Target Retirement Funds

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1 Target Retirement Funds Frequently Asked Questions FOR YOUR LIFE AND CAREER

2 Target Retirement Funds Frequently Asked Questions What is a Target Retirement Fund? A Target Retirement Fund (often referred to as a target date or lifecycle fund) is an investment strategy that is based on retirement investment principles which are pretty straightforward: diversify your investments and manage those investments in relation to where you are in your retirement planning timeline. The Target Retirement Fund is a pre-mixed, diversified selection of investments (typically stocks and bonds) that automatically adjust the investment risk levels as you near retirement. The fund you invest in is selected based on a target retirement date, the date you anticipate you will retire, like sometime near the year How does a Target Retirement Fund work? Let s walk through an example of how the 2040 Target Retirement Fund works. The year is 2010 and Jane, age 35, starts a new job; she hopes to retire in 2040 at age 65. So Jane selects the 2040 Target Retirement Fund. As illustrated below, the 2040 Target Retirement Fund in the year 2010 contains more stocks than bonds. In investor terms that means she is taking on more risk, because in the investment world stocks have more risks of ups and downs than say bonds or cash. Gradually, as Jane gets older, the fund holds less stocks and more bonds. By the time she reaches age 65, her portfolio is about half stocks and half bonds. When Jane turns 70, her portfolio automatically transitions into the Target Income Fund. At this time the percentage of stocks in the portfolio are reduced to their lowest allocation and then the allocation stays at this mix for the remainder of your retirement. This low allocation of stocks can help protect the fund from jolts in the stock market. Remember, there are always risks involved with investing, and it is nearly impossible to predict market returns. However, the Target Retirement Fund seeks to manage these risks over time while still allowing the investor the opportunity to capture market returns. (Note: different target date funds have different investment objectives, so do see the fund fact sheet on the Target Retirement Fund for more details on the investment objectives.) How is a Target Retirement Fund different than a balanced fund? A typical balanced fund also has a mix of investments, but that mix typically remains the same over time, unless you make the decision to put your investments in a different balanced fund. For example, if you invest in a 60/40 balanced fund (60% stocks and 40% bonds), no matter your age, that investment risk will always remain at 60/40. Also, while some people may think they are risky investors or like to take risk, it is better to base your risk appetite on the basis of your retirement needs and your retirement timeline (are you near or far from retirement), rather than solely on your preference for risk or safety. Target Retirement Funds FAQ 2

3 Should I choose more than one Target Retirement Fund? That s a really good question, but the answer is probably no when you understand the principle of diversification. The logic behind wanting to select more than one Target Retirement Fund is understandable given retirement investing has historically involved picking from a lot of different funds. This is one of the advantages of a Target Retirement Fund it is a fund that automatically creates that diversified mix of investments for you. If you choose more than one fund, your investments may overlap or you may create an investment mix that is not truly in line with your retirement goals. And always remember to check your investments regularly, even with a Target Retirement Fund because if your retirement goals or timeline change, that could also mean that your investments should change. What does the year in the Target Retirement Fund mean? In general, the year in the Target Retirement Fund indicates the year closest to when you plan to retire. Target Retirement Funds typically come in 5 or 10 year increments, such as Target Retirement 2020, 2025 and up to For example, if you plan to retire in 2029, you might select the Target Retirement Fund Is the Target Retirement suitable for my risk tolerance level? Target Retirement Funds are suitable for all risk tolerance levels. Remember, risk is based on your retirement goals and your retirement timeline. If you have specific circumstances that require a different risk level than indicated in your target retirement year, consult with your benefits team to seek advice on how to best meet your retirement goals. Which Target Retirement Fund should I choose? The Target Retirement Fund is designed for you to select the fund that is closest the year you plan to retire. For example, if it is 2011 and you plan to retire in 30 years in 2041, then you would select the Target Retirement Fund Remember the Target Retirement Fund is designed specifically to manage the investment mix over time. It tracks your timeline and automatically adjust that pre-mix of investments (stocks and bonds) between your current time and your future retirement date. Over time, the fund it will slowly reduce the allocation of stocks and increase the allocation of bonds to help reduce investment risk as you get closer to retirement. What investments are in the Target Retirement Fund? The Target Retirement fund is a pre-mixed portfolio that is intended to have a well-diversified mix of investments managed by a professional portfolio manager. Depending on the number of years to retirement, the fund diversifies across bonds and stocks (also referred to as fixed income and equity) which may include: US large-cap, mid-cap, small-cap, developed and emerging market international stocks, global real estate investment trusts (REITS), US long-dated government bonds, US broad-based fixed income securities, US high yield bonds, US Treasury Inflation-Protected Securities (TIPS), and short-term fixed income securities. Target Retirement Funds FAQ 3

4 What is the Target Retirement Fund s glide path? The glide path is the recipe for the asset allocation (the mix of stocks and bonds) for the Target Retirement Fund and is based on the number of years to the target retirement date. The more years to retirement, the more aggressive the glide path is towards investing in stocks. As you approach your target retirement year, the glide path becomes more conservative, shifting out of stock investments and moving more into bond, or fixed-income assets. For example, if you are only 5 years from retirement, your asset allocation will include more bonds and fewer stocks. What if I don t retire after the Target Retirement Fund year? You can always make an election to change your investments and select a Target Retirement Fund that is more in line with your retirement goals and needs. Can I move my money from the Target Retirement Fund even if it has not reached the designated Target Retirement Fund year? Yes, you can elect to move the funds from your Target Retirement Fund into to any other investment option within your retirement plan. If I retire, can I withdraw my money from the Target Retirement Fund even if it has not reached the designated Target Retirement Fund year? Yes, you can generally withdraw your money at any time. For example, if you are invested in Target Retirement Fund 2030 and you retire in 2025, you can withdraw your money. Note, if you retire early before age 59.5, you may be subject to the tax penalty for early distribution. Who manages the Target Retirement Fund? State Street Global Advisors (SSgA) manages the Target Retirement Fund. SSgA is one of the world s largest institutional asset managers and has been managing retirement money for over 30 years. Their investment strategies are backed by rigorous research both practical and academic. What has been the performance of the Target Retirement Fund? See the Fund Fact Sheet for information about fees and performance. Target Retirement Funds FAQ 4

5 Why should I invest my contributions based on my age and how long I plan to work before retiring? It s possible your retirement could be as long as 25 to 30 years, so saving and investing wisely is important. Remember that we re living longer these days and the average life expectancy is about 85 years old. While some people may think of themselves as conservative or risky investors, what is important are the principles of investing: diversification and the time horizon. Why is time important? This is when age does matter. When you re young and beginning to save for a retirement that seems eons away, you can save more and take on more risk (typically by investing more of your portfolio in stocks rather than bonds) because if the market takes a tumble, it s easier to recover from those losses when you re young. But if you re 63 years old and nearing retirement, your nest egg will need to be more protected from the risk of a stock market tumble taking a chunk out of your savings. It s important to remember that all investing involves risk and loss of principal, but there are ways to help minimize some of that risk. That s why a Target Retirement Fund automatically diversifies your investments for you. And it also automatically (and slowly) adjusts the risk in the fund based on your time horizon. As you near retirement the investments in stocks goes down and the investments in bonds goes up. Of course some people have different situations, so check your investments regularly and match your savings and investment strategy to your retirement strategy. Why save if the markets go up and down? Can t I lose all my savings? It s understandable that people may fear the markets and loss of savings, but in the long term your retirement nest egg is most dependent on how much you save. The earlier you start saving, the more your money can work to grow with time. Just be sure you understand what your retirement goals are and what your timeline is. That means that early on in your career you can save more and you can typically afford to take more risk. If the markets go down, it is expected that the market will go up again. Now as you near retirement, this is when you want to reduce your risks and maybe invest more in bonds than stocks. That s what a Target Retirement Fund seeks to do for you. Take more risk early on in your savings cycle and then reduce risk as you near retirement. Regardless, save more and save early. And if you re not an expert investor, professionally managed funds, like a Target Retirement Fund, can help do some of the heavy lifting when it comes to retirement investing. Do I have enough money to retire? It is probably rare when a retiree says, I saved too much. So save early and reach for high savings rates. Each person requires a different amount of money when they retire depending on their financial situation (debt, pension, dependents) and their lifestyle. Most financial planners recommend saving at least 12-15% of your base salary per year to fund your retirement. Financial professionals and retirement calculators can also help guide savings rates. Remember retirement savings is dependent on how much you save and how many years you have until retirement. Target Retirement Funds FAQ 5

6 I know nothing about investing and I m intimidated when I have to make decisions about my retirement. What should I do? Did you know that most American s feel the same as you and that over half say they feel clueless about savings and retirement 1? Financial terms like small-cap, diversification, asset allocation and headlines about inflation have many people concerned and questioning how to act. First, start with saving and find the best savings rate that gets you where you need to be in retirement. Second, understand your level of knowledge and commitment to managing your retirement portfolio. If you are not very familiar with financial terms and how the financial markets work, consider investing in a professionally managed fund like a Target Retirement Fund. If you enjoy investing and believe you can take your future into your own hands, then consider building your own retirement portfolio from the choices on your defined contribution investment menu. Either route you take, make sure you regularly review your investments and match that up with your retirement goals. How much should I be saving? There are a couple of answers to that, and of course it will depend on your personal financial situation and your retirement goals. First and foremost, if your retirement plan has a program that matches contributions, make sure you at least contribute to the level of the match. Not saving to the match is like denying someone the offer to give you free money. As for recommend savings rates, most financial planners recommend saving at least 12-15% of your base salary per year to fund your retirement. Financial professionals and retirement calculators can also help guide savings rates. Remember how much you have to spend in retirement is very much dependent on how much you save. What s the right mix of investments? How do I know if I m investing in the right funds? You should always diversify your retirement investments. That means making sure that you have a diversified mix of stocks and bonds in your retirement portfolio. Additionally, you will want to rebalance your portfolio on a regular basis because investments do go up and down and you want to ensure your mix of investments stays on track. Finally, you will want to regularly revisit the mix of investments and the risks they represent and adjust those over time as you near retirement. As you get close to retirement you will want to reduce risk and protect your nest egg by reducing the investments in stocks and increasing the investments in bonds. And if all of that sounds like a lot of work, then you can invest in a target date fund which does most of that work for you. You just need to pick the fund that matches your anticipated retirement date and the investment professionals do most of the work. Just remember to regularly check your investments to ensure they are in line with your investment and retirement goals. 1 Employee Benefits Research Institute March 2010 Issue Brief. The 2010 Retirement Confidence Survey: Confidence Stabilizing, But Preparations Continue to Erode Target Retirement Funds FAQ 6

7 What should I do as I get closer to retirement? As you near retirement, you will want to make sure that your savings rate and your investment strategy meet your needs for retirement. Typically, as people near retirement they may try to save more and also reduce the risk of their investments by reducing the investments in equities and increasing the investments in bonds, cash-like instruments, as well as inflation-protection investments like commodities or Inflation Protected Treasury Securities (TIPS). What s the difference between a mutual fund and a collective investment trust fund? First let s start with the similarities. An investment fund, be it a mutual fund or a collective investment fund, typically consists of a mix of investments, be it all stocks, all bonds or a mix of both. Similarly, each fund will have a stated investment objective that can be stated in a fund fact sheet or prospectus that indicates the structure of the fund, the risks and the investment objectives, as well as the costs of investing in the fund. What is different is the legal structure of the fund and often the fees. Why are fees often lower for collective investment funds? Collective investment funds have fewer administrative requirements as they do not have to satisfy the same costly SEC regulations that mutual funds do, such as appointing a separate board of trustees, which can involve high legal fees. Collective investment funds are not marketed to the public, so marketing expenses are also less for collective investment funds since the fund is only open to participants in certain 401(k), 457 and pension plans. Because collective investment funds are not able to be marketed to the general public information regarding these funds is not available in the same manner as mutual funds (they do not have a ticker symbol and cannot be found online). However your Plan Administrator does have information related to these funds, which can be found on their website or by calling their number. At the end of the day, the primary benefit of collective investment funds is lower costs typically 30%-50% lower than mutual funds. This benefit accrues to the participant in the form of higher returns. Target Retirement Funds FAQ 7

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