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Not FDIC Insured

May Lose Value

No Bank Guarantee

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A strong foundation

Source: Bureau of Labor Statistics, Women in the Labor Force: A Databook, 2010.

More likely (than men) to attend college

More than half of management and professional jobs

47%Nearly half of the U.S. labor force

51%

74%

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The challenges

• Earnings (still) tend to be lower overall

• Likely to live longer

• Often in the role of caregiver

• Investment behavior is more cautious

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Receiving lower overall pay

Source: National Committee on Pay Equity, September 2010.

Today

Women are

paid 77 cents for every dollar earned by a man

At retirement

This estimated wage gapcould cost the averagefull-time woman worker

$700,000 to$2 million over thecourse of her work life

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Enjoying a long retirement

Source: Social Security Administration, 2011.

Health-care costs will outpace therate of inflation

The average woman

who retires at age 65

today can expect to live

21 years in retirementA longer lifespan means more years in retirement

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Taking care of others

Source: U.S. Department of Health and Human Services, Office on Women’s Health, May 2008, which is the most recent data available.

.

More than half of employed women caregivers adjust their work schedules to provide care

61%of those who provide unpaid care to an elderly or disabled adult are women

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Being too conservative

.Sources: Hewitt Associates, "Total Retirement Income at Large Companies: The Real Deal," July 2008; Society of Actuaries, “Risks and Process Retirement Survey Report,” May 2008, which is the most recent data available.

Women’s patience

in investing is

often rewarded

However, being tooconservative cannegatively affectyour retirementsavings goals

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Strategies to move your retirement planin the right direction

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Will you need more incomein retirement?

* U.S. Dept. of Labor, 2010 Consumer Expenditure Survey Report (based on 2009 data).** Consumer Price Index, 2011, for the period 1913-2010.

The average household requires $49,067 annually, or $981,340 over 20 years, before inflation*

Long-term inflation averages 3.24% per year**

Expenses

Wealthpreservation

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17%

72%

50%

31%

Do you know how muchyou’ll need to save?

Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2011 Retirement Confidence Survey.

Less than$250,000

Less than$500,000

Less than$1,000,000

At least$1,000,000

Survey responses

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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 currentannual income is You’ll need to save

$50,000 $890,000

$100,000 $1,800,000

$250,000 $3,600,000

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Save as much as you can 2011 limit

Your employer’s retirement planBefore-tax contributions, tax-deferred earnings

$16,500Traditional IRABefore-tax contributions (if you qualify), tax-deferred earnings

$5,000

Roth IRAAfter-tax contributions, tax-free withdrawals

$5,000Additional contributions for those age 50 and over

Employer’s retirement plan $5,500

Traditional or Roth IRA$1,000Source: IRS, 2011.

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$14,460$17,520

$38,272

$50,908

Social Security won’t cover it all

* In today’s dollars. Assumes retirement at age 66.The maximum Social Security benefit in 2011 for an individual at full retirement age (66) is $28,392. Sources: Bureau of Labor Statistics, Highlights of Women’s Earnings in 2010, Social Security Administration, 2011.

What you canexpect fromSocial Security*

Annual income of full-time worker(age 60)

Single Men

Single Women

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Actively manage your nest egg

• Diversify to reduce risk, while seeking to optimize returns

• Rebalance regularly

• Take sustainable withdrawals

Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses.

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Stocks felt the boom and bust of the 1990s and early 2000s.

$500,000Jan. 1991

$1,703,459

Dec. 2010

Diversification can helplower 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 withdrawal: $25,000

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$500,000Jan. 1991 $716,709

Dec. 2010

Diversification can helplower volatility

Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index. The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities. You cannot invest directly in an index

Bonds were steady,but lagged behind stocks.

Annual withdrawal: $25,000

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Diversification can helplower volatility

Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index, the Barclays Capital 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 Capital U.S. Aggregate Bond Index. Refer to slides 15 and 16 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

$500,000Jan. 1991

Annual withdrawal: $25,000

$1,029,714

Dec. 2010

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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.

Highestreturn

Lowestreturn

1991

1995

2000

2005

2010

U.S. Small-Cap Growth Stocks | Russell 2000 Growth Index International stocks | MSCI EAFE Index

U.S. Large-Cap Growth Stocks | Russell 1000 Growth IndexU.S. Bonds | Barclays Capital 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, 1991–2010

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Active rebalancing

Stocks

Bonds

Balancedportfolio

Out-of-balanceportfolio

Stocks are represented by the S&P 500 Index and bonds by the Barclays Capital 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

67%

33%

57%

43%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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Active rebalancing

Stocks

Bonds

Balancedportfolio

Stocks are represented by the S&P 500 Index and bonds by the Barclays Capital 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.

With rebalancing: Asset allocation remains consistent

67%

33%

57%

43%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

67%

33%

67%

33%Balancedportfolio

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Putnam Asset AllocationFunds

• Asset class diversification

• Global investment perspective

• Active rebalancing

• Individual security selection

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80%

20%

60%

40%30%

70%

Putnam’s three diversified fundsChoices for investors with different objectives

Amount allocated to

stocks

Amount allocated to

bonds

GrowthPortfolio

BalancedPortfolio

ConservativePortfolio

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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.

0

10

20

30

40

50

Years

Percentage of your portfolio’s original balance withdrawn each year

It depends on how much you withdraw each year.

10%will last10

years

9%will last11year

s

4%will last

37 years

5%will last22

years

6%will last17

years

7%will last14

years

8%will last12

years

3%will last

50+ years

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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

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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

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Work with a financial advisor

• Be actively engaged in the management of your money and review your financial plan regularly

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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 at1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management putnam.com

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