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4 A case for starting now STEVE AND DIANA ARE 25 YEARS OLD AND ARE JUST STARTING OUT IN THEIR CAREERS. Both earn \$24,000 a year. Steve decides to start investing just 5% of his current salary (\$100 a month) on a tax-deferred basis in his retirement plan. Assuming that his plan investments earn 8% a year, compounded monthly, in 40 years he ll have \$349,101 in his account on contributions of only \$48,000 (\$ months 40 years). Diana, on the other hand, chooses to wait until she is 35 to start investing. She, too, decides to contribute \$100 a month to her plan. Again, assuming 8% returns, she will have \$149,036 when she reaches 65 on contributions of \$36,000 (\$ months 30 years). So, for the extra \$12,000 that Steve contributes during his first 10 years in the plan, he s made \$200,065 more than Diana in earnings. And, if he increases his contribution amount over the years, he could earn even more. Figure 2* Growth over time Diana \$149,036 Steve \$349,101 \$400,000 \$300,000 \$200,000 \$100,000 0 Age * This illustration does not take into account taxes due when assets are withdrawn from the tax-deferred account. The hypothetical returns are for illustrative purposes only and are not intended to represent any specific investment offered or made available by Morgan Stanley. Returns on investments are not guaranteed and principal is not insured by the Federal Deposit Insurance Corporation ( FDIC ) or any other federal agency. 4 MORGAN STANLEY

5 COMPARING PRETAX AND AFTER-TAX INVESTING Pam invests \$100 in pretax earnings into her retirement savings plan each month, earning 8% a year compounded annually for 40 years. After 40 years her investment has grown to \$349,101. Andy chooses to invest \$100 each month in a taxable investment, earning 8% a year compounded annually for the same 40-year period. Because Figure 3* \$100 a month at 8% in 28% tax bracket (Andy) \$100 a month at 8% tax-deferred (Pam) After-tax value of lump sum distribution (Pam) \$16,176 \$18, years \$44,913 \$58, years \$95,962 \$149, years his investments are taxable, Andy is required to pay taxes every year on income received by his account. After 40 years, he has just \$186,648. As you can see in Figure 3,* even after Pam is taxed at withdrawal, she still has \$251,353, which is \$64,705 more than Andy. As this scenario suggests, the impact of choosing the pretax strategy versus the after-tax could be considerable over time. \$186,648 \$349, years \$251,353 \$64,705 more than Andy Choosing a pretax investment strategy can make a considerable impact over time. * For the purposes of this scenario, all earnings are taxed at 28%, regardless of the source of the earnings. The hypothetical returns are for illustrative purposes only and are not intended to represent any specific investment offered or made available by Morgan Stanley. Returns on investments are not guaranteed and principal is not insured by the FDIC or any other federal agency. MORGAN STANLEY 5

7 Diversification helps protect your retirement savings from short-term losses WHAT IS DOLLAR-COST AVERAGING? Dollar-cost averaging is the disciplined strategy of investing a fixed amount of money on a regular basis over time. You invest equal dollar amounts in securities such as mutual fund shares regardless of fluctuating price levels. As a result, you buy more shares when the price goes down and fewer shares when the price goes up. This can result in a lower average cost per share compared to the average purchase price over the same period of time. Dollar-cost averaging doesn t assure a profit or protect against a loss when the market declines. Since dollar-cost averaging involves continual investment in securities regardless of fluctuating price levels of such securities, you should consider your financial ability to continue your purchases through periods of low price levels. there is more risk associated with them, especially on a short-term basis. Bonds are loans or debt obligations by a company or government (or governmental agency). They are expected to pay interest to the investor at regular intervals (typically quarterly) in addition to repaying the principal at the date of maturity. Maturity dates can range from one to 40 years. Historically, bonds have been less risky than stocks, but with a lower return on investment. However, bonds tend to be more sensitive to interest rate fluctuations. As rates rise, the value of bonds tends to fall, and vice versa. Stocks and bonds often experience negative returns over short periods of time. But historically, these asset classes have generally produced positive returns over longer time periods. But keep in mind, past performance doesn t guarantee future results. Cash equivalents are short-term debt obligations that can easily be converted to cash. Cash equivalents include US Treasury bills, certificates of deposit and commercial paper. While they have the highest relative degree of safety in terms of risk to capital among the three asset classes, their returns may not keep up with inflation over the long term. Most retirement plans do not provide direct investment into individual stocks, bonds and cash equivalents. Instead, participants can invest in mutual funds, which invest in one or more of the basic asset classes. * Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against loss in a declining market. Stocks, bonds and cash the asset classes THERE ARE THREE GENERAL CATEGORIES OF INVESTMENTS: stocks, bonds and cash equivalents. Understanding these basic asset classes and their differences is key to structuring your retirement plan. Stocks represent a share of ownership in a company. The value of your shares may go up or down over time. Historically, stocks have been the best performing of the asset classes,* although Three general investment categories Stocks represent a share of ownership in a company. Bonds are loans or debt obligations by a company or government (or governmental agency). Cash Equivalents are short-term debt obligations that can easily be converted to cash. MORGAN STANLEY 7

14 Glossary of terms A number of financial and investment terms may be unfamiliar to you. Here is a brief description of some of the most common terms with which you should become familiar. 401(K) PLAN: A retirement savings plan that is sponsored by companies for their employees, which uses the taxdeferred or after-tax contributions and accumulated earnings to determine retirement benefits. It is named after the section of the Internal Revenue Code that created this type of plan. ASSET: Something of value. ASSET ALLOCATION: The strategy of diversifying investments among different asset classes (stocks, bonds and cash equivalents). BONDS: Debt investments with which the investor loans money to an entity (company or government) that borrows the funds for a defined period of time at a specified interest rate. CAPITAL: Wealth in the form of money or property. CAPITAL APPRECIATION: The growth in the value of capital. CASH (CASH EQUIVALENTS): Short-term securities such as US Treasury bills and certificates of deposit. Although cash-equivalent funds are not federally insured or guaranteed, they typically preserve the initial investment. COMPOUNDING: Growth of an investment through earnings on earnings. CORE BONDS: Higher-credit-quality corporate bonds as well as government securities seeking solid income and return potential. With broad exposure to the US bond market, these may also be a strong vehicle for investors seeking diversification to buffer the volatility of more aggressive investments. DIVERSIFICATION: An investment strategy to lower risk by investing in more than one class or type of asset. DIVIDEND: A payment from earnings to shareholders of a corporation or mutual fund. DOLLAR-COST AVERAGING: A method of regular, periodic investing of a set amount in an investment option. DOW JONES INDUSTRIAL AVERAGE: ( DJIA ) An unmanaged index generally representative of the US stock market. EARNINGS: The value of an investment over and above the principal amount invested. Also refers to dividends and interest paid by investment vehicles. GROWTH AND INCOME FUND: A mutual fund that seeks both capital appreciation and income (interest or dividend payments). GROWTH FUND: A mutual fund that has capital appreciation as its primary objective. INCOME FUND: A mutual fund that has income from interest or dividends as its primary objective. INFLATION: An increase in the market price of a good or service. INTERNATIONAL STOCKS: Stocks of companies outside the United States. Investments in foreign securities involve increased risk, such as currency rate fluctuations, foreign taxation and political changes. INVESTMENT GRADE BOND FUNDS: Mutual funds and exchange-traded funds that invest in municipal or corporate bonds that have a relatively low risk of default. Unlike high-yield bonds, investment grade bond credit quality as identified by the credit rating agency is considered high quality and lower risk. LARGE CAP STOCKS: Generally defined as stocks of companies with a market capitalization of \$10 billion or more. These stocks are usually considered to be more stable than stocks of smaller companies. LIQUIDITY: The ease with which something can be bought and sold. MATURITY DATE: The date on which a debtor will pay back the creditor the principal and any remaining interest on a loan, such as a bond. MID CAP STOCKS: Generally defined as stocks of companies with a market capitalization ranging from \$1.5 billion to \$10 billion. These stocks are generally considered to be more volatile than large caps. MONEY MARKET FUND: A mutual fund that invests in cash equivalents. MUTUAL FUNDS: Funds operated by investment companies that raise money from shareholders and invest it in stocks, bonds, options, futures, currencies or money market securities. These funds offer diversification and professional management. All mutual funds are subject to market risk including the possible loss of principal. 14 MORGAN STANLEY

15 NET ASSET VALUE: The price of one share in a mutual fund. PORTFOLIO: The entire group of investments held by a mutual fund or individual investor. PRETAX CONTRIBUTIONS: Money contributed to a retirement plan that has been excluded from income for purposes of calculating current year income taxes. PRINCIPAL: The original amount invested. PROSPECTUS: The legal document that offers for sale shares of a mutual fund or other investment vehicle to the public. It contains important information about the investment being offered, including fees and expenses, along with the investment objectives and risks associated with the investment. S&P 500: The Standard & Poor s 500 Composite Stock Price Index. An index created by Standard & Poor s of 500 of the largest publicly traded companies. SECURITY: An instrument that indicates an ownership or creditorship interest. SHAREHOLDER: An owner (holder) of shares in a mutual fund or stock. Also called stockholder. SMALL CAP STOCKS: Generally defined as stocks of relatively new companies with a market capitalization between \$250 million and \$1.5 billion. These stocks present the possibility of greater capital appreciation but with the potential of greater risk. STABLE VALUE FUND: An investment vehicle offered in a defined contribution plan that offers plan participants intermediate term returns and liquidity (subject to plan rules) with low market value risk. This is typically accomplished through a wrap contract or investment contract that guarantees the payment of planrelated benefits at book value (cost plus accrued interest) which enables the entire investment to be carried at its book value. STOCKS: A type of security that signifies ownership in a corporation and represents a claim on part of the corporation s assets and earnings. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. It is the residual corporate interest that bears the ultimate risks of loss and receives the benefits of success. TAX-DEFERRED: An investment whose earnings are not assessed taxes immediately, but rather at some future time. TREASURY BILL: A negotiable debt obligation issued by the US government and backed by its full faith and credit, having a maturity of one year or less. Exempt from state and local taxes. Also called Bill or T-Bill or US Treasury Bill. TREASURY INFLATION PROTECTED SECURITIES: ( TIPS ) A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation. TIPS are backed by the US government and their par value rises with inflation, as measured by the Consumer Price Index, while their interest rate remains fixed. VOLATILITY: Volatility refers to the amount of change in a security s value. The price of highly volatile securities can change dramatically over a short time period in either direction. Morgan Stanley and you Whatever lifestyle you re looking forward to in retirement, rest assured you ve taken a first step in getting there. Your employer has offered you a top retirement savings program through Morgan Stanley. If you need help with any aspect of your retirement plan, speak to your plan s Morgan Stanley Financial Advisor. We stand by our commitment to provide premium, personalized service as only a world-renowned financial services firm can. MORGAN STANLEY 15

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