FAQs

If you’ve used Fidelity planning tools in the past, you may notice some differences with the Retirement Analysis shown in the Planning & Guidance Center. In many cases, the new analysis is comparable to what you’ve seen before, only shown through a different lens. A few simple adjustments may help you view your plan in a more familiar way:

1. Make sure your plan includes everything you expect – especially accounts & income sources
2. Adjust your display settings for analysis and charts – view in today’s dollars or future dollars
3. Understand key methodology changes – like the use of an effective tax rate

Updates to your planning information may be carried into other Fidelity planning tools, though we recommend logging out and then logging back in when switching among multiple tools. However, Fidelity planning tools may not consider information previously provided to Fidelity and its representatives. Specific tools that may reflect information entered into the Planning & Guidance Center include Guided Portfolio Summary℠, and Fidelity Income Strategy Evaluator®. As a best practice, we recommend that each time you use a Fidelity planning tool you review your personal information, especially after you have visited the Planning & Guidance Center.

Diversification is the practice of spreading your investments around so that your exposure to any one type of asset is limited. The primary goal of diversification isn’t to maximize returns. Its primary goal is to limit the impact of volatility on a portfolio.

At Fidelity, we believe you should consider diversifying your portfolio among a variety of investments within an investment class in order to minimize risk. Different kinds of stocks tend to have different risk and return characteristics.

For example, small-cap stocks—which often include those of younger companies in newer industries—may possess the potential to offer greater returns than the stocks of larger companies whose products have been well established in the market. At the same time, small-cap stocks are more likely to experience greater market volatility. Other factors besides company size can affect stock prices, too, such as the economy, consumer and industry trends, etc.

Spreading a portfolio's investments across industry sectors and investment styles can help balance its overall level of risk and return potential. When the industries of some of its stocks are performing poorly, others may be doing better.

While the Retirement Analysis tool uses a similar approach in its analysis when compared to other Fidelity tools, minor differences in the methodology may result in subtle differences in your results. For additional information, please review the User Profile Information and Calculations and Results sections of the Retirement Analysis detailed methodology.

All support for Fidelity workplace plan participants is available via the Workplace Guidance Desk.

Current asset mix describes how the holdings in an account or portfolio are, at the present time, spread across various asset classes.

Savings rate refers to the amount of money, represented by either a percentage of your salary or a specific dollar amount, you set aside for a goal.

Time horizon refers to the amount of time between your current age and the age at which you'll need to access money that you're saving.

You can generally include any account held outside of Fidelity in the analysis of your plan. There are two ways to do this. The first is to link the account to your Planning Profile or retirement plan via the Full View ® service. The second is to manually add an account to your profile or plan. If you choose to add accounts in this way, you will have to make all updates yourself, including any changes to account values. For additional information, please review the Methodology to learn more about the types of accounts that may be included in your analysis.

The Full View service is an optional service provided to Fidelity customers for their convenience. Fidelity is not responsible for the validity, legality, copyright compliance, or appropriateness of content gathered by the Full View service. Fidelity does not prepare, edit, endorse or warrant, and makes no representations concerning the accuracy, timeliness, or completeness of information and data collected from third-party sources. Fidelity does not audit, confirm or verify the information you provide or the information that you permit to be obtained from third-party sources, including financial institutions. If you sign up for this service, you are responsible for checking and updating this information for accuracy, timeliness and completeness. If you have added a Fidelity account into your portfolio using the Full View service, the account balance and holdings may be denoted as "FV" and may be displayed within "Other Accounts" or "Accounts Held Outside Fidelity," just as the non-Fidelity accounts added through the Full View service are displayed. Balances of financial accounts displayed through the Full View service represent the most recent update and may not be timely or accurate if an update was not successfully completed or the information obtained during the refresh from the institution is otherwise not accurate or current. The "Refresh" date may not be the same as the "As Of" date, which is available directly through the financial institutions. Data and information are provided for educational purposes only, and are not intended for trading or transactional purposes. Fidelity shall not be liable for any errors or lack of timeliness in the content, or for any actions taken in reliance thereon.

Initially the Report Center will contain quarterly reports from Fidelity's Guided Portfolio Summary, reports generated by the Retirement Analysis, Investment Strategy Analysis, and College Analysis and certain reports generated by Fidelity representatives. If you believe you're missing a report, we recommend you return to the tool that generated that report to create a new one.

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.

Total expenses are the sum of your essential expenses and your discretionary expenses, which include things that you potentially could live without, such as vacations, gifts, dining out, etc.

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.

Withdrawals from Savings represent money taken out of accounts assigned to your retirement plan for retirement expenses. This amount may include minimum required distributions from any of your assigned retirement accounts.

The planning age we suggest is an estimate of the age at which 25% of healthy individuals of your age and sex are projected to still be living (or, conversely, the age by which 75% of such individuals would be deceased). This figure is called a 25% longevity age. You can adjust this figure to any desired planning age that is less than 126 and more than your current age. The source for this estimate is the 2000 Individual Annuitant Mortality Table, provided by the Society of Actuaries.

We provide estimated medical expenses based on your retirement age and marital status. For those retiring prior to age 65, we factor in a set of pre-65 (COBRA and Health Insurance Marketplace plan) medical costs that will run through age 65, as well another set of costs that we assume will be incurred after 65 age. These estimates are based on national averages and research. While these estimates are a good starting point, you should consider your own personal set of expenses if that information is available. Medical costs can vary widely based on individual health, personal medical needs, and residence.

If you expect to earn rental income during retirement, then use the Add an income source link and select Recurring Income Source from the dropdown menu to add details.

The sale of your home or the receipt of inheritance are considered one-time financial events, so the Retirement Analysis assumes you would receive a lump-sum amount. Use the Add an income source link and select One-Time Event from the dropdown menu to add details. In the case of the sale of any real estate, enter the net proceeds of the sale, as we will not factor any taxes you may pay as part of this sale.

Taxable income is your income for tax purposes minus adjustments, deductions, and exemptions allowed under the Internal Revenue Code and its associated regulations. There are different kinds of taxable income taxed at different rates. For individuals, wages, distributions of pre-tax monies from tax-deferred retirement accounts, interest, and nonqualified dividends are generally taxed at your ordinary income tax rate. Long-term capital gains and qualified dividends are generally taxed at the long-term capital gains rate, which has a maximum rate of 15%. For the purposes of the Planning & Guidance Center, all non-investment income is assumed to be taxed at a flat effective tax rate.

The Total Expenses figure shows how your expenses may change over the course of your planning horizon. They are likely to grow due to inflation and increases in any health care costs you may have estimated.

Earned Income is defined as any income you indicated you expect to receive from either full- or part-time employment.

Pension is defined as any money you expect to or currently receive from a defined benefit plan.

Social Security is inflation-adjusted, and we assume you'll be receiving it 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.

Annuity indicates money you receive or expect to receive from having annuitized some of your assets. There are different types of annuities.

Other Income includes any additional income you listed, such as rental income. This figure will fluctuate according to the details you provided.

Minimum Required Distributions represent a portion of Withdrawals from Savings.

Withdrawals From Savings reflects the amount of money you may need to withdraw from the accounts assigned to your plan. This amount is an after-tax figure based on the tax status information you provided (filing status, state of residency) and certain tax assumptions about the order in which you liquidate your assets used for projection purposes. Withdrawals from your savings will fluctuate based on changes in your expenses, lifetime income sources, and any other income sources you have included in your plan.

If your chart has a vertical red line labeled "Shortfall," it means that based on all the factors you included (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 results may not cover your expected monthly expenses beyond the specified age. If you used the suggested 90% confidence level for market returns, which is a very conservative historical likelihood, 9 out of 10 times your actual results may be better than our historical performance analysis suggests.

Fidelity uses the Investment Objective that you provide for each of your accounts as an indication of your risk tolerance for that account. Your Investment Objective is part of your Financial Profile, which we use—along with other hypothetical planning information you’ve entered—to determine a range of Target Asset Mixes that may be appropriate for your selected account(s).

You will generally need to sell all of the current investments in each assigned account if you wish to purchase the investments in a Model Portfolio. However, if you have domestic stock investments (individual stocks or funds) currently in an account that you'd like to keep, you can generally indicate that you wish to keep all or a portion of those positions and Fidelity will take those locked positions into consideration when possible when adjusting the Model Portfolio. Such a portfolio is then known as a Complementary Portfolio, and it attempts to offset the risks associated with those locked positions while still attempting to match the risk profile of your Target Asset Mix. Depending on the type and amount of investments you have decided to keep, it may not be possible for the complementary portfolio of investment options to provide an asset mix that closely matches the risk profile of your Target Asset Mix. If you choose to continue to hold a significant amount in one or more individual domestic stock securities, Fidelity may not be able to fully offset the risks associated with those positions. As a result, your Complementary Portfolio may contain concentrated positions or may not reflect your desired Target Asset Mix or stock and/or bond style targets. See the Investment Strategy Methodology for more details.

If you told us you want to keep all or some of the existing domestic stocks or funds in your portfolio, you may be exposed to additional risk by having a significant percentage of your savings in an individual security or fund. To help offset this risk, we have factored the volatility characteristics of your holdings into the selection process for the model portfolio of investment options. Therefore, the investments chosen are those that complement the positions you have decided to keep in order to provide a portfolio that most closely matches the risk profile of your Target Asset Mix. Refer to the "Why these funds" link for a more detailed explanation of the selection process. Depending on the type and amount of investments you have decided to keep, it may not be possible for the complementary portfolio of investment options to provide an asset mix that closely matches the risk profile of your Target Asset Mix. If you choose to continue to hold a significant amount in one or more individual domestic stock securities, Fidelity may not be able to fully offset the risks associated with those positions. As a result, your complementary portfolio may contain concentrated positions or may not reflect your desired Target Asset Mix or stock and/or bond style targets. See the Investment Strategy Methodology for more details.

Because we try to offset the risks associated with any retained positions, it is possible that a different set of mutual funds better complement those retained positions than those suggested in the original model portfolio of mutual funds.

The universe of investment holdings eligible to be locked is limited to 1) a universe of diversified domestic stock mutual funds (based on a list of qualifying Morningstar categories defined by Fidelity, 2) diversified domestic stock custom funds (separate accounts, collective investment trusts, etc.) as characterized by Fidelity, and 3) a limited universe of individual common stocks trading on domestic exchanges. Other types of investments, such as fixed income or international investments, are not eligible at this time.

Depending on the type and amount of investments you have decided to keep, it may not be possible for the complementary portfolio of mutual funds to provide an asset mix that closely matches the risk profile of your Target Asset Mix. If you choose to continue to hold a significant amount in one or more individual domestic stock securities, Fidelity may not be able to fully offset the risks associated with those positions. As a result, your complementary portfolio may contain concentrated positions or may not reflect your desired Target Asset Mix or stock and/or bond style targets. See the Methodology for more details.

The responses you provide to certain Financial Profile questions have a direct impact on the guidance we provide. Fidelity uses this information to help determine which Target Asset Mix or mixes may be appropriate for your situation and applies this to the tool's results. Although model investments which may be shown in the tool include those that we believe to be generally suitable for individual investors, you may choose to retain investments or model your own investments. For customers with workplace savings plans recordkept by Fidelity, the model investments available for consideration are limited to those available within your plan. In addition, model portfolios may not be available for every workplace savings plan.

Fidelity is not responsible for evaluating the suitability of retained investments or any other investment changes you choose to model in our tools. You are responsible for making your own investment decisions. Accordingly, we hope the information and education available through the tool will help you to decide if you wish to select, modify, or reject any of the tool's results. All investments have risk, including risk of loss. You should take the time to research your investment choices carefully, including reading the prospectus and other information made available by the issuer.

The tool's diagnosis will display a yellow or red icon when more than 5% of the assets assigned to an objective are concentrated in a single stock or fixed income issuer or a small number of individual stocks or bonds from a single issuer comprise a notable percent of your holdings. Any security representing concentrated positions in the assets assigned to your objective are listed for your convenience. To learn more about the various thresholds at which the icons display, see Interpreting Your Analysis.

At Fidelity, we believe it is important to diversify—or spread out—your assets among various investment holdings, including asset classes and issuers. Otherwise you run the risk of "concentrating" your portfolio in just a few of your holdings; that is, investing a material percentage of your portfolio in a single security or small number of securities. Holding concentrated stock or fixed income positions may significantly affect the overall risk in your portfolio by tying it too closely to the performance of those positions. A concentrated position in any one security or issuer in your portfolio can also significantly impact your portfolio’s diversification.

In evaluating concentration, the tool only considers individual common stock and fixed income positions within the accounts applied to your goal. The tool does not alert you to overlapping stock positions you may hold in different mutual funds or pooled investment options, so it's important to be aware of any overlapping holdings among mutual funds you own.

The horizontal axis on this chart shows Valuation, which measures the price of the stock against the value of the company and the value other investors have placed on the company’s future earnings. Valuation is determined by adding the stock's price-to-earnings ratio (the stock price divided by the issuer's earnings per share or "P/E Ratio") and the stock's price-to-book ratio (stock price divided by the issuer's book value, which refers to the company's assets minus its liabilities or "P/B Ratio"). The value-growth orientation of a stock that is derived is relative to its peer group, which is the capitalization group within the issuer’s country of origin.

Value stocks are stocks that are priced lower in relation to the company’s earnings potential. These stocks often trade at below-average P/E Ratios. In general, stocks are considered "value" stocks when their potential growth has yet to be recognized by the market (P/E Ratio plus P/B Ratio is less than 1.75).

Blend stocks have valuations close to that of stocks that are of similar size (P/E Ratio plus P/B Ratio is less than or equal to 2.25, but greater than or equal to 1.75). Blend stocks have a combination of growth and value characteristics; when the stock’s growth and value characteristics are similar in strength, it is considered to be a "blend" style.

Growth stocks are those of companies whose earnings per share are expected to grow significantly faster than the market. These stocks tend to trade at higher-than-average P/E Ratios, because investors are willing to pay more for these stocks in the belief that company earnings will grow faster than the market average (P/E Ratio plus P/B Ratio is greater than 2.25).

The vertical axis shows Market Capitalization (Market Cap), which is calculated by multiplying the number of company shares outstanding by its average stock price.

Large Cap stocks are stocks that, when ranked largest to smallest by market cap, generally represent the top 70% of the broader equity market’s capitalization.

Mid Cap stocks generally represent the next 20% of the broader equity market’s capitalization.

Small Cap stocks generally represent the balance of the broader equity market’s capitalization.

This chart further classifies your stock investments into 12 major industry sectors as defined by Morningstar: Basic Materials, Consumer Cyclical, Financial Services, Real Estate, Consumer Defensive, Healthcare, Utilities, Communication Services, Energy, Industrials, Technology, and Unknown. The chart compares your current stock investments in different industries against the Dow Jones U.S. Total Stock Market Index, a proxy representation of the broader market. By seeing how your investments in different industries compare against the distribution of capital in the broader market, you can see whether your portfolio is over weighted or under weighted in a particular industry relative to the broader domestic equity market. In general, a well-diversified portfolio tends to mirror the distribution of capital in the broad market.

As with stocks, we believe it's important to diversify across a variety of fixed income investments so that, if certain bonds are performing poorly, others that may be doing better can help balance your overall returns. Despite the generally conservative nature of many fixed income investments, you should be aware that bond funds and individual bonds do carry a variety of risks that investors need to be aware of. Diversification can be a good way to distribute many of the risks inherent in fixed income investing. In the world of fixed income, diversification takes on many forms, including diversification across bond type, bond issuer (such as the federal or a state government, or a corporation), maturity (short-, intermediate-, and long-term bonds), duration, credit quality and yield (high-quality bonds are relatively safer but pay lower rates, while less credit-worthy issuers will pay higher rates for greater risk); and tax treatment (many municipal bonds, for instance, offer investors tax-free income). While bonds offer to repay their principal at maturity, their current market values often fluctuate in response to interest rate changes (interest rate risk). For example, if interest rates rise, bond prices usually decline. If interest rates decline, bond prices usually increase. This risk exists because new bonds are likely to be issued with higher yields as interest rates increase, making the old or outstanding bonds less attractive. Bonds with longer maturities and mortgage-backed bonds may feel the impact of fluctuating interest rates more than other bonds. They also present investors with inflation risk, where the interest earned on a bond might not keep pace with inflation, affecting the purchasing power of the dollars returned when the bond matures. Credit risk is another concern. Bonds carry the risk of default, which means that the issuer is unable to make further income and principal payments. This risk varies by type of bond, such as government bonds or corporate bonds. Many individual bonds are rated by a third-party source such as Moody's or Standard & Poor's to help describe the relative creditworthiness of the issuer. Diversification does not ensure a profit or guarantee against loss. Investing in bonds involves risk, including interest rate risk, inflation risk, credit and default risk, call risk, and liquidity risk.

The horizontal axis on this chart shows Duration, which in general terms, is the number of years required to recover the cost of a bond, considering the present value of all interest and principal payments. Duration is expressed as a number of years from the bond's purchase date. In general, the greater the bond's duration, the more sensitive its market price is likely to be to future interest rate changes.

Bonds classified as Short Duration generally have duration of less than 2.7 years.

Bonds classified as Intermediate Duration generally have duration of greater than 2.7 years and less than 7.1 years.

Bonds classified as long duration generally have duration of greater than 7.1 years.

The vertical axis shows Credit Quality (measure by Investment Grade or Non-Investment Grade) which is determined by independent bond-rating firms (Moody's and Standard & Poor's) and gives an indication of a bond’s relative credit risk potential.

Investment Grade indicates that a municipal or corporate bond has a relatively low risk of default and has a rating of BBB/Baa or higher.

Non-Investment Grade indicates that a municipal or corporate bond has a relatively higher risk of default. Bonds rated BB/Ba or below are considered non-investment grade.

Short Non-Investment Grade describes bonds with maturity dates of 1 to 2 years that have a higher yield potential and a greater risk of default compared to investment grade bonds.

Intermediate Non-Investment Grade describes bonds with maturity dates of 5 to 12 years that have a higher yield potential and a greater risk of default compared to investment grade bonds.

Long Non-Investment Grade describes bonds with maturity dates greater than 12 years with a higher yield potential and a greater risk of default compared to investment grade bonds.

Short Investment Grade describes bonds with maturity dates of 1 to 2 years that have a relatively low risk of default compared to non-investment grade bonds.

Intermediate Investment Grade describes bonds with maturity dates of 5 to 12 years that have a relatively low risk of default compared to non-investment grade bonds.

Long Investment Grade describes bonds with maturity dates greater than 12 years that have a relatively low risk of default compared to non-investment grade bonds.

Our analysis uses the Dow Jones U.S. Total Stock Market Index as a benchmark because a well-diversified portfolio tends to mirror the style of the broad market. The Dow Jones U.S. Total Stock Market 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. No other index comes close to offering its comprehensiveness. The closer your portfolio is to the gray circle on the chart, the closer your portfolio is to the style-weighted-average style of the broader market. It is not possible to invest directly in an index.

Our analysis uses the Barclays U.S. Aggregate Bond Index as a proxy representation for the broader taxable bond market. The 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. The closer your portfolio is to the gray square on the chart, the closer your portfolio is to the style of the broader bond market. In general, a well-diversified portfolio tends to mirror the style of the broad market. It is not possible to invest directly in an index.

Our analysis uses the Barclays Municipal Bond Index as a proxy representation for the broader municipal bond market. The 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. In general, a well-diversified portfolio tends to mirror the style of the broad market. It is not possible to invest directly in an index.

Morningstar classifies funds based on their investment styles as measured by their underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, Morningstar, Inc. estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information. Here's a list of the categories that you may encounter within the Planning & Guidance Center: Domestic Stock Funds – Most domestic equity funds are placed in a category based on the style and size of the stocks they have typically owned. The style and size parameters are based on the divisions used in Morningstar's investment style box: Value, Blend, or Growth style and Small, Medium, or Large market capitalization.

Morningstar's specialty categories include: Specialty-Communications Category, Specialty-Financial Category, Specialty-Health Category, SpecialtyNatural Resources, Specialty-Technology Category, and Specialty-Utilities Category.

Morningstar also has two categories for asset allocation funds, which invest in both stocks and bonds: Conservative Allocation and Moderate Allocation.

International Stock Funds – Morningstar places equity funds with 40% or more of their equity holdings in foreign stocks (on average over three years) in the international equity class. Morningstar's international categories include: Europe Category, Japan Category, Latin America Category, Diversified Pacific Category,

Asia/Pacific ex. Japan Category, Diversified Emerging Markets Category, World Stock Category, and World Allocation and Foreign Stock Category.

Bond Funds – Morningstar places funds with 80% or more of their assets invested in bonds into two main groups: Taxable Bonds and Municipal Bonds

Taxable Bond Categories include: Long-Term Government Category, Intermediate-Term Government Category, Short-Term Government Category, Long-Term Bond Category, Intermediate-Term Bond Category, Short-Term Bond Category, Ultrashort Bond Category, Bank Loan Category, World Bond Category, Emerging-Markets Bond Category, High-Yield Bond Category, Multisector Bond Category.

Municipal Bond Categories include: Municipal National Long-Term Category, Municipal National Intermediate-Term Category, High-Yield Municipal Category, Municipal National Short Category, State-Specific Municipal Funds Category.

Fidelity cannot provide an investment strategy for the following account types:

• Stock Plan Accounts – Fidelity does not provide an investment strategy for Stock Plan Accounts due to the complexity of considerations that must be taken into account when deciding if and when to exercise stock options.
• Self-Directed Brokerage Accounts – If you have a balance in your BrokerageLink account then we are unable to provide an investment strategy for the BrokerageLink account or the corresponding 401(k) account .
• Authorized Access Accounts – Fidelity does not provide an investment strategy for authorized accounts when the authorized account has incomplete financial profile information.
• Health Savings Accounts – Fidelity does not provide an investment strategy for Health Savings Accounts.
• Charitable Gift Accounts – Fidelity does not provide an investment strategy for Charitable Gift Accounts.
• Fidelity Personal Retirement Accounts – Fidelity does not provide an investment strategy for Fidelity Personal Retirement Accounts that incur an annual fee of 0.10%.

1. You selected the target date or target allocation strategy and your workplace savings plan does not offer those investment strategies or there are no target date or target allocation funds in the plan lineup.
2. You selected a model portfolio investment strategy and your workplace savings plan does not offer model portfolios.
3. The account is enrolled in a managed account service

In addition, the managed account strategy may not be available for your account if:

1. You have a savings goal with a time horizon of less than 2 years
2. If you have a non-workplace account with less than $10 to invest

If you'd like to replace any of the taxable bond funds in your hypothetical portfolio, you may use the Edit function and substitute another choice. Note that making changes to any model portfolio may change the character of that portfolio and it may no longer align with your selected Target Asset Mix.

Because of their tax-advantaged status, municipal bond funds are generally not appropriate for tax-deferred or tax-free accounts. When considering investment choices for a taxable account, generally speaking, the higher your tax bracket, the more beneficial municipal bond funds may be for you, due to their generally tax-free status. Yields on municipal bond funds are often lower than their taxable counterparts, which are quoted before taxes. To compare the two, we use the Taxable Equivalent Yield (TEY), which calculates what a taxable bond fund would need to yield before taxes to compare to a municipal bond fund. TEY is calculated by taking the yield of a municipal bond fund and dividing by 1 minus your tax rate. To learn more, use our Tax Equivalent Yield calculatorLog In Required.

As a suggested starting point for either your retirement or non-retirement goals, including savings goals, the Planning & Guidance Center will default to a Target Asset Mix based on the time horizon for your selected goal. This can help you get started as you compare Target Asset Mixes to choose one you feel is right for you.

The measure of time horizon and the available default Target Asset Mixes will vary by goal type. Time horizon for retirement is defined as the difference between Current Year and Retirement Year. Time horizon for non-retirement goals, including savings goals, is defined as the difference between Current Year and Goal Start Year.

Please note that this time horizon-based default Target Asset Mix is just a starting point for you to begin the consideration of the appropriate asset mix. For a more in-depth look at your asset mix – one that will consider your risk tolerance, financial situation, and time horizon – Fidelity suggests completing our Investor Profile Questionnaire (IPQ).

For a retirement goal, the following Target Asset Mixes are shown by default:

• Conservative: If you are already 18 years or more into retirement
• Moderate With Income: If you are 12 to 17 years into retirement
• Moderate: If you are 6 to 11 years into retirement
• Balanced: If you are 0 to 5 years into retirement
• Growth With Income: If you are 1 to 8 years away from your retirement start date
• Growth: If you are 9 to 12 years away from your retirement start date
• Aggressive Growth: If you are 13 years or more away from your retirement start date

For a savings goal, the following Target Asset Mixes are shown by default:

• Short Term: If you are 2 years or less from your goal start date
• Balanced: If you are more than 2 years away from your goal start date