American Private Wealth

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Basic Retirement Planning

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 Retirement Planning--The Basics
You may have a very idealistic vision of yearly income you may need to live
retirement--doing all of the things that you comfortably.
never seem to have time to do now. But how
do you pursue that vision? Social Security Calculate the gap
may be around when you retire, but the
benefit that you get from Uncle Sam may not Once you have estimated your retirement
provide enough income for your retirement income needs, take stock of your estimated
years. To make matters worse, few employers future assets and income. These may come
today offer a traditional company pension plan from Social Security, a retirement plan at
that guarantees you a specific income at work, a part-time job, and other sources. If
Why save for retirement? retirement. On top of that, people are living estimates show that your future assets and
Because people are living
longer and must find ways to fund those income could fall short of what you need, the
longer. According to the U.S. additional years of retirement. Such rest would have to come from additional
Administration on Aging, eye-opening facts mean that today, sound personal retirement savings.
persons reaching age 65 have retirement planning is critical.
an average life expectancy of
an additional 19.3 years.* And But there's good news: Retirement planning is
Figure out how much you'll
since Social Security replaces easier than it used to be, thanks to the many need to save
only about 40 percent of total tools and resources available. Here are some
aggregate income for aged basic steps to help get you started. By the time you retire, you'll need a nest egg
persons,** Social Security that could provide you with enough income to
alone may not be enough to
see you through your Determine your retirement fill the gap left by your other income sources.
retirement years. But exactly how much is enough? The
income needs following questions may help you find the
*Source: NCHS Data Brief,
Number 178, December 2014
answer:
It's common to discuss desired annual
**Source: SSA Publication No. retirement income as a percentage of your • At what age do you plan to retire? The
05-10024, June 2015 current income. Depending on who you're younger you retire, the longer your
talking to, that percentage could be anywhere retirement will be, and the more money
from 60% to 90%, or even more. The appeal you'll need to carry you through it.
of this approach lies in its simplicity. The
problem, however, is that is doesn't account • What is your life expectancy? The longer
for your specific situation. To determine your you live, the more years of retirement you'll
specific needs, you may want to estimate your have to fund.
annual retirement expenses. • What rate of growth can you expect from
your savings now and during retirement?
Use your current expenses as a starting point, Be conservative when projecting rates of
but note that your expenses may change by return.
the time you retire. If you're nearing • Do you expect to dip into your principal? If
retirement, the gap between your current so, you may deplete your savings faster
expenses and your retirement expenses may than if you just live off investment earnings.
be small. If retirement is many years away, the Build in a cushion to guard against these
gap may be significant, and projecting your risks.
future expenses may be more difficult.

Remember to take inflation into account. The

Build your retirement fund:
average annual rate of inflation over the past Save, save, save
20 years has been approximately 2.3 percent.
(Source: Calculated from consumer price When you know roughly how much money
index (CPI-U) data published by the U.S. you'll need, your next goal is to save that
Department of Labor, January 2015.) amount. First, you'll have to map out a savings
plan that works for you. Assume a rate of
And keep in mind that your annual expenses return that you are comfortable with, and then
may fluctuate throughout retirement. For determine approximately how much you'll
instance, if you own a home and are paying a need to save every year between now and
mortgage, your expenses may drop if the your retirement to reach your goal.
mortgage is paid off by the time you retire.
Other expenses, such as health-related The next step is to put your savings plan into
expenses, may increase in your later action. It's never too early to get started
retirement years. A realistic estimate of your (ideally, begin saving in your 20s). To the
expenses could help tell you about how much extent possible, you may want to arrange to

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 have certain amounts taken directly from your can also allow after-tax Roth contributions.
paycheck and automatically invested in While Roth contributions don't offer an
accounts of your choice (e.g., 401(k) plans, immediate tax benefit, qualified distributions
payroll deduction savings). This arrangement from your Roth account are federal income tax
could help reduce the risk of impulsive or free.
unwise spending that could threaten your
savings plan--out of sight, out of mind. If IRAs, like employer-sponsored retirement
possible, save more than you think you'll need plans, feature tax-deferral of earnings. If you
to provide a cushion. are eligible, traditional IRAs may enable you to
lower your current taxable income through
Understand your investment deductible contributions. Withdrawals,
however, are taxable as ordinary income
There is no guarantee that options (unless you've made nondeductible
working with a financial
professional will improve contributions, in which case a portion of the
You need to understand the types of withdrawals will not be taxable).
investment results.
investments that are available, and decide
which ones are right for you. Roth IRAs don't permit tax-deductible
contributions but allow you to make tax-free
If you don't have the time, energy, or withdrawals under certain conditions. With
inclination to do this yourself, hire a financial both types, you can typically choose from a
professional. He or she can explain the wide range of investments to fund your IRA.
options that are available to you, and can
assist you in selecting investments that are Annuities are generally funded with after-tax
appropriate for your goals, risk tolerance, and dollars, but their earnings are tax deferred
time horizon. (you pay tax on the portion of distributions that
represents earnings). There is generally no
Use the right savings tools annual limit on contributions to an annuity. A
typical annuity provides income payments
The following are among the most common beginning at some future time, usually
retirement savings tools, but others are also retirement. The payments may last for your
available. life, for the joint life of you and a beneficiary,
or for a specified number of years (guarantees
Employer-sponsored retirement plans allowing are subject to the claims-paying and financial
employee deferrals (like 401(k), 403(b), strength of the issuing insurance company).
SIMPLE, and 457(b) plans) are powerful
savings tools. Your contributions come out of Note: In addition to any income taxes owed, a
your salary as pretax contributions (reducing 10 percent premature distribution penalty tax
your current taxable income) and any may apply to taxable distributions made from
investment earnings are tax deferred until employer-sponsored retirement plans, IRAs,
withdrawn. These plans often include and annuities prior to age 59½ (prior to age 55
employer-matching contributions and should for employer-sponsored retirement plans in
be your first choice when it comes to saving some circumstances).
for retirement. Both 401(k) and 403(b) plans

Estimating Your Retirement Income Needs

You know how important it is to plan for your talking to, that percentage could be anywhere
retirement, but where do you begin? One of from 60% to 90%, or even more. The appeal
your first steps should be to estimate how of this approach lies in its simplicity, and the
much income you'll need to fund your fact that there's a fairly common-sense
retirement. That's not as easy as it sounds, analysis underlying it: Your current income
because retirement planning is not an exact sustains your present lifestyle, so taking that
science. Your specific needs depend on your income and reducing it by a specific
goals and many other factors. However, by percentage to reflect the fact that there may
doing a little homework, you could be well on be certain expenses you'll no longer be liable
your way to a comfortable retirement. for (e.g., payroll taxes) could, theoretically,
allow you to sustain your current life-style.
Use your current income as a
The problem with this approach is that it
starting point doesn't account for your specific situation. If
you intend to travel extensively in retirement,
It's common to discuss desired annual for example, you might easily need 100
retirement income as a percentage of your percent (or more) of your current income to
current income. Depending on who you're

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 get by. It's fine to use a percentage of your your retirement expenses may change from
current income as a benchmark, but it's worth year to year. For example, you may pay off
going through all of your current expenses in your home mortgage or your children's
detail, and really thinking about how those education early in retirement.
expenses will change over time as you
transition into retirement. Other expenses, such as health care and
insurance, may increase as you age. To help
Project your retirement protect against these variables, build a
comfortable cushion into your estimates (it's
expenses always best to be conservative). Finally, a
financial professional can help you make sure
Your annual income during retirement should your estimates are as accurate and realistic as
be enough (or more than enough) to meet possible.
your retirement expenses. That's why
estimating those expenses is a big piece of
the retirement planning puzzle. But you may Decide when you'll retire
have a hard time identifying all of your
expenses and projecting how much you'll be To determine your total retirement needs, you
spending in each area, especially if retirement can't just estimate how much annual income
Once you have an idea of is still far off. To help you get started, here are you need. You also have to estimate how long
your retirement income some common retirement expenses: you'll be retired.
needs, your next step is to
assess how prepared you Why? The longer your retirement, the more
• Food and clothing
are to meet those needs. In years of income you'll need to fund it. The
other words, what sources • Housing: Rent or mortgage payments, length of your retirement will depend partly on
of retirement income will be property taxes, homeowners insurance, when you plan to retire. This important
available to you? property upkeep and repairs decision typically revolves around your
• Utilities: Gas, electric, water, telephone, personal goals and financial situation. For
cable TV example, you may see yourself retiring at 50
• Transportation: Car payments, auto to get the most out of your retirement. Maybe
insurance, gas, maintenance and repairs, a booming stock market or a generous early
public transportation retirement package will make that possible.
Although it's great to have the flexibility to
• Insurance: Medical, dental, life, disability,
choose when you'll retire, it's important to
long-term care
remember that retiring at 50 will end up
• Health-care costs not covered by costing you a lot more than retiring at 65.
insurance: Deductibles, co-payments,
prescription drugs Estimate your life expectancy
• Taxes: Federal and state income tax,
capital gains tax The age at which you retire isn't the only factor
• Debts: Personal loans, business loans, that determines how long you'll be retired. The
credit card payments other important factor is your lifespan. We all
• Education: Children's or grandchildren's hope to live to an old age, but a longer life
college expenses means that you'll have even more years of
retirement to fund. You may even run the risk
• Gifts: Charitable and personal of outliving your savings and other income
• Savings and investments: Contributions to sources. To help guard against that risk, you'll
annuities and investment accounts need to estimate your life expectancy. You
• Recreation: Travel, dining out, hobbies, can use government statistics, life insurance
leisure activities tables, or a life expectancy calculator to get a
reasonable estimate of how long you'll live.
• Care for yourself, your parents, or others: Experts base these estimates on your age,
Costs for a nursing home, home health gender, race, health, lifestyle, occupation, and
aide, or other type of assisted living family history. But remember, these are just
• Miscellaneous: Personal grooming, pets, estimates. There's no way to predict how long
club memberships you'll actually live, but with life expectancies
Don't forget that the cost of living may go up on the rise, it's probably best to assume you'll
over time. The average annual rate of inflation live longer than you expect.
over the past 20 years has been
approximately 2.3 percent. (Source: Identify your sources of
Calculated from consumer price index (CPI-U) retirement income
data published by the U.S. Department of
Labor, January 2015.) And keep in mind that Once you have an idea of your retirement

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income needs, your next step is to assess will be more than enough to fund even a
how prepared you are to meet those needs. In lengthy retirement. But what if it looks like
other words, what sources of retirement you'll come up short? Don't panic--there are
income will be available to you? Your probably steps that you can take to bridge the
employer may offer a traditional pension that gap. A financial professional can help you
will pay you monthly benefits. In addition, you figure out the best ways to do that, but here
can likely count on Social Security to provide a are a few suggestions:
portion of your retirement income. To get an
estimate of your Social Security benefits, visit • Try to cut current expenses so you'll have
the Social Security Administration website more money to save for retirement
(www.ssa.gov) and order a copy of your • Shift your assets to investments that have
statement. Additional sources of retirement the potential to outpace inflation (but keep
income may include a 401(k) or other in mind that investments that offer higher
retirement plan, IRAs, annuities, and other potential returns may involve greater risk of
investments. The amount of income you loss)
receive from those sources will depend on the
amount you invest, the rate of investment • Lower your expectations for retirement so
return, and other factors. Finally, if you plan to you may not need as much money (no
work during retirement, your job earnings will beach house on the Riviera, for example)
be another source of income. • Work part-time during retirement for extra
income
Make up any income shortfall • Consider delaying your retirement for a few
years (or longer)
If you're lucky, your expected income sources

Saving for Your Retirement

You have several options for saving for your retirement. How do you know what to do? Here's
one common approach:

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Traditional IRAs
Definition Key strengths
A traditional individual retirement account or • Deductible contributions are made on a
individual retirement annuity (IRA) is a pretax basis
personal savings plan that offers tax benefits • Funds in traditional IRAs grow tax deferred
to encourage retirement savings. You can until they are withdrawn
contribute up to the lesser of $5,500 in 2016
(unchanged from 2015), or 100 percent of • IRAs offer a wide range of investment
your taxable compensation to a traditional choices
IRA. In addition, individuals age 50 and older • $1,245,475 (plus any amounts rolled over
can make an extra "catch-up" contribution of from a qualified employer retirement plan
$1,000 in 2015 and 2016. Funds in a or 403(b) plan) of IRA assets may be
traditional IRA grow tax deferred until they are protected in the event of bankruptcy under
withdrawn. Contributions may be fully or federal law
partially tax deductible, depending on certain
factors. Key tradeoffs
Prerequisites • Your ability to deduct contributions may be
reduced or eliminated if you are covered by
• You have not reached age 70½ during the an employer-sponsored retirement plan
year of the contribution • Funds you withdraw from a traditional IRA
• You have taxable compensation (i.e., are taxable income in the year received (to
wages, self-employment income) during the extent that the withdrawal consists of
the year deductible contributions and investment
• You can deduct the full amount of your earnings)
contribution provided that you are not • Withdrawals taken before age 59½ may be
covered by an employer-sponsored subject to a 10 percent premature
retirement plan distribution tax (subject to certain
• If you are covered by an exceptions)
employer-sponsored retirement plan, your • Minimum annual withdrawals are required
IRA deduction (if any) depends on your when you reach age 70½ (required
modified adjusted gross income (MAGI) minimum distributions).
and your federal income tax filing status. • Taxable portion of distributions will be
You will be entitled to a partial deduction in taxed at ordinary income rates even if
2016 if your MAGI is less than: funds represent long-term capital gains or
1. $71,000 if your filing status is single or dividends paid on stock held within the IRA
head of household (less than or equal
to $61,000 for a full deduction) Variations from state to state
2. $118,000 if your filing status is married
filing jointly (less than or equal to • States vary in their protection of IRAs from
$98,000 for a full deduction) creditors
3. $10,000 if your filing status is married • States differ in their tax treatment of IRAs
filing separately (full deduction not
available) How is it implemented?
Note: These income ranges are for the 2016
tax year, and are indexed for inflation. • Open an IRA with a bank, financial
institution, mutual fund company, life
• If you're not covered by an employer plan, insurance company, or stockbroker
but your spouse is, your deduction is • Select types of investments to fund the IRA
limited in 2016 if your MAGI is $184,000 to (e.g., CDs, mutual funds, annuities)
$194,000, and eliminated if your MAGI • Make contributions up to the due date of
exceeds $194,000. your federal income tax return for that year
(usually April 15 of the following year), not
including extensions

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Roth IRAs
Definition • Contributions can be made even if you are
covered by an employer-sponsored
A Roth individual retirement account (IRA) is a retirement plan
personal savings plan that offers tax benefits • IRAs offer a wide range of investment
to encourage retirement savings. You can choices
contribute up to the lesser of $5,500 in 2016 • $1,245,475 (plus any amount rolled over
(unchanged from 2015), or 100 percent of from a qualified employer retirement plan
your taxable compensation to a Roth IRA. In or 403(b) plan) of IRA assets may be
addition, individuals age 50 or older can make protected in the event of bankruptcy under
an extra "catch-up" contribution of up to federal law
$1,000 in 2015 and 2016. Contributions to a
Roth IRA are not tax deductible, but the funds
grow tax deferred and distributions are tax
Key tradeoffs
free under certain conditions.
• You receive no tax deduction when you
make a contribution
Prerequisites
• If a withdrawal does not qualify for tax-free
• You have taxable compensation (i.e., status, the portion that represents earnings
wages, self-employment income) during is subject to federal income tax (and
the year of the contribution perhaps an early withdrawal penalty if
under age 59½)
• Your modified adjusted gross income
(MAGI) (for 2016) must be: • Special penalty provisions may apply to
withdrawals of Roth IRA funds that were
1. $117,000 or less for a full contribution converted or rolled over from a traditional
if your tax filing status is single or head IRA, SEP IRA, or SIMPLE IRA
of household (partial contribution
allowed, up to MAGI of $132,000) • There is always the possibility that the law
will change in the future
2. $184,000 or less for a full contribution
if your tax filing status is married filing
jointly or qualifying widow(er) (partial
Variations from state to state
contribution allowed, up to MAGI of
$194,000) • States vary in their protection of Roth IRAs
from creditors
3. $10,000 or less for a partial
contribution if your tax filing status is • States may differ in their tax treatment of
married filing separately and you lived Roth IRAs
with your spouse at any time during
the year (full contribution not allowed) How is it implemented?
Note: These income ranges are for the 2016
• Open a Roth IRA with a bank, financial
tax year, and are indexed for inflation.
institution, mutual fund company, life
insurance company, or stockbroker
Key strengths • Select types of investments to fund the
Roth IRA (e.g., CDs, mutual funds,
• Qualified distributions are tax free (and
annuities)
penalty free)
• Make contributions up to the due date of
• You can contribute after age 70½ (as long
your federal income tax return for that year
as you have taxable compensation)
(usually April 15 of the following year), not
• You have flexibility in withdrawing your including extensions
funds prior to retirement
• You are not required to take any
distributions while you are alive

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Comparison of Traditional IRAs and Roth IRAs
Traditional IRA Roth IRA
Maximum yearly Lesser of $5,500 or 100% of Lesser of $5,500 or 100% of
contribution (2016) earned income ($6,500 if age earned income ($6,500 if age
50 or older) 50 or older)
Income limitation for No Yes
contributions
Tax-deductible contributions Yes. Fully deductible if neither No. Contributions to a Roth
you nor your spouse is IRA are never tax deductible.
covered by a retirement plan.
Otherwise, your deduction
depends on your income and
filing status.
Age restriction on Yes. You cannot make annual No
contributions contributions beginning with
the year you reach age 70½.
Tax-deferred growth Yes Yes; tax free if you meet the
requirements for a qualified
distribution.
Required minimum Yes. Distributions must begin No. Distributions are not
distributions during lifetime by April 1 following the year required during your lifetime.
you reach age 70½.
Federal income tax on Yes, to the extent that a No, for qualified distributions.
distributions distribution represents For nonqualified distributions,
deductible contributions and only the earnings portion is
investment earnings. taxable.
10% penalty on early Yes, the penalty applies to No, for qualified distributions.
distributions taxable distributions if you are For nonqualified distributions,
under age 59½ and do not the penalty may apply to the
qualify for an exception. earnings portion. (Special rules
apply to amounts converted
from a traditional IRA to a Roth
IRA.)
Includable in taxable estate Yes Yes
of IRA owner at death
Beneficiaries pay income tax Yes, to the extent that a Generally no, as long as the
on distributions after IRA distribution represents account satisfies the five year
owner's death deductible contributions and holding requirement.
investment earnings.

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 401(k) Plans
Key strengths
• You receive "free" money if your contributions are matched by your employer (subject to your
plan's vesting schedule)
• You decide how much to save (within federal limits) and how to invest your 401(k) money
• Your regular 401(k) contributions are made with pretax dollars
• Earnings accrue tax deferred until you start making withdrawals, usually after retirement
• Your Roth 401(k) contributions (if your plan allows them) are made with after-tax dollars;
there's no up-front tax benefit, but distributions of your contributions are tax free and, if you
satisfy a five-year waiting period, distributions of earnings after age 59½ or upon your
disability or death, are also tax free.
• You may qualify for a partial income tax credit
A 401(k) plan is a type of • Plan loans may be available to you
employer-sponsored • Hardship withdrawals may be available to you, though income tax and perhaps an early
retirement plan in which you withdrawal penalty will apply, and you may be suspended from participating for up to six
can elect to defer receipt of months
some of your wages until
retirement. If you make • Your employer may provide full-service investment management
pretax contributions, your • Savings in a 401(k) are generally exempt from creditor claims in bankruptcy (but not from IRS
taxable income is reduced claims)
by the amount that you
contribute to the plan each
year, up to certain limits. Bear in mind ...
The contributed amount and
any investment earnings are • 401(k)s do not promise future benefits; if your plan investments perform badly, you could
taxed to you when suffer a financial loss
withdrawn or distributed. If
your plan allows after-tax • If you withdraw taxable funds prior to age 59½ (age 55 in certain circumstances) you may
Roth contributions, there's have to pay a 10 percent early withdrawal penalty (in addition to ordinary income tax)
no immediate tax benefit, • The IRS limits the amount of money you can contribute to your 401(k)
but qualified distributions
are tax free. • Unless the plan is a SIMPLE 401(k) plan, a safe harbor 401(k) plan, or the plan contains a
qualified automatic contribution arrangement (QACA), you may have to work for your
Most 401(k) plans offer an
assortment of investment employer up to six years to fully own employer matching contributions
options, ranging from
conservative to aggressive.

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 Differences Between a Roth 401(k) and a Roth IRA
Roth 401(k) Roth IRA

Maximum contribution Lesser of $18,000 or 100% of Lesser of $5,500 or 100% of

(2016) compensation earned income

Catch-up contribution if $6,000 $1,000

age 50 or older (2016)

Who can contribute? Any eligible employee Only taxpayers who earn
less than:
• Single/Head of household:
$132,000
• Married (filing jointly):
$194,000
• Married (filing separately):
$10,000

Lifetime required Yes No

distributions after age
70½?

Potential employer Yes1 No

matching contribution?

Creditor protection in Unlimited At least $1,245,475 (all IRAs

bankruptcy aggregated)2
Notes:
Loans available? Yes, if plan permits No
1. Employer contributions
and earnings are
Five-year waiting period for Yes, from time you contribute Yes, from time you contribute
taxable when
distributed. qualified distributions? to the plan3 to ANY Roth IRA
2. Amounts rolled over
from an employer Distributions4 Upon termination of Any reason
qualified plan or 403(b) employment, age 59½,
plan, plus earnings on hardship, disability, and
the amount rolled over death
also have unlimited
creditor protection. Qualified tax-free 59½, disability, and death 59½, disability, death,
3. Or from the time you distributions4 first-time homebuyer (up to
contributed to a $10,000 lifetime)
previous employer's
Roth 401(k) plan, if you
Nonqualified distributions Pro-rata distribution of Tax-free contributions
rolled over your
balance from that plan tax-free contributions and distributed first, then taxable
to the current plan. taxable earnings earnings
4. Depending on plan
terms. Taxes and Rollovers To a Roth IRA, Roth 401(k), To and from a Roth IRA;
potential penalties or Roth 403(b); from a Roth from a Roth 401(k) or Roth
apply to earnings paid 401(k) or Roth 403(b) 403(b); from a traditional
in a nonqualified IRA, 401(k), 403(b) or
distribution. 457(b)5
5. Taxable conversion.
6. Choices will depend on Investment choices Limited to investments Virtually unlimited6
IRA trustee/custodian. offered by employer

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 Annuities
Key strengths periods, termination provisions, and terms
for keeping the policy in force
• Interest generated by an annuity accrues • May have surrender charges
tax deferred until withdrawn • Contributions are not tax deductible
• You can receive payments from the annuity • There may be tax penalties for early
for your entire lifetime, regardless of how withdrawals prior to age 59½ (subject to
long you may live* exceptions)
• There are normally no contribution limits • Once you elect a specific distribution plan,
• There are many different types of annuities annuitize the annuity, and begin receiving
to choose from payments, that election is usually
• You pay taxes only on the earnings portion irrevocable (with some exceptions)
of annuity payments Important: Annuities are long-term
• At death, proceeds from an annuity pass tax-deferred investment vehicles intended to
free from probate to your named be used for retirement purposes. Any gains in
Variable annuities are sold beneficiary tax-deferred investment vehicles, including
by prospectus. Please annuities, are taxable as ordinary income
*Guarantees are subject to the claims-paying upon withdrawal. For variable annuities,
consider the investment ability and financial strength of the issuing
objectives, risks, charges, investment returns and the principal value of
and expenses carefully
insurance company. the available sub-account portfolios will
before investing. The fluctuate based on the performance of the
prospectus, which contains Key tradeoffs underlying assets so that the value of an
this and other information investor's units, when redeemed, may be
about the variable annuity • Annuities carry fees and expenses worth more or less than their original value.
contract and the underlying
investment options, can be • May have limitations, exclusions, holding
obtained from your financial
professional. Be sure to
read the prospectus
carefully before deciding Investing for Retirement
whether to invest.
Keep in mind ... What to do ...
• A well-diversified portfolio can help balance • Assess your risk tolerance
risk. Diversification is a method used to • Determine your investing time frame
help manage investment risk, it does not
guarantee a profit or protect against • Determine the amount of money you can
investment loss invest
• The earlier you start investing, the more • Choose investments that are appropriate
you could contribute over the course of for your risk tolerance and time horizon
your working lifetime • Seek professional management, if
• By starting early, your investments would necessary
have a longer period of time to compound Note: All investing involves risk, including the
• With a longer time frame, you may have a possible loss of principal.
larger choice of investment possibilities

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IMPORTANT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The
information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be
used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should
seek independent advice from a tax professional based on his or her individual circumstances.
American Private Wealth
These materials are provided for general information and educational purposes based upon publicly 781-300-7777
available information from sources believed to be reliable—we cannot assure the accuracy or completeness
www.AmericanPrivateWealth.com
of these materials. The information in these materials may change at any time and without notice.

Page 12 of 12

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016