Stock Market Changes and Your Investment Strategy

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Stock market changes and your If Identifier requested: investment strategy. Baseline of line 1 should align on this guide There are two fundamental truths about the stock market. It goes up. It goes down. FEELING UNCOMFORTABLE WITH THE UPS AND DOWNS OF THE STOCK MARKET? YOU’RE NOT ALONE. STOCK MARKET VOLATILITY CAN UNSETTLE MANY PEOPLE, ESPECIALLY WHEN IT INVOLVES THEIR HARD EARNED MONEY.

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Per MassMutual Compliance, producer disclosure must be visible; change color if needed to ensure visible contrast. What causes History says: stay invested market volatility? The chart (on page 4) illustrates market While many things contribute to stock market volatility fluctuations captured by the CBOE movement — good news, bad news, earnings Volatility Index (VIX Index) since 2004 vs. ® reports, consumer sentiment, and economic stock returns, as measured by the S&P 500 changes — the important thing to remember Index. It demonstrates how stocks often is that with the stock market, volatility is the rebound following extreme market volatility. norm.NOTES: Fluctuations in price and potential gains If you cash out your investment each time the If there is no page number needed and it’s a bleed piece, extend the pattern or losses are what the stock market is all about. stock market drops, you lose the opportunity to bleed. If it’s a non-bleed piece, extend pattern but not off the page. The market has weathered many serious to recuperate what are historically temporary losses. History shows that over time, eventsThe during dot patternits history. at Sincethe bottom 1929, there of interior spreads is set to multiply at 7%. uncertainty and fear which drive volatility, lose have Forbeen full 16 pagebear markets imagery, — includingplace photo the onebehind the dot pattern. in 2008.1 their impact on stock market returns. Page numbers must be visible; change color if needed to ensure visible contrast. Yet since 1969, the stock market has had a 2 positivePer return MassMutual in 42 out Compliance, of 50 calendar producer years. disclosure must be visible; change color if So whileneeded understanding to ensure that visible volatility contrast. in the stock market is normal, it is also important not to react, or overreact, to every headline or market swing.

1 A bear market history lesson, Gerri Willis, CNN, 10/8/08 2 Morningstar EnCorr. Stock market represented by S&P 500 R Index 1 Review your goals Consider lifestyle or target and risk tolerance date investment options, As you review your investment objectives, ask if available yourself, have your goals changed? How do If you don’t have the time or confidence you feel about risk? For example, if the idea of to select individual investment options to losing some of your money in a down market diversify your portfolio, you may want to keeps you up at night, you may want to reduce consider a lifestyle or target date investment the amount of money you have in stocks. option, if your plan offers them. Be sure to consider both investment risk AND A lifestyle option tailors its investment inflation risk. Inflation risk is the risk that your approach to your individual tolerance for choice of investments won’t earn enough to risk by offering conservative, moderate or keep pace with inflation. If you invest solely in aggressive risk styles. It is automatically short-term investments (i.e. cash), you subject diversified across investment types (stocks, your account to inflation risk. Remember that bonds, and cash instruments) and different even relatively low inflation can erode the fund managers. You pick the option that value of your portfolio over time. most closely matches your risk profile, and professional investment managers do the rest. Diversify to spread It’s an easy-to-use, single solution investment. your risk A target date investment option is similar to a Your best defense in volatile markets is lifestyle option, except that it links its portfolio diversification, which means to spread your to your expected retirement date. Its portfolio money within a variety of investments to will gradually become more conservative in reduce your risk and enhance your return. its mix of investments as your year of Diversifying your investments is an essential retirement approaches. part of a solid investment strategy. NOTES: Generally target retirement date (lifecycle) DiversificationIf there is does no page not assure number a profit needed and it’s ainvestment bleed piece, options extend are the designed pattern to be held and doesto bleed. not protect If it’s aagainst non-bleed loss in piece, a extend patternbeyond but the not presumed off the retirement page. date declining market. to offer a continuing investment option The dot pattern at the bottom of interior spreads is set to multiply at 7%. For full page imagery, place photo behind the dot pattern.

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2 for the investor in retirement. The year in most conservative allocation in their target the investment option name refers to the date year. Investors should consider their own approximate year an investor in the option personal risk tolerance, circumstances and would plan to retire and likely would stop financial situation. These options should not be making new contributions to the investment selected solely on a single factor such as age or option. However, investors may choose a date retirement date. Please consult the prospectus otherNOTES: than their presumed retirement date to (if applicable) pertaining to the options to be moreIf there conservative is no page or aggressivenumber needed depending and it’s adetermine bleed piece, if their extend glide the path pattern is consistent on theirto bleed.own risk If tolerance.it’s a non-bleed piece, extend patternwith your but long-term not off the financial page. plan. Target retirement date investment options’ stated Target retirement date (lifecycle) investment The dot pattern at the bottom of interior spreadsasset allocation is set to multiplymay be subject at 7%. to change. A options are designed for participants who For full page imagery, place photo behind thetarget dot retirementpattern. date investment option may plan to withdraw the value of their accounts not achieve its objective and/or you could lose gradually after retirement. Each of these Page numbers must be visible; change colormoney if needed on your to ensure investment visible in the contrast. fund. You options follows its own asset allocation may experience losses near, at, or after the path (“glide path”) to progressively reduce Per MassMutual Compliance, producer disclosuretarget date.must There be visible; is no guarantee change color of the if fund’s its equity exposure and become more needed to ensure visible contrast. principal value, including at the target date, or conservative over time. Options may not that the fund will provide adequate income at reach their most conservative allocation until and through your retirement. after their target date. Others may reach their

3 VALUE OF STAYING THE COURSE

Market Volatility3 vs. Stock Returns Over Time4 90 4,000

80 3,500

70 3,000

60 2,500 S&P 500 50 2,000 40 VIX Index 1,500 30

20 1,000

10 500

0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

1980s 2000s

? Reagan shot ? Crash of the dot-coms ? U.S. becomes debtor nation ? Corporate accounting scandals ? Challenger disaster ? Wars in Iraq and Afghanistan ? InsiderNOTES: trading scandal ? Tsunami/Hurricanes ? S&LIf bailoutthere is no page number needed and it’s a? bleed Oil prices piece, extend the pattern ? Exxonto bleed. Valdez Ifdisaster it’s a non-bleed piece, extend pattern? Credit but market not off turmoil the page. ? Black Monday ? Recession The dot pattern at the bottom of interior spreads is set to multiply at 7%. 1990sFor full page imagery, place photo behind the2010s dot pattern.

? Gulf War ? Slow economic recovery Page numbers must be visible; change color if needed to ensure visible contrast. ? Oklahoma City bombing ? Rise of Isis ? Government shutdown ? Russia in Ukraine ? AsianPer economic MassMutual crisis Compliance, producer disclosure? European must sovereign be visible; debt change woes color if ? Impeachmentneeded to Trial ensure visible contrast. ? Worldwide central bank action ? Russian bond default

3 http://www.cboe.com/products/vix-index-volatility/vix-options-and-futures/vix-index/vix-historical-data 4 © 2020 Morningstar, Inc. All Rights Reserved. Morningstar API. 4 Invest regularly and Learn more stay the course Understanding how the stock market works is a big step towards being able to When you invest regularly each pay period, works is a big step towards being able to stay true to your investment course. Visit as you do in your retirement plan, you take stay true to your investment course. Visit www.retiresmart.comwww.MassMutual.com/serve to use theto use resources the advantage of what is called dollar cost www.massmutual.com/retirementaccess NOTES: andresources planning and tools planning available tools to available you or call to you averaging. You buy fewer shares when the to use the resources and planning tools If there is no page number needed and it’s atheor bleed call Participant the piece, Participant extend Information Information the pattern Center Center at at price is high, and more when the price is low. available to you or call the Participant to bleed. If it’s a non-bleed piece, extend pattern1-800-743-52741-800-528-9009 but not off. .We We the also also page. suggest suggest that that you you (Dollar cost averaging does not ensure a profit Information Center at 1-800-854-0647. talk to a financial advisor for assistance in or protect against loss in declining markets.) We also suggest that you talk to a financial The dot pattern at the bottom of interior spreadsadvisordeveloping is for set assistanceyour to multiply investmentinvestment strategy. in developing at 7%.strategy. your Of course,For full past page performance imagery, place may not photo be behind the dot pattern. indicative of future results. investment strategy. Page numbers must be visible; change color if needed to ensure visible contrast.

Per MassMutual Compliance, producer disclosure must be visible; change color if needed to ensure visible contrast.

5 Past performance is no guarantee of future results. The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.