This document contains confidential information for use by TD Ameritrade Holding Corporation and its subsidiaries.

September 2018

Perceptions, aspirations, and retirement

1

Redefining Aging

10/5/2018

Table of contents

1. Methodology……………………………….. 3

2. Perceptions of Aging….….……….……… 4

3. Aging Aspirations…….………….……….. 10

4. Retirement………………………………….. 18

5. Appendix....…………………………..…….. 24

2

About TD Ameritrade Holding Corporation

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This document contains confidential information for use by TD Ameritrade Holding Corporation and its subsidiaries. 3

Methodology This survey was conducted online within the United States by The Harris Poll on behalf of TD Ameritrade from July 17th – July 21st, 2018, among 2,002 U.S. adults aged 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. The Harris Poll is separate from and not affiliated with TD Ameritrade, which is not responsible for their services or policies.

This document contains confidential information for use by TD Ameritrade Holding Corporation and its subsidiaries. 10/5/2018 4

Perceptions of aging are shifting…

Expectations for longevity reached new heights

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002 5

PERCEPTIONS OF AGING

As people age, they expect to live longer. On average, Americans expect to live to age 84.

0%

20%

40%

60%

80%

100%

30 40 50 60 70 80 90 100 110 120

% Who Expect To Live To Age…

Millennial GenX Boomer Greatest

65.8% Growth rate of centenarians from 1980 to 2010 (US Census Bureau)

The timeline for getting “old” may be lengthening

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002\ 1 = https://well.blogs.nytimes.com/2009/06/30/how-old-is-old-age/

6

PERCEPTIONS OF AGING

The average age Americans classify someone as “old” is 74 years, up from 68 in 20091

55

At What Age Do You Consider A Person “Old”?

85 60 65 70 75 80 67 72 79 82

MILLENNIALS GEN X BOOMER GREATEST

The majority also link getting older with esteemed attributes like “wisdom” and “experience”

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002 7

PERCEPTIONS OF AGING

62%

43%

41%

26%

20%

18%

17%

Wisdom

Experience

Forgetfulness

Ill health

Confidence

Freedom

Becoming a burden

Becoming out of touch

% Associate with Aging

Among millennials, these numbers rise to 69% and 65%, respectively.

Positive Association

Negative Association

say they sometimes face prejudice because of their age – and this is consistent across generations (36%, Top 2 box)

1 IN 3 AMERICANS

65%

Boomers lead on top traits of trustworthiness and independence, though they dip slightly on confidence, falling on par with millennials

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002 8

PERCEPTIONS OF AGING

As I Get Older I Feel

59%

46%

39%

24% 21%

55%

43%

34% 31%

28%

69%

51%

34%

25%

38%

70%

46%

30% 32%

44%

Trustworthy Independent Educated Confident Traditional

Millennial GenX Boomer Greatest

Demographic Breakdown (Top 5 Values)

Millennials in particular believe they are getting better with age

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002 9

PERCEPTIONS OF AGING

30% of millennials say they are “excited to grow older,” compared to 23% overall

As I Get Older I Feel…

46%

52% 54%

42% 45% 46%

41% 40%

35% 36%

48%

39% 36%

33%

26%

52%

34%

45%

40%

22%

More comfortable in my own skin More in control of my life More focused on substantiverelationships than surface-level

ones

More in control of my finances That the best is yet to come

Millennial GenX Boomer Greatest

This document contains confidential information for use by TD Ameritrade Holding Corporation and its subsidiaries. 10/5/2018 10

Aspirations for aging are on the rise

The “Golden Years of Opportunity”

11

AGING ASPIRATIONS

An opportunity to reach new goals (Top 2 box)

81% Time to pursue my passions that did not fit into my life before (Top 2 box)

76% An opportunity to focus on myself, after years of focusing on others (Top 2 box)

69%

Survey respondents say aging provides…

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

Outside of time with friends and family, core priorities include: focusing on health/wellness, seeking out new experiences, and increasing leisure

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002 12

AGING ASPIRATIONS

62%

51%

51%

29%

20%

19%

17%

10%

7%

Spend time with friends and family

Focus on my health and wellness

Seek out new experiences

Increase leisure time

Create a legacy for my children and grandchildren

Give back to the community

Maintain a healthy sex life

Work a part-time job

Start a business

Priorities When Aging

Travel abroad (57%)

Take up a new hobby (52%)

Track health using a wearable (28%)

Join new social circles (24%)

Live abroad (12%)

Participate in extreme sports (3%)

Plan to Do As They Age

Retirees and non-retirees have different plans on how to spend their time

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); Not retired n = 1504; Retired n = 399 13

AGING ASPIRATIONS

46%

66%

Not Retired Retired

FOCUS ON MY HEALTH AND WELLNESS

54% 42%

Not Retired Retired

SEEK OUT NEW EXPERIENCES

33% 18%

Not Retired Retired

INCREASE LEISURE TIME

63% 58%

Not Retired Retired

SPEND TIME WITH FRIENDS AND FAMILY

19% 16%

Not Retired Retired

GIVE BACK TO THE COMMUNITY

Those who are retired are more likely to focus on health and wellness

The focus on health and wellness extends beyond just the physical, to focus more on emotional and mental health

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002 14

AGING ASPIRATIONS – HEALTH & WELLNESS

32%

27%

21%

18%

Health Priority As You Age

Living a balanced lifestyle

Being happy and cheerful

Being alert and bright-minded

Being physically fit

In fact, declining health is the top fear Americans face about getting older

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002 15

AGING ASPIRATIONS – HEALTH & WELLNESS

58% 58% 46% 43%

LOSING MENTAL FUNCTION LOSING PHYSICAL FUNCTION LOSING LOVED ONES HEALTH CARE COSTS

35% 26% 20% 15%

UNABLE TO MEET FINANCIAL NEEDS DYING BEING ISOLATED LOSING LOOKS

What Worries People About Aging

Americans worry more about the health care costs and finances than death

This document contains confidential information for use by TD Ameritrade Holding Corporation and its subsidiaries. 10/5/2018 16

Yet despite increasing optimism about aging, retirement is still

an intimidating topic

Almost a quarter of all respondents are retired – and they love it

17

RETIREMENT & FINANCIAL IMPLICATIONS

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

87%

46%

8%

1%

24%

Greatest

Boomers

Gen X

Millennials

Average

% of Generation That’s Retired

Survey respondents say retirement is – or will be – the most liberating phase of their life (Top 2 box)

72% Retired

61% Pre-Retired

But there’s a disconnect between expected and desired timelines

18

RETIREMENT & FINANCIAL IMPLICATIONS

While 50% of respondents would like to retire by 60, just 33% expect to do so

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

50%

33%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

30 35 40 45 50 55 60 65 70 75 80

Desired vs. Expected Retirement Age

Desired retirement age

Expected retirement age

Age

Cum

ulat

ive

Perc

ent

Expect the retirement age to increase in the next 10 years (Top 2 box)

82%

This gap is largely caused by a need to save more

19

RETIREMENT & FINANCIAL IMPLICATIONS

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

Reasons why respondents will retire later than they’d like

1 2 3

4 5 6

Need to save more (74%)

To qualify for social security (37%)

To qualify for Medicaid (23%)

Afraid of getting bored (20%)

To take care of their kids (16%)

To take care of their parents (7%)

Most aren’t confident that they’re preparing for retirement correctly

20

RETIREMENT & FINANCIAL IMPLICATIONS

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

Do not believe social security will cover their spending (Bottom 2 box)

72% Have/had no idea how much to save for life beyond 65 (Top 2 box)

60% Do not believe they’ll have more than enough to cover their needs (Bottom 2 box)

51%

Most aren’t confident that they’re preparing for retirement correctly

21

RETIREMENT & FINANCIAL IMPLICATIONS

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

68% 53% 30% 18%

REDUCING EXPENSES TO SAVE MORE

CONTRIBUTING MORE TO RETIREMENT

INCREASING INCOME OUTSIDE OF JOB

SHIFTING TO HIGHER RETURN/RISK ASSETS

Including 44% of millennials!

How do you prepare for a longer life span?

This document contains confidential information for use by TD Ameritrade Holding Corporation and its subsidiaries. 10/5/2018 22

APPENDIX

Demographics

23

APPENDIX

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

Generation Age Millennials 18 – 34

Gen X 35 – 52 Boomers 53 – 72 Greatest 73+

As expected, the proportion of respondents retired increases with age

24

APPENDIX

Source: The Harris Poll on behalf of TD Ameritrade (July 2018); n = 2,002

0% 0% 1% 0% 7% 6%

13% 9%

25%

51%

76% 84%

95% 100% 100%

18-20 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71-75 76-80 81-85 86-90

% Retired by Age Group

Gen X

Boomers

Greatest

Millennials