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The Rising Financial Power of Women

●Women now control $18.4 trillion in consumer spending1

●Women comprise nearly two-thirds of the U.S. workforce2

●Nearly 40% of working women out-earn their husbands3

1 Source: Ruthie Ackerman, "Women & Investing: Why Many Advisers Are Missing Out," Investment News, Women & Investing Special Report, April 8, 2012.

2 Source: U.S. Census Bureau, 20103 Source: Patricia Sellers, "Why Women Are Out-Earning Men," Fortune, March 16, 2012.

Many women in the

“sandwich generation”

are caught in the

middle caring for

aging parents, children

and other family

members.

Yet Women Also Face Some Unique Challenges

Challenge #1:

Lower Earnings and Retirement Savings

●Women earn 77¢ for every dollar earned by a man4

●Women contribute 30% less to their retirement plans than men5

●Women average $108,000 in retirement savings, compared to $149,000 for men—a difference of $41,0006

STRATEGY #1Maximize your IRAs and 401(k) plans

4 Source: U.S. Census Bureau, 2010.5 Source: Retirement Security: Women Still Face Challenges, U.S. Government Accountability Office (GAO), July 2012.6 Source: Women Lag Men in Retirement Savings, Financial Advisor Magazine, May 14, 2012.

Key Reasons to Increase Your IRA and 401(k) Contributions

1. Tax deferral: Capitalize on the power of time and compounding to build more wealth for retirement

2. Pre-tax contributions: Invest more in your 401(k) and you may take home nearly the same amount of after-tax income

3. Company matches: Your employer may match up to 100% of your 401(k) contribution, increasing the value of your assets without adding to the cost!

Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal penalty may apply to withdrawals prior to age 59½. Please keep in mind that American General Life Insurance Company, SunAmerica and their distributors and representatives may not give tax, accounting or legal advice. Please seek the advice of an independent tax advisor or attorney for more complete information concerning your particular circumstances and any tax statements made in this material.

A Little a Day Can Add Up Over Time

The hypothetical illustration compares the growth of an IRA and a current taxable investment—each with $155 contributed monthly ($1,860 yearly), or about $5 a day, over 25 years at a hypothetical 8% rate of return. Gains in the IRA are taxed at 28% on a lump-sum withdrawal in year 25, while the currently taxable investment is taxed at 28% on an annual basis. Systematic investing does not assure a profit or protect against a loss. This scenario is for illustrative purposes only and does not reflect the actual past or future performance of any particular investment, nor the fees and charges associated with any investment.

Saving an additional $5 a day—the price of one latte—has the potential to add nearly $141,800 to your IRA over 25 years

It Pays to Contribute More

401(k) example – For investors under age 50; married filing jointly (tax filing status)

Mary(4.0% of $155,000 annual salary)

Jane(11.3% of $155,000 annual salary)

Annual contribution $6,200 $17,500

Current taxable income $148,800 $137,500

Marginal income tax bracket 28% 25%

Net after-tax income $107,136 $103,125

Total contributions over 25 years $155,000 $437,500

Balance w/ 8% returns over 25 years $489,517 $1,381,702

Earnings $334,517 $921,702

Note: This hypothetical illustration does not represent the performance of any investment, nor the fees and charges associated with any investment. Numbers are based on 2013 marginal income tax brackets. Contributions are made on a pre-tax basis. Withdrawals are subject to ordinary income tax, and an additional 10% federal tax may apply if withdrawals are made prior to age 59½. Please note that you can withdraw assets from an employer-sponsored plan without paying the additional 10% federal tax, as long as you’ve left the company and the separation occurred on or after age 55.

By maximizing her 401(k) Jane would pay less tax, receive almost the sameamount of annual income and earn $587,185 more over 25 years!

Don’t Leave Money on the Table

Note: Graph assumes a maximum contribution of $17,500 (11.3% of $155,000 salary) and a 100% company match of up to 6% of salary over 25 years with a 8% annual rate of return. This hypothetical illustration does not represent the performance of any investment, nor the fees and charges associated with any investment. Contributions are made on a pre-tax basis. Withdrawals are subject to ordinary income tax, and an additional 10% federal tax may apply if withdrawals are made prior to age 59½. Please note that you can withdraw assets from an employer-sponsored plan without paying the additional 10% federal tax, as long as you’ve left the company and the separation occurred on or after age 55.

Matching vs. Non-Matching Contributions

With matching contributions, Jane would earn an additional $9,300 a year and $734,276 over 25 years—all without putting any more of her own money into the investment!

Without MatchingWith Matching

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0Year 1 Year 25

A $734,276 Savings

Gap!

$2,115,978

$1,381,702

$17,500$26,800

Challenge #2:

Rising Retirement Costs

7 Source: Tips for Investors: IRI Retirement Realities Checklist for Women, IRI, 2012. 8 Source: Susan B. Garland, The Rules of Retirement for Women, Kiplinger, September 5, 2012. Based on a study by the Society of Actuaries.

●Women tend to have higher retirement expenses than men. For example, a woman retiring at age 65 can expect total healthcare expenses to top $417,000 in retirement, compared to $369,000 for men7

●Women also spend nearly 3 times what men spend on long-term care services—$124,000, on average, versus $44,000 for men8

STRATEGY #2Make sure your portfolio has the growth potential

necessary to keep up with rising costs

Review the Role of Equities in Your Investment Portfolio

Source: Ibbotson Associates, 2012. Stocks are represented by the S&P 500 Index; bonds by 20-Year U.S. Government Bonds; cash by 30-day U.S. Treasury Bills; and inflation by the Consumer Price Index. Stocks are often subject to significant price fluctuations and therefore an investor may have a gain or loss in principal when shares are sold. Government bonds and Treasury Bills are subject to interest rate risk but are backed by the full faith and credit of the U.S. government if held to maturity. The data assumes reinvestment of income and does not account for transaction costs. Federal income tax is calculated using the historical marginal and capital gains tax rates for a single taxpayer earning $100,000. No state income taxes are included.

Stocks are among the few investments that offer the growth potential necessary to outpace inflation and taxes

Before inflation and taxes After inflation and taxes

Real rates of return, 1926-20129.8%9.8%

4.7%4.7%5.7%5.7%

3.5%3.5%0.7%

Stocks Bonds Cash-0.7%

Stocks have generated positive returns in every 15-year period since 1926

Think Long-Term

Source: Standard & Poor’s. This table shows the percentage of positive versus negative returns for the S&P 500 Index over 1-, 5-, 10-, and 15-year holding periods from 1926 through 2012. The S&P 500 is an unmanaged index of 500 common stocks, which are representative of the U.S. stock market. The data assumes reinvestment of income and does not account for taxes or transaction costs. Indices are unmanaged. An investment cannot be made directly in an index. Past performance is not a guarantee of future results.

72%72%

28%

86%86%

14%

95%95%

5%

100%100%

1-year period 5-year period 10-year period 15-year period

% of Periods with Gain % of Periods with Loss

9 Source: Census Bureau September 12, 2012. 10 Source: Social Security is Important to Women, Social Security Administration, February 2013.

Challenge #3:

Inadequate Retirement Income

●Over the last decade, the median income of women age 65 or older was approximately 25% lower than those of men. Women working full-time earned a median income of $37,118 in 2011, compared to $48,202 for men9

● In 2011, the average annual Social Security income received by women 65 years and older was $12,188, compared to $15,795 for men.10

STRATEGY #3 Take full advantage of your Social Security benefits

Consider Delaying the Start of Your Social Security Benefits

Maximize potential benefits by waiting until age 70 to begin Social Security

Use personal savings and other sources of income as a bridge to fund retirement in the early years, so you can defer Social Security for as long as possible

Age 62 Age 66 Age 70

$750 $1,000 $1,320

+76%Assumes a monthly benefit of $1,000 at Full Retirement Age of 66

Example: Increase your monthly income by as much as 76%!

Married women can receive the greater of their own benefit or 50% of their husband’s benefit at Full Retirement Age11

Be careful about timing—your spousal benefit may be reduced up to 35% if any benefits are taken prior to your Full Retirement Age

Capitalize on Spousal Opportunities

Your Benefit Your Husband’s Benefit Your Spousal Benefit

$1,000 $2,400 $1,200

+20%Assumes monthly benefits at Full Retirement Age of 66

Example: Capitalize on spousal benefits to enhance your income

11 Spousal benefits may be reduced up to 35% if taken prior to Full Retirement Age. For currently married couples, spousal benefits are only available if the spouse has already elected benefits.

Coordinate Spousal Benefits to Maximize Overall Income

Note: Hypothetical illustration does not reflect any cost of living increases. Assumptions: You and your husband are both age 62 with Full Retirement Age at age 66; your Social Security monthly benefit is $1,000 at Full Retirement Age, while your husband’s benefit at Full Retirement Age is $2,400.

That’s $215,016 more than if you

and your husband had both elected early benefits at

age 62!

• Your husband takes his full delayed benefit ($3,168)

• You elect spousal benefits to generate more income ($950)

• You take your own benefit early ($750)

• Your husband elects spousal benefits and receives half of your benefit ($500)

• You continue your own benefit ($750)

Example: Generate $215,016 more income over 28 years!

Challenge #4:

Longer Life Expectancy

●Women outlive men by an average of 5 years12

●Women are also 4 times more likely to be widowed than men13

STRATEGY #4Guarantee more income for life to help ensure

that your essential and lifestyle expenses are covered throughout retirement

12 Source: U.S. Census Bureau, 2012 Statistical Abstract13 Source: BMO Financial Group, Single in Retirement report, March 2012

Social Security and Pensions May Not Provide Enough Income for Retirement

Supplement the income you receive from Social Security and pensions with additional investments that can guarantee your income for life.

Source: Income of the Aged Chartbook, Social Security Administration, March 2012.

Please note that Social Security benefits may be subject to income tax based on total provisional income received. Income from investments may impact the taxation of Social Security benefits. Consult a qualified tax professional or attorney for more information regarding your particular circumstances.

Sources of Retirement Income

Social Security

andpensions

Earningsfrom work

Assets and otherincome

Income That’s Guaranteed to Be

There For Life

Explore Mutual Fund Strategies for Income & Growth

Consider additional sources of income from both equity and fixed income asset classes:

● One equity option to consider are Dividend-Paying stocks both in the U.S. market and overseas. In addition to the capital appreciation potential of traditional equity investments, these types of stocks

also offer a yield through dividend income which can help enhance total return.

● Among fixed income asset classes, Senior Floating Rate Loans may offer competitive yields and unlike many other fixed income products, can act as a potential hedge to inflation and rising rates.

Note: Investments in stocks involve risk, including the possible loss of principal. Dividend-paying stocks offer current income, along with the potential for capital appreciation. Dividend income may vary depending on market performance, and may be taxed as either ordinary income or capital gains. Non-dividend-paying stocks offer only the potential for capital appreciation. When stocks are sold, investors may pay tax at either the ordinary income tax rate or the long-term capital gains tax rate. Please discuss with your financial advisor the benefits and risks of investing in these securities.

Senior floating rate funds are not money market funds and may not be suitable to all investors. Their NAVs will fluctuate and may lose value. Investment in these loans involves certain risks, including among others: risks of nonpayment of principal and interest; collateral impairment; non-diversification and borrower industry concentration; and lack of full liquidity. High yield debt instruments carry a greater default risk, may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than other debt instruments.

Challenge #5:

More Adversely Affected by Unexpected Events

14 Source: Retirement Security: Women Still Face Challenges, GAO Report, July 2012.

● Life events such as divorce and widowhood have a more pronounced impact on women than men.

● In fact, a woman’s household income fell by 41% after a divorce and 37% after the loss of a spouse, compared to a decline of only 23% and 22% respectively for men14

STRATEGY #5Prepare for the unexpected with adequate insurance,

an emergency cash fund and a plan to maximize divorce and survivor benefits

The Value of a Safety Net

● Life insurance: If you’re married, think about life insurance for BOTH you and your spouse. What protects you from loss will also protect your family if you pass away

● Long-term care: More than 70% of today’s nursing home residents are women.15 With the annual cost of a nursing home at nearly $90,000, you may want to consider adding long-term care protection to your insurance needs16

● Emergency fund: Savings equal to 3 to 6 months of living expenses is critical in dealing with health issues, accidents or other unexpected costs.

15 Source: American Association for Long-Term Care Insurance, 201216 Source: MetLife Mature Market Institute, 2012

Utilize Social Security Divorce and Survivor Benefits

●Divorced spouses can receive spousal benefits if marriage lasted at least 10 years and recipient is currently unmarried17

➔ PLANNING TIP: Consider starting spousal benefits at full retirement age and then switching to your own benefits at age 70 to maximize income.

17 Additional restrictions and limitations may apply. Please see your financial advisor for details.

● Widows can keep their own benefit or switch to the deceased spouse’s benefit if it is higher

➔ PLANNING TIP: Should your survivor benefit be higher, you may want to avoid taking it before your Full Retirement Age, which is age 66-67 for all those born after 1943. Otherwise, your survivor benefit could be reduced by as much as 28.5%

Don’t Overlook Your Husband’s Retirement Plan Benefits

● Planning tip for divorce benefits: If you decide to ask for a share of your husband’s employer-based retirement benefits, be sure to get a court order, generally known as a qualified domestic relations order (QDRO)

➔ QDRO gives legal permission to the plan sponsor to pay you income

● Planning tip for survivor benefits: Discuss how your husband’s pension plan should be distributed before something unexpected occurs

➔ Consider a “joint and survivor benefit” that will continue even after your husband passes away

➔ Be careful about waiving your right to spousal benefits if you’re concerned about not having income after your

husband’s death

Summary:

5 Strategies to Secure Your Financial Future

Mutual funds are subject to risk including stock market and interest rate risk. Certain funds are subject to additional and heightened risk as detailed in the fund’s prospectus including risks associated with specific asset classes, concentration of portfolio holdings, investments in international companies, commodities, futures, currencies and/or the use of hedge fund strategies. Asset allocation does not guarantee a profit, nor protect against loss.

Investors should carefully consider a Fund’s investment objectives, risks, charges and expenses before investing. The prospectus, containing this and other important information, can be obtained from the SunAmerica Sales Desk at 800-858-8850, ext. 6003, or at www.safunds.com. Read the prospectus carefully before investing.

Distributed by SunAmerica Capital Services, Inc.Harborside Financial Center, Plaza 5, Jersey City, NJ 07311.

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Thank You for Your Time!