Monthly returns based on investment in S&P 500 or 6-month Treasury bills. Index performance is provided as a benchmark and is not illustrative of any particular investment. An investment cannot be made in an index. Past performance is not indicative of future results.

The time period covered for this analysis is from November 1, 1929 to November 30, 1949.

The Standard & Poor’s 500 Composite Index (S&P 500) consists of 500 domestic stocks chosen by Standard & Poor’s for market cap size, liquidity, financial viability, and industry group representation. Although the S&P 500 focuses on the large cap segment of the market, with approximately 75% coverage of US equities, it is also a proxy for the total market. This large capitalization index is float-adjusted and market capitalization weighted, with each stock’s weight in the index proportionate to its market value. The companies selected for the index are intended to represent the 500 leading companies in leading industries of the US economy.

Treasury bills are government debt issued by the United States Department of the Treasury through the Bureau of the Public Debt. Treasury bills are debt financing instruments of the United States Federal government. Treasury bills mature in one year or less and do not pay interest prior to maturity.

Source: Morningstar Ibbotson, Wellington Management Company, LLP.

Wellington Management Company, LLP is an independent and unaffiliated investment sub-advisor to the MassMutual Financial Group.

Systematic investing does not assure a profit or protect against loss in a declining market, and involves continuous investment in securities regardless of fluctuating prices. An investor should consider his/her ability to continue investing through periods of low price levels.

In the above chart, we look back at another era of extreme volatility: the two decades following the market crash of 1929. The 1930s witnessed six years where the S&P 500 either rose or fell by 30% or more. During this tumultuous period, investors who continued to systematically invest (invest the same amount every month), whether in a conservative Treasury bill investment or in an all-stock investment, boosted their savings compared to those who stopped saving altogether. It took years to accomplish, but those who maintained a diversified equity investment were ultimately rewarded.

Past performance is no indication of future results and you should consider your individual situation, including the time you have until retirement, other investments you own, and your appetite for equity market risk.