Glossary

 A

  after-tax contributions after-tax contributions contributions you make to a retirement account, such as a Roth IRA or Roth 401(k)/403(b), that have already been taxed. Any earnings from Roth contributions are generally free from federal taxes and qualified withdrawals are generally free from federal taxes. Traditional after-tax contributions, for instance to a 401(k) or 403(b) plan, will have any earnings taxed at the time of distribution.
  after-tax earnings after-tax earnings this refers to earnings that remain after all taxes have been taken into account. It represents the full amount an investor has to either meet expenses or make investments.
  annuity annuity an investment contract sold by an insurance company that provides payments to the contract holder for as long as the holder is alive or for a specific period of time. Payments are made at specified intervals, usually during retirement. Annuities can be designed to begin making payments immediately (see Annuity: Immediate Income), or at a future date that you select (see Annuity: Deferred and Annuity: Deferred Income). Annuity guarantees are subject to the claims-paying ability of the issuing insurance company.
  annuity: deferred annuity: deferred annuity contracts that have a savings phase and an income phase. During the savings phase, the assets are invested for a specified number of years before the payments begin and during this phase any earnings accumulate tax-deferred. Withdrawals of taxable amounts during the savings phase are subject to ordinary income tax, and if made before age 59 1/2, may be subject to a 10% IRS penalty. In the income phase, the amount accumulated in the deferred annuity during the savings phase may be converted into a stream of payments (either fixed or variable) to be paid to you for as long as you live.
  annuity: deferred income annuity: deferred income annuities that guarantee payments of a fixed amount of income, beginning at a future date of your choice (within product guidelines), for as long as you live. When a deferred income annuity is purchased, the purchase amount is exchanged for periodic payments, and access to the initial purchase amount is no longer available. Deferred income annuities can come with additional features that allow the income to grow over time to at least partially keep pace with inflation, or make sure that beneficiaries can either receive a death benefit or continue receiving payments for a specified period of time.
  annuity: immediate fixed income annuity: immediate fixed income in its most basic form, a fixed income annuity is a contract sold by an insurance company that guarantees payments of a fixed amount of income for as long as you live or for a specific number of years. The income is guaranteed not to decrease, but might not keep up with inflation. Fixed income annuities can come with additional features that allow the income to grow over time to at least partially keep pace with inflation, or make sure that beneficiaries can either receive a death benefit or continue receiving payments for a specified period of time.
  annuity: immediate income annuity: immediate income annuities that pay income beginning immediately after the purchase of the annuity contract. Generally, when an immediate income annuity is purchased, the purchase amount is exchanged for periodic payments, and access to the initial purchase amount is no longer available. There are typically two types of immediate income annuities: fixed income annuities and variable income annuities (see Annuity: Immediate Fixed Income and Annuity: Immediate Variable Income).
  annuity: immediate variable income annuity: immediate variable income a type of income annuity sold by an insurance company that guarantees that payments will be made at specific intervals for as long as you live. The amount of each payment is not guaranteed and is determined based on the performance of the underlying portfolio or an index and the annuity's benchmark rate. Generally, if the return of the underlying portfolio or index is greater than the benchmark rate plus fees, the income amount will increase, and if the return is less than the benchmark rate plus fees, it will decrease. To the extent the payments increase, the growing income payments can help mitigate the negative impact of inflation on your lifestyle; however, since the payments may also decrease, variable income annuities should be used in combination with other more secure sources of income. These annuities differ from fixed annuities in a number of ways, with one of the most significant differences being that fixed income annuities specify a steady payment over time, while a variable income annuity's payments may fluctuate with market performance.
  assigned accounts assigned accounts accounts that you have earmarked for a particular goal. For example, you may assign an IRA to a retirement goal, or a 529 account to a college savings goal.

 B

  Bloomberg Barclays Municipal Bond Index Bloomberg Barclays Municipal Bond Index the Bloomberg Barclays Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. It is a rules-based, market value-weighted index. The index tracks investment grade general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. This index is designed to represent the sector distribution of the broader municipal bond market.
  Bloomberg Barclays U.S. Aggregate Bond Index Bloomberg Barclays U.S. Aggregate Bond Index the Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted index of USD-denominated taxable investment grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the broader investment-grade fixed-rate bond market.
  bonds bonds a security that represents an interest-bearing promise to pay a specified sum of money - the principal amount - on a specific date. This asset class may be individual securities or funds that represent portfolios containing securities of this type.

 C

  credit quality credit quality a criteria used to evaluate the creditworthiness, or risk of default, of an individual fixed income security; generally expressed through ratings provided by one of the credit ratings agencies.
  current asset mix current asset mix current asset mix describes how the holdings in an account or portfolio are, at the present time, spread across various asset classes. You may also see this concept shown as Asset Allocation or Investment Mix.

 D

  discretionary expenses discretionary expenses discretionary expenses include such things as vacations, travel, dining out, or other expenses that you would like to plan for, but which you do not consider essential. Indicating which expenses you consider to be essential versus discretionary may help you better analyze your plan.
  domestic stock domestic stock any stock denominated in U.S. dollars that has been issued by a company domiciled in the U.S.
  Dow Jones U.S. Total Market Index Dow Jones U.S. Total Market Index the Dow Jones U.S. Total Market Index includes primary equities of all U.S. companies that are traded on the active markets and represents the broadest index for the broader equity market, measuring the performance of all U.S. headquartered equity securities with readily available price data.
  duration risk duration risk a quantitative measure that indicates the degree to which a bond or bond fund's price will fluctuate in response to changes in comparable interest rates; if rates rise 1.00%, for example, a bond or fund with a 5-year duration is likely to lose about 5.00% of its value.

 E

  effective tax rate effective tax rate your effective tax rate is the total rate you pay on all of your taxable income after deductions. You can determine your annual effective rate by dividing the taxes you paid in the year by your taxable income for that year. If you work directly with a tax preparer or use tax preparation software, this figure may be provided to you. Your effective rate will always be lower than your marginal tax rate, which is the rate you pay on the income that falls into the highest tax bracket you reach.
  employer contributions employer contributions contributions made to a workplace retirement plan by your employer, sometimes known as Matching Contributions. These contributions may be based on either a percentage of your salary or a percentage of the contributions you make to the plan, or they may be represented as a fixed dollar amount.
  ending assets ending assets assets that we estimate you may have when you reach your planning age, based on the factors you included in your retirement plan, such as your time horizon, expenses, income sources, assets, and the Target Asset Mix used in the analysis, the inflation rate assumption, and the confidence level you used for market returns.
  essential expenses essential expenses essential expenses include things that you purchase every month, such as housing, food, utilities, etc. Understanding which expenses you consider to be essential versus discretionary may help you better analyze your plan.

 F

  filing status filing status the status you use when filing your federal income returns. Options are Single, Married Filing Jointly, Married Filing Separately, and Head of Household.
  foreign stock foreign stock any stock denominated in a currency other than U.S. dollars that has been issued by a company domiciled outside of the U.S.
  future dollars future dollars future dollars and current dollars are different ways of viewing values over time. Both ways are correct means of presenting values. Future dollar values illustrate how a current expense would grow over time, taking into account the effects of projected inflation. For example, if something costs $1,000 today, in 10 years the future dollar value is $1,280 ($1,000 plus 10 years of assumed inflation growth at 2.50%). This method is used to estimate the effects of inflation. Note that the tool always uses your stated retirement date, or the current year if you are already retired, as the date for which this valuation is made on your expected retirement expenses. If you indicated that you are already retired, the Retirement Analysis will provide a future dollar amount that is equal to today's value.

 G

(No entries)

 H

(No entries)

 I

  income amount income amount on the Add/Edit Income Information screen, when you enter an income amount from a sale, the Retirement Analysis assumes the amount entered will be invested in a taxable account to help cover retirement expenses. If you intend to purchase other assets with the proceeds, use some or all of the proceeds for non-retirement expenses and/or expect to incur new expenses as a result of the sale (e.g., rent expense instead of mortgage expense), you should either adjust the net proceeds you enter and/or also update your expenses with this additional information.
  investment grade investment grade this is a rating indicating that a bond has a relatively low risk of default as compared to non-investment grade bonds. Bonds rated by Standard & Poor's and Moody's Investment Service respectively. AAA/Aaa to BBB/Baa are considered investment grade. Bonds rated BB/Ba or below are non-investment grade.

 J

(No entries)

 K

(No entries)

 L

  lifetime income lifetime income lifetime income is income you expect to receive for the rest of your life. It does not rely on market performance. Lifetime income includes Social Security benefits, pensions, and certain types of annuities.
  long-term care insurance long-term care insurance Long-term care policies can offer assistance to help offset the cost of long-term care. These policies can help protect your personal savings and your estate from being depleted by extended long-term care costs. Long-term care policies are issued by insurance companies, and the guarantees provided are subject to the issuing insurance company's claims-paying ability. There are two main options for long-term care insurance: Traditional long-term care insurance and hybrid insurance.

Traditional long-term care insurance
With traditional long-term care insurance, you have the flexibility to customize your policy to fit your need. For example, you choose the exact amount of coverage you want. You also specify when you want your benefits to start and how long you'd like them to last. This makes traditional long-term care insurance generally one of the most efficient ways to get the most coverage for your premium paid. Typically, you pay an annual premium for life, although your premium payment period could be shorter. Also, premiums are not guaranteed to stay the same and may rise after purchase. If you cancel your policy or end up not using long term care services, typically you will not receive refunds of your premium or any cash value.

Hybrid insurance
Hybrid insurance combines long-term care insurance with either life insurance or annuities. In the event that you do not use long term care services, your beneficiaries will receive a death benefit or payment. Furthermore, hybrid insurance policies often offer a surrender value-which is a cash payment that is paid to you if you choose to cancel the policy. Typically, these policies are single payment premiums or flexible payment premiums for a certain number of years.

 M

  Medigap Medigap a Medigap plan is a health insurance plan that fills the gaps in original Medicare plan coverage. In all states, there are basic standardized Medigap plans. Each plan has a different set of benefits. Any standardized plan may also be sold as a Medicare Select plan. Medicare Select plans usually cost less because you must use certain doctors and hospitals, except in an emergency. For more information about Medicare and Medigap, visit Medicare's website at www.medicare.gov.
  minimum required distributions minimum required distributions minimum required distributions, or MRDs, are minimum yearly withdrawals required by the IRS that generally must be taken from tax-advantaged retirement accounts starting in the year you turn 70½. While there is a minimum amount you are required to withdraw in order to avoid severe penalties, you can always take more than the MRD amount.

These accounts include:
  • IRAs (including SEP and SIMPLE)
  • 401(k), profit-sharing, 403(b), or other defined contribution plan accounts (see plan rules for further details)
  Monte Carlo simulations Monte Carlo simulations computer driven hypothetical modeling simulations, which attempt to predict the likelihood of possible outcomes based on economic scenarios and other variables.

 N

  non-investment grade non-investment grade this is a rating indicating that a bond has a relatively higher risk of default than investment grade bonds. Bonds rated by Standard & Poor's and Moody's Investors Service respectively as BB/Ba or below (BB/Ba, B, CCC, etc.) are considered non-investment grade.

 O

  other other a category of your holdings that includes non-primary-asset class holdings, such as derivative securities, options, and precious metals.

 P

  pension pension also known as Defined Benefit Plans, these function as contracts with your employer in which your employer agrees to pay you monthly or annual benefits, either for the remainder of you or your beneficiary's life or for a pre-determined number of years.
  planning age planning age a planning age, sometimes shown as a plan to age, is the age at which you believe you will no longer need to generate income.
  potential gap potential gap this represents the difference between the amount of money we think you may need to fulfill a specific goal and the amount we believe you may have.
  potential shortfall year potential shortfall year this represents the estimated point in time at which you, (or your partner if you're planning with one) could potentially run out of assets. In order to improve the chances that your assets last until your planning age, you may want to consider making changes to your plan. These may include changes to the amount you save or the way you invest, your retirement expenses, or your retirement or planning age.
  potential surplus potential surplus in the context of any savings plan, any amount that we estimate you may have above and beyond what we estimate you may need.
  pre-tax contributions pre-tax contributions contributions you make to a retirement account, such as a Traditional IRA or 401(k), that are not taxed until the funds are withdrawn. Pre-tax contributions generally lower your taxable income for the year in which you make the contribution.

 Q

(No entries)

 R

  retirement status retirement status This term pertains to the status of you and your partner, if you're planning with one, regarding both your work income and whether you're taking withdrawals from your retirement accounts. For the purposes of the Retirement Analysis, we make the following assumptions:

"Still working" is defined as currently receiving income from work and not yet withdrawing any money from your retirement accounts.

"Already retired" is defined taking withdrawals from your retirement accounts, whether or not you're receiving any work income.

"Neither" is defined as neither receiving income from work nor taking withdrawals from your retirement accounts.

 S

  sale of asset sale of asset when you add a non-financial asset, if you indicate you intend to sell the asset, the Retirement Analysis usually assumes you will invest the total proceeds in a taxable account to help cover retirement expenses. If you intend to purchase other assets with the proceeds, use some or all of the proceeds for non-retirement expenses, and/or expect to incur new expenses as a result of the sale (e.g., rent expense instead of mortgage expense), be sure to adjust the proceeds to reflect the amount that will be used for retirement expenses and/or update your expenses with this additional information.
  shortfall shortfall if your chart has a vertical red line labeled "Shortfall," it means that based on all the factors you included in your retirement plan, such as your time horizon, expenses, income sources, assets, and the Target Asset Mix used in the analysis, the inflation rate assumption, and the confidence level you used for market returns, your plan may run short of assets.
  short-term short-term securities such as cash, cash equivalents, CDs, money market funds, etc. whose purpose is the preservation of capital. This asset class may be individual securities or funds that represent portfolios containing securities of this type.
  Social Security Social Security Social Security refers to retirement benefits that are adjusted for inflation. We assume you'll be receiving these benefits until your planning age. Note that if your plan includes working in retirement before you reach full retirement age (as defined by the Social Security Administration based on your date of birth), the Retirement Analysis does not factor in any potential reductions in your Social Security benefits.
  Social Security disability benefit Social Security disability benefit regardless of your age, if you have a medical disability that prevents you from working, you may be able to claim disability benefits from the Social Security Administration. These may come in one of two forms: Social Security Disability Insurance (SSDI) is available only to disabled people who've already worked for a certain number of years. Supplemental Security Income (SSI) is available to disabled or elderly people whose incomes and assets are very low.
  Substantially Equal Periodic Payments Substantially Equal Periodic Payments an exception to the IRS additional income tax on early distributions are those made as part of a series of substantially equal periodic payments. These payments must be made at least annually for a minimum period of time. There are a number of requirements that need to be satisfied. See your tax advisor for more details.

 T

  target asset mix target asset mix a mix of stocks, bonds, and short-term investments that you consider appropriate for your investing goals. Take into account your financial situation, tolerance for volatility, and when you will need the money you are investing. You may select a Target Asset Mix on your own, or you may ask Fidelity to suggest one, based on either your time horizon for a particular savings goal or on other information you've provided.
  today's dollars today's dollars today's dollars represents the cost of a future value at the current point in time. When calculating a value in today's dollars, we remove the effects of projected inflation over time to determine the value in current terms. Some people have an easier time understanding a value if it's translated to the equivalent value today. In such a case, the reverse calculation is performed where we back out inflationary growth over time to determine the value in current terms. For example, if something costs $1,255 10 years in the future, today its value would be $1,000 ($1,280 minus 10 years of assumed inflation growth at 2.50%). If you state a payment as occurring today or in the current year, there is no inflationary impact and the values will be the same. Note that if you indicated you are already retired, the first-year amounts the Retirement Analysis provides for each of current dollars and future dollars are equal.

 U

  unknown unknown a category of your holdings, the details of which are unknown or unavailable to Fidelity so we are therefore unable to classify them.

 V

(No entries)

 W

  work in retirement work in retirement this refers to any income you earn after you begin taking withdrawals from one or more of the accounts assigned to your retirement plan.

 X

(No entries)

 Y

(No entries)

 Z

(No entries)

0 - 9

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About the Planning & Guidance Center

IMPORTANT: The projections or other information generated by the Planning & Guidance Center's Retirement Analysis and College Analysis regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Your results may vary with each use and over time.

Unless otherwise agreed to by a Fidelity Investments company in writing, the information provided herein with regard to any workplace savings account or individual retirement account is educational in nature and should not be relied on as a primary basis for your decisions regarding investing in, purchasing or selling securities or other property for these accounts. In applying any asset allocation suggestions to your individual situation, be sure to consider other assets, income and investments (e.g., home equity, savings accounts or other retirement accounts) in addition to these accounts.

IMPORTANT: The Secure Act could impact how you save for retirement and our calculations.

  • On February 24, 2022, the IRS proposed new required minimum distribution rules that includes revisions made from the SECURE Act, including regulations that affect inherited IRAs. The information and/or calculation(s) provided may be based on the rules in effect before the proposed regulations are finalized. 
  • On December 29, 2022, the SECURE 2.0 Act of 2022 was signed into law. The Act contains provisions that became effective immediately as well as provisions that will become effective in the future. The act could have a material impact on your results. We are currently updating our tools in response. 
  • After December 31, 2025, current tax provisions enacted by the Tax Cuts and Jobs Act (TCJA) will expire. Unless extended, those provisions will revert to what was in effect under pre-2018 tax law, adjusted for cost-of-living adjustments as appropriate. The information and/or calculation(s) provided may be based on the rules currently in effect before the expiration becomes effective. Expiration could have a material impact on your results. 
  • You are strongly advised to consult your legal and/or tax advisor regarding your personal situation.
The Planning & Guidance Center allows you to create and monitor multiple independent financial goals. Prior to making any financial decision, consider other assets, income, and investments, review your account statements to confirm the accuracy of your analysis, and visit Planning Profile to review your goal and account information.

In applying asset allocation models or any other results to your individual situation, be sure to consider other assets, income and investments (e.g., home equity, savings accounts or other retirement accounts) in addition to assets designated for this goal. Other investment alternatives having similar risk and return characteristics may be available for this account (or accounts).

The Tool will utilize employer match as provided to us from your employer and illustrated on the Savings Rate tab for our analysis. Your plan may process the employer match in a different manner in your actual account. Check your plan rules for details.

Retirement Analysis, including the Fidelity Retirement Score (FRS), and College Analysis, are based on information you provided and certain assumptions, including market performance assumptions based on hypothetical scenarios using historical index data. Numerous factors make the calculations uncertain, such as the use of assumptions about historical returns and inflation, as well as the data you have provided. Fund fees and other expenses will generally reduce your actual investment returns and are generally not reflected in the hypothetical projections.

Annuity guarantees are subject to the claims paying ability of the issuing insurance company.

For additional information about the Planning & Guidance Center and what you need to know about Fidelity advice, please visit Help & Methodology or contact a Fidelity investment professional.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.

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About Your Account Data

Unless otherwise specifically stated, all account data including account balances, are gathered from multiple sources:

Fidelity Personal Accounts reported as of market close on previous business day.

Fidelity Workplace Accounts reported as of market close on previous business day.

Securities in Equity Compensation accounts are priced real-time for customers that have agreed to the Real-Time Quotes Subscriber Agreements; otherwise, quotes are delayed at least 15 minutes. If the current market price is unavailable or the market is closed, Fidelity will factor in the most recent closing market price to determine the current market value. Select the plan name for a complete description of the values shown. Values may be unvested, and may not reflect withdrawn assets. Please refer to the provisions in your individual Award Agreement and the official stock plan document which govern the terms of your award. The provisions in the Award Agreement and stock plan document supersede any information, including conflicting information, reflected on the website. This value excludes cash based plans and accrued cash dividends, if any.

If you choose to manually enter dollar amounts to assign to a goal, you are responsible for updating those amounts as they change.

NOTICE: Unsettled transactions, margin balances, short positions, and positions held or valued in foreign currency affect account balances, holdings data, and analytical information presented.

Fidelity is not able to verify the accuracy of account information provided via the Full View service or manually entered in this or previous guidance tool interactions. Information regarding accounts that hold positions in, or valued in, foreign currency from your outside accounts is not available in the Tool. For more information, see Full View Terms of Use.

Annuity guarantees are subject to the claims-paying ability of the issuing insurance company.

For more information about how your account data is displayed and utilized, please visit Help & Methodology or contact a Fidelity investment professional.

About Asset Mixes

If you've assigned accounts to a goal, the holdings in those accounts are sorted among several major asset classes, including domestic stocks and foreign stocks (equities), bonds (fixed income), short-term securities (cash, cash equivalents, CDs, money market funds, etc.), unknown, and other. Please note that underlying investments held in a mutual fund, other pooled investment vehicle or subaccount, or a variable annuity are considered individually. They are separated and sorted into whichever asset class they best fit, based on holdings data provided by a third-party vendor. If holdings data is not available, the interest is categorized as "Unknown." The "Other" category includes non-asset class holdings (i.e., identified holdings which cannot be categorized as stocks, bonds or short-term investments). If a large percentage is identified as "Unknown" or "Other," your asset mix assessment may not accurately reflect the current risks inherent in your selected accounts. For manual accounts, you may either enter specific allocations or select from sample asset mixes. A representative model asset mix for the accounts assigned to your goal is then identified based on the percentage of stock holdings in your assigned accounts for comparison to a selected Target Asset Mix (TAM).

Data used to support categorization is provided by third parties as of the most recent date available, which may lag the account data by up to 12 months. This tool cannot guarantee the accuracy or timeliness of data obtained from third parties.

In assessing asset mix, the Fidelity Retirement Planner sorts the holdings in your selected accounts among several major asset classes, including domestic stocks and foreign stocks (equities), bonds (fixed income), short-term securities (cash, cash equivalents, CDs, money market funds, etc.), other, and unknown. Underlying investments held in a mutual fund or other pooled investment vehicle are considered individually. A model asset mix is then identified based on the percentage of stock holdings in your selected accounts:

  • Short Term: Stock holdings less than or equal to 10%
  • Conservative: Stock holdings between 11-24%
  • Moderate With Income: Stock holdings between 25-34%
  • Moderate: Stock holdings between 35-44%
  • Balanced: Stock holdings between 45-54%
  • Growth With Income: Stock holdings between 55-64%
  • Growth: Stock holdings between 65-78%
  • Aggressive Growth: Stock holdings between 79-92%
  • Most Aggressive: Stock holdings between 93-100%
If a large percentage is identified as "Unknown" or "Other," your asset mix assessment may not accurately reflect the current risks inherent in your selected accounts. The "Other" category includes non-asset class holdings (e.g., derivative securities, options, and precious metals) in some of your investments. The "Unknown" category represents holdings you may have, details of which are unknown or unavailable to the Tool.

For the plan analysis, if the Fidelity Retirement Planner has identified holdings as "Unknown" or "Other," the stock, fixed income, and short-term allocations are proportionally adjusted to create a normalized mix percentage adding up to 100%. Normalization may result in the identification of a different model asset mix. Please be advised: If an asset class has a net negative value, the normalized asset allocation may have a materially different level of risk and return than that of your actual selected accounts.

If data is available, short and long positions may be represented as a bar chart for review; however, short positions will not be included in the analysis of your plan. Long positions are those reported securities holdings held individually or as underlying investments that were fully paid purchases. Short positions are those reported margin or short positions held individually or as underlying investments that were not fully paid purchases, but instead involved borrowing in order to support the purchase. Note that trades initiated within a money market pending settlement at the close of a calendar month may present as a short position or negative allocation and inadvertently impact the analysis. If you have not previously selected a Target Asset Mix (TAM) for your goal, the Fidelity Retirement Planner may display a time-based option as a starting point for your review.

Past performance is no guarantee of future results. Generally, among asset classes stocks are more volatile than bonds or short-term instruments and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Although the bond market is also volatile, lower-quality debt securities including leveraged loans generally offer higher yields compared to investment grade securities, but also involve greater risk of default or price changes. Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. Asset allocation does not ensure a profit or guarantee against loss.

For more information about your current asset mix and TAMs, please contact your investment professional.