IMPORTANT: The projections, or other information generated by the Retirement Income ToolSM regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. The results may vary with each use and over time. The analyses present the likelihood of various distribution outcomes if certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors and their advisors in the evaluation of the potential risks and returns of investment choices and distribution strategies.

Each simulation takes into account the investor’s current assets, age at which distributions would start, income need, and retirement time horizon. The tool runs over 50 billion market simulations to provide an illustration of potential monthly income streams in retirement, how those income levels may change with different risk parameters, and how long the income might last. The tool does not take into account post-tax contributions to savings. It also cannot account for dramatic changes in a participant’s personal situation, including unexpected expenses and other financial situations that may negatively affect one’s estimated monthly income in retirement. Stock performance shown in the tool portfolios is based on the S&P 500 Index, an unmanaged index of common stocks. Bond performance is based on the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of U.S. investment-grade fixed-income securities. Cash is represented by the BofA Merrill Lynch U.S. 3-month Treasury Bill Index, an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace. While other investments may have characteristics that are similar or superior, these indexes are the most common means of measuring the performance of these asset classes. This information is not meant as tax or legal advice. Please consult with the appropriate tax or legal professional regarding your particular circumstances before making any investment decisions.

Consider these risks before investing: It is important to understand that you can lose money by investing in the funds. There is no guarantee that the funds will provide adequate income at and through an investor's retirement.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The funds may invest a portion of their assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Our allocation of assets among permitted asset categories may hurt performance.

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, contact your financial representative, call Putnam at 1-888-4-PUTNAM (1-888-478-8626), or click on the prospectus section to view or download a prospectus. Please read the prospectus carefully before investing.

Putnam Retail Management