.3 Asset-weighted expense ratios are calculated by multiplying each fund’s expense ratio by its portfolio weight and then summing the results. Each fund’s expense ratio is sourced from the fund provider’s website using the current expense ratios as stated in the most recent prospectus- es as of the date of this report. Expense ratios calculate the cost to an investment company to operate a fund. The ratio is calculated annually by dividing a fund’s operating expenses by the average dollar value of its assets under management. Operating expenses are taken out of a fund’s assets and lower the return to a fund’s investors. Actual portfolio fees will vary. Fund expense ratios do not reflect additional transaction, advisory, or management fees and other charges that may be paid for in a separately managed account (SMA), UMA, or MDP. Net investment returns would be reduced by those applicable fees. Clients should refer to their Financial Advisor for more information on such fees.

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This report is provided for informational purposes only and is not intended to be, and should not be construed as, an offer, solicitation or recom-mendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Recipients should not rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. References to specif-ic securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Indices and trademarks are the property of their respective owners. Information is subject to change based on market or other conditions.All securities investing and trading activities risk the loss of capital. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. Each portfolio is subject to substantial risks including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can be no assurance that any portfolio in-vestment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust’s efforts to monitor and manage risk but does not imply low risk. Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown are provided as an indication of the performance of a partic-ular segment of the capital markets and/or alternative strategies in general. Index performance returns do not reflect any management fees, trans-action costs or expenses. It is not possible to invest directly in any index. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account. Gross performance returns contained herein include reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2A of the Form ADV or consult a Northern Trust representative.Forward-looking statements and assumptions are Northern Trust’s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ mate-rially from the results indicated by this information. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strat-egy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. FlexShares™ ETFs and Northern Funds are sub-advised by Northern Trust Investments, Inc. For more information on the investment objectives, principle risks, and fees associated with these Funds, please see each Fund’s prospectus and statement of additional information (“SAI”), which are available on the Advisors’ websites at northernfunds.com and flexshares.com.Northern Trust Investments, Inc. products including FlexShares ETFs and Northern Funds represent up to 100% of the portfolio holdings. With re-spect to such funds, NTI and its affiliates provide investment advisory, custodial, administrative, shareholder support and other services and receive fees. Such investments present a conflict of interest because NTI, an affiliate, or a related person has a financial interest in the transaction. Financial intermediaries and institutional investors that employ Northern Trust for model management, or overlay services may compensate Northern Trust for those services at a fee of up to 0.25%.Northern Trust Investments, Inc. (NTI) is an investment adviser registered with the Securities Exchange Commission under the Investment Advisers Act of 1940. This company manages a variety of portfolios utilizing stocks, bonds, and exchange-traded funds (ETFs). The information is not in-tended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in, and may effect transactions in, the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Informa-tion does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors, Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and the Northern Trust Company. ©2019 Northern Trust Corporation. Head Office: 50 South LaSalle Street, Chicago, Illinois 60603 U.S.A.

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PLANNING, SAVING, AND INVESTING FOR RETIREMENT · 2019-03-06 · PLANNING, SAVING, AND INVESTING...

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