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This course is an introduction to the stock market and stock investing for novices and experienced investors alike. Professor DeGennaro uses simple analogies to explain the origin of stocks and other securities, as well as their relative risks. He stresses the danger of trying to beat the market by trying to pick winners, predict price trends, or otherwise find opportunities that other investors have missed. Far better, he counsels, to own a well-diversified portfolio of individual stocks or stock funds, which tend to grow as the economy grows. He offers detailed guidance on how to pursue this course. Among the topics covered in these 18 lectures are how to open a brokerage account and choose a financial advisor; the essentials of mutual funds, including index funds, and exchange traded funds (ETFs); how to trade individual stocks, including how to use options; the relative advantages of traditional IRAs, Roth IRAs, and 401(k) plans; how to minimize transaction costs and use tax laws for your benefit; the dangers of frequent trading; and the basics of corporate balance sheets, income statements, and cash flow statements. For anyone who owns stocks or is thinking of entering the market, this course provides indispensable advice. If you entrust the management of your assets to a financial advisor, this course will give you the background you need to communicate more knowledgeably with him or her and be an informed participant in your own financial well-being.
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LearningTranscript
00:13In this lecture, we're going to learn about some great tax shelters that will let you
00:18keep more of your earnings on stocks.
00:21First, we'll look at individual retirement accounts, or IRAs for short.
00:26Then we'll turn our attention to 401k plans.
00:31Traditional IRAs have been around since the Employee Retirement Income Security Act, better
00:38known as ERISA, in 1974.
00:41You'll see that these accounts are among the most powerful investing tools at your disposal.
00:46Tax shelters aren't just for the big boys.
00:50According to the Investment Company Institute, an IRA is a trust or custodial account set
00:58up in the United States for the exclusive benefit of an individual or an individual's beneficiaries.
01:05That definition is fine for technically minded folks, but I like to think of an IRA as just
01:11a special label that we stick on investments.
01:14What's special is that the investments with this label, including stocks, get a tax break.
01:21The same goes for a specific type of an IRA, a Roth IRA, or a 401k account for that matter.
01:29You can put your IRA label on most of the stuff you'd typically hold, including stocks, bonds,
01:35bonds, mutual funds, and exchange-traded funds, more commonly known as ETFs.
01:41If you do put those assets in your IRA, then they'll earn the same return they'd earn outside
01:48of the IRA, except for one big difference.
01:53The assets in the IRA, or 401k, have major tax advantages.
02:00Investors around the world have a saying, it's not what you earn that matters.
02:04It's what you keep.
02:06IRAs let you keep lots more of your investment returns.
02:11You just need to take a little time to learn a few details, and then it's simply a matter
02:16of taking action.
02:19We'll learn about two types of IRAs.
02:22First, there's the traditional IRA.
02:25More recently, Senator William Roth of Delaware sponsored legislation establishing what are commonly
02:32called Roth IRAs in 1997.
02:35The main difference is when you get your tax break.
02:39With a traditional IRA, you get your tax break up front.
02:43If you invest $5,000 in a traditional IRA and comply with some IRS rules, you get to deduct
02:51$5,000 from your taxable income.
02:54Instead of reporting taxable income of, say, $50,000, you only report $45,000.
03:02If your marginal tax rate, that's the rate you'd pay on that $5,000, is 25%, which is what
03:09a single taxpayer would have paid on that amount of income in 2013, then you're going to save
03:15yourself $1,250 on your tax bill that year.
03:20The tax break on a Roth IRA is different.
03:23It doesn't come up front in the form of a tax deduction.
03:26Instead, the funds you place in a Roth get taxed, but then, subject to some IRS rules, your earnings
03:34on that investment will be tax-free.
03:38Yes, I said tax-free.
03:42If you invest $5,000 in a Roth and 10 years later your investment is worth $15,000, then
03:49you've just earned $10,000 tax-free.
03:54As much as I love IRAs, there's no free lunch.
03:58Congress authorized IRAs to ease the tax burden on your retirement savings.
04:04You're not supposed to use your IRA to save for a vacation, for example.
04:09Congress imposed penalties for withdrawing funds from your IRA before you're old enough
04:15to satisfy the law.
04:16Also, you can only contribute so much to either a traditional or Roth IRA each year.
04:23We'll get to those details later.
04:27IRAs are a terrific way to improve your investment returns.
04:30Suppose you and your best friend forever, Megan, each decide to allocate $750 a year to your
04:39investments.
04:40Let's say that both of your tax rates are 25% and that you earn 6% before taxes.
04:46The only difference is that you put your $750 into a Roth IRA and Megan puts hers into a
04:53taxable account, like a bank account or a CD.
04:57Every year, for 30 years, you both do exactly the same thing.
05:01Do you both have the same amount of money in 30 years?
05:06The answer is a resounding no.
05:08It's not even close.
05:11Your investment of $750 in your Roth account each year has turned into almost $63,000.
05:18$62,851 to be precise.
05:24Meanwhile, poor Megan's investments of the exact same amounts made at the exact same time at
05:31the exact same assets are worth only $47,814.
05:37That's a difference of over $15,000 or about 25% less.
05:43That's no coincidence.
05:45Remember what your tax rate is?
05:47It's 25%.
05:49That makes sense when you think about it.
05:52Megan is earning 25% less because the government takes 25%, so she's left with about 25% less
06:00when all is said and done.
06:02How much would you have had if you had invested in a traditional IRA, the kind that lets you
06:08deduct your contribution from taxable income on that year's tax return, but then has the
06:13total investment subject to income taxes at withdrawal?
06:17It turns out that it's exactly the same as the Roth IRA.
06:22If the tax rates during the accumulation phase are the same as at withdrawal, then a Roth and
06:29a traditional IRA yield the same amount.
06:32That's because the upfront tax deduction on the traditional IRA offsets the tax exemption
06:39on the Roth's earnings.
06:40The two types of IRA won't deliver the same amount if tax rates on the funds you invest
06:46differ from the ones in effect at withdrawal.
06:49If the tax rates are lower while you're withdrawing, then the traditional IRA will be worth more,
06:56and if the tax rates are lower when you're saving, then the Roth will be worth more.
07:01When comparing a Roth IRA with a traditional IRA, you want to take the tax hit when it will
07:07cost you the least.
07:09Just about anyone can open a traditional IRA.
07:13You just have to have earned income during the tax year of the contribution, and you must
07:19be less than 70 and a half years old by the end of the year.
07:23To the IRS, earned income is stuff like wages, salary, fees, commissions, and for the most part,
07:31self-employment income.
07:33Investment income doesn't count.
07:36You run into some income restrictions that limit the tax advantages of IRAs, though, and we'll talk about those in
07:42a minute.
07:43The eligibility rules are a bit different for a Roth IRA.
07:46The biggest difference is that if you exceed the income limits, then you can't make a contribution directly to a
07:54Roth account at all.
07:55We'll learn a way around that later, though.
07:59Rest assured that when you open your IRA, you won't be alone.
08:04The Investment Company Institute says that at the end of 2010, IRAs held total assets worth $4.7 trillion.
08:15That's just under 10% of U.S. households' total financial assets.
08:21That $4.7 trillion was more than a quarter of all U.S. retirement assets.
08:29Almost 50 million U.S. households owned at least one IRA at the time of the survey.
08:35That was over 41% of U.S. households.
08:38You'll have a lot of company when you open your IRA.
08:42You don't need to have a bunch of money to open an IRA, either.
08:45Lots of those $4.7 trillion worth of accounts are small.
08:49The Investment Company Institute says that accounts held by investors between the ages of 25 and 29
08:56average just over $8,000 at year-end 2007.
09:00That's not an annual contribution, mind you.
09:03That's the total account value.
09:06People between the ages of 70 and 74 hold the biggest IRAs,
09:11but even those average just over $162,000.
09:17Once you've opened your account, you fund it with cash, a check or an electronic transfer, for example.
09:23You can't put stocks directly into your IRA.
09:26Of course, once you've made your contribution, then you can use it to buy other investments, including stocks.
09:33People invest the biggest chunk of IRA assets in equities and equity mutual funds.
09:39For example, traditional IRA investors had 57.8% of their IRA assets invested in individual stocks,
09:48equity mutual funds, and equity exchange-traded funds at the end of 2007.
09:54Mutual funds were managing almost half of all IRA assets at the time, 48%.
10:01Traditional IRAs and Roth IRAs are great investment tools, but you do need to pay attention to a few details.
10:09IRAs, like all tax shelters, have rules you have to follow.
10:14They aren't very hard, but they do change now and again.
10:18They boil down to income restrictions, contribution limits, and withdrawal terms.
10:25For a traditional IRA, the income restrictions are pretty messy.
10:29They depend on whether you're covered by an employee retirement plan, such as a 401 ,
10:34and whether you file as a single or married taxpayer.
10:38What's more, these income limits can and do change almost every year.
10:45For example, if you filed your taxes as married filing jointly in 2006,
10:51then the income limit for deducting your entire contribution was $75,000.
10:57At that point, the deductibility began to phase out until it vanished completely at $85,000.
11:05By 2013, the income limits had increased to $95,000 and $115,000.
11:12If your filing status is single, then those limits tended to be about 30% or 40% lower.
11:21Those income limits apply to what the IRS calls modified adjusted gross income.
11:27Your modified adjusted gross income comes from a line on your tax return.
11:32Essentially, it consists of money you've earned as wages, tips, salaries, bonuses, and the like.
11:39For a Roth in 2011, the income limits were $107,000 for people who filed a single, head of household,
11:48or married filing separately.
11:50Above that, the contribution limits begin to bite.
11:54The IRS reduces the allowable contribution as your income increases,
11:59and above $122,000, direct contributions to a Roth account were forbidden.
12:05For those filing jointly, the limits were about $50,000 higher.
12:10Roth limits can change, too, so be sure you check before you make your contribution.
12:16Contribution limits tend to creep up with time, too.
12:20In 2012, your combined contributions to your traditional and Roth IRAs couldn't exceed $5,000.
12:29By 2013, they were up to $5,500.
12:33There's a catch-up provision, too.
12:36If you're 50 or more, then you can sock away an extra $1,000.
12:42For most people, the tax saving on that kind of investment can be pretty big over time.
12:48Remember the example we did earlier today?
12:51The tax saving on an annual contribution of just $750 was about $15,000 over 30 years.
13:01There are also time limits.
13:03I think of them as windows of opportunity.
13:06People whose tax year matches the calendar year
13:09can make their Roth contributions any time from the beginning of the tax year through April 15th.
13:17Once the deadline for filing your taxes passes, though, you're out of luck.
13:22Even filing for an extension on your taxes won't let you dodge this restriction.
13:28When you withdraw your money from your IRA, you're taking a distribution.
13:34With a traditional IRA, you defer taxes until you withdraw the money.
13:39The rules for distribution depend on your age.
13:42If you're less than 59 and a half years old, then you'll pay the federal and state taxes, of course,
13:48but you'll also pay a 10% penalty.
13:52You can avoid the penalty on early distributions under certain circumstances.
13:57For example, first-time homebuyers are usually okay up to a limit of $10,000, as are certain education expenses.
14:06Disability or death allows you or your heirs to tap the funds without penalty, as do unreimbursed medical expenses.
14:16Withdrawal rules for traditional IRAs get easier after you turn 59 and a half.
14:22You won't pay a penalty when you take a distribution.
14:25You'll pay federal and state taxes if you do, of course.
14:29You only get your tax break on the front end of a traditional IRA.
14:34Qualified distributions from a Roth IRA are simpler.
14:39With a Roth, you want to remember two numbers when it comes time to withdraw your funds.
14:44The first number is five.
14:46That's the number of years it takes to season an account,
14:50making it eligible for favorable distribution rules covering Roths.
14:54That's a powerful incentive to open your Roth soon, even if you just invest $100.
15:00Get a start on that seasoning period as soon as you can.
15:04The second number is 59 and a half.
15:08That's the age when you can begin to withdraw funds from a seasoned Roth with no restrictions.
15:14As with a traditional IRA, other ways to avoid penalties are death, disability, and being a first-time homebuyer.
15:24The exemption for withdrawing funds to buy your first home is another powerful incentive to start your IRA immediately.
15:32Suppose your son Daniel's first real job is herding shopping carts in the parking lot of the local grocery store
15:40at the age of 15.
15:41He might not make much, but for starting an IRA, that's fine.
15:46Have him open an IRA account no matter how small.
15:49He'll have access to the full account value up to the $10,000 lifetime homebuyer limit if he decides to
15:57buy a house.
15:58It probably won't be a large sum if he taps the account soon, but by the time he's, say, 30,
16:04that won't be the case.
16:06You'll get hit with taxes on your earnings and a 10% penalty if you don't meet those withdrawal criteria.
16:13But notice I said earnings.
16:16Yes, you'll get hit pretty hard if you withdraw earnings, but you can remove contributions from your Roth IRA without
16:25penalty.
16:25That's another big loophole in the withdrawal restrictions.
16:31Roth accounts can be great estate planning tools.
16:34If you die before you withdraw all of your Roth funds, then your heirs can withdraw the money over their
16:40expected lifetimes.
16:41They don't have to take it all immediately if they don't want to do that.
16:46Whatever assets your heirs leave in the account continue to grow tax-free.
16:52You can even tap funds temporarily if you have a short-term cash need.
16:56You can withdraw funds from your Roth for any reason and repay those withdrawn funds within 60 days with no
17:04penalty.
17:06Repaying the contribution lets you continue to have a bigger pile of cash working for you tax-free.
17:12You don't need to rebuild your Roth a little at a time over the years.
17:18Before 2010, if you made more than the income limits, then you couldn't deduct your contribution to your traditional IRA
17:25and you couldn't contribute to a Roth at all.
17:28You were just out of luck.
17:31Since 2010, though, you can fund your Roth through the back door in just two steps.
17:37In the first step, you contribute funds to a traditional IRA.
17:43Because of the income limits, you can't deduct your contribution.
17:46But then comes the second step.
17:49You just convert that traditional IRA into a Roth IRA and pay the taxes on the converted value
17:56because, as we saw earlier, Roth IRAs must be funded with after-tax dollars.
18:02Voila!
18:03You made a perfectly legal Roth contribution despite being over the contribution limit.
18:09Your broker or mutual fund company should be able to handle all of this for you with, at most, a
18:15couple of phone calls.
18:17Being able to convert from one type of IRA to another is especially valuable to people whose income fluctuates.
18:25Suppose you're not sure whether you qualify for a fully deductible traditional IRA.
18:31Maybe you want to fund a traditional IRA if you can deduct the contribution, but if not, then you want
18:36to fund a Roth IRA.
18:38What can you do in this case?
18:40The best thing to do is fund one or the other by the initial filing deadline, usually April 15th,
18:48and then revisit your decision no later than the end of the extended deadline, which is usually October 15th.
18:56That's because the IRS lets you recharacterize an IRA contribution.
19:01You can convert a traditional IRA contribution to a Roth contribution, or you can convert your Roth contribution to a
19:09traditional IRA contribution.
19:13You can also convert an existing traditional IRA to a Roth.
19:18You'll incur a tax liability if you do that, though.
19:22Say you have $40,000 in a traditional IRA.
19:25You can convert that to a Roth, but you'll have to add $40,000 to your taxable income that year.
19:33If you're in the 25% marginal tax bracket, then you'll have to come up with $10,000 more in
19:39taxes.
19:41Generally, you don't want to do that.
19:43If you're going to have to reduce your IRA contributions in the year of the conversion to cover that $10
19:50,000,
19:50then it's probably a bad idea to convert in the first place.
19:54Having $30,000 in a Roth is probably not as good as having $40,000 in a traditional IRA.
20:03The best time to convert a traditional IRA into a Roth is if you have a year with unusually low
20:09income.
20:10Maybe you're self-employed and just had a bad year, or took a long vacation that cut into your working
20:15hours.
20:16Maybe you had a baby and decided to work part-time.
20:20That would be a good year to convert your traditional IRA into a Roth because you'll have lower taxable income
20:26and the tax bite will be less.
20:28When your business returns to normal or you return to work full-time, your tax rate will go up again,
20:34but that won't affect your Roth.
20:37You might be wondering which type of IRA is right for you.
20:42Traditional IRAs are still the most common type of IRA.
20:46I think there are two reasons for that.
20:50First, Congress authorized traditional IRAs almost 25 years before it authorized Roths.
20:57That's a big head start.
21:00Second, based on just expected tax rates, most investment advisors recommend the traditional IRA over the Roth, assuming that you
21:09qualify for both.
21:11The idea is that you'll withdraw the funds after you retire when your income is lower.
21:16That should translate into lower tax rates for most people.
21:21That makes sense if, and it's a big if, tax rates stay about the same as they are now.
21:30You can make a good case that's not going to happen.
21:33People look at the growth in U.S. government debt and wonder how the federal government can possibly repay its
21:39obligations.
21:40In 1966, for example, the federal debt was about $320 billion.
21:47Ten years later, it was a little less than double that, or about $600 billion.
21:53Ten more years, and it had more than tripled to almost $2 trillion.
21:59Ten more years, and we're at $5 trillion.
22:04Just from 2009 through 2013, the federal debt increased about 50%, and there's no real sign of the explosion in
22:13federal debt slowing down very much, let alone declining.
22:17Expressed as a percentage of gross domestic product, or GDP, the picture is a little better, but far from reassuring.
22:25Looking at evidence like this, many people believe that taxes are going up, perhaps a lot.
22:32If they're right, then your taxes could be higher at retirement than they are now, even if your income is
22:38lower.
22:41I don't pretend to know what your taxes are going to be when you begin to withdraw funds from your
22:46IRA.
22:47From a tax perspective, it wouldn't hurt to have both types of accounts.
22:51Your Roth IRA will pay off handsomely if tax rates rise because you pay the taxes up front.
22:57Your traditional IRA will pay off if they don't rise because you'll pay the taxes at withdrawal.
23:04You're ultimately going to be guessing on those tax rates.
23:08Good luck!
23:09But don't miss the forest for the trees.
23:13Regardless of what happens to tax rates, either type of account will beat a fully taxable account.
23:19A traditional IRA avoids taxes on the contributions up front.
23:24A Roth avoids them on the earnings down the road.
23:27But you pay the taxes on both with a taxable account.
23:32Even if you picked the wrong type of IRA, you've done yourself a favor by starting one.
23:37You might not be quite as far ahead as you would have been if you made the right choice,
23:42but even the wrong choice puts you ahead of where you'd have been with a taxable account.
23:49By way of comparison, Canadian citizens have access to something quite similar to a Roth IRA.
23:55That's the Tax-Free Savings Account, or TFSA for short.
24:01Contributions to a TFSA don't generate a tax deduction, but earnings are tax-free.
24:07Just like a Roth, Canadians can put stocks and mutual funds in the TFSA.
24:14Annual limits are about the same, too.
24:17The TFSA has one big advantage over the Roth, though.
24:20If you don't fully fund your TFSA in one year, then the unused amount carries forward.
24:26You can make it up the next year.
24:29U.S. citizens can't do that with a Roth.
24:32In the United Kingdom, the closest thing to an IRA is a Self-Invested Personal Pension, or a SIP.
24:41Like an IRA, a SIP is essentially just a label you attach to retirement investments.
24:47U.K. citizens get a tax break on contributions, but lose access to their funds until certain requirements,
24:53mostly related to age, are met.
24:58Many U.S. companies offer their employees 401k retirement plans.
25:04A 401k retirement plan works a lot like a traditional IRA.
25:10Participants' contributions don't count as taxable income in the year received.
25:15Both the investment and the investment earnings get taxed at withdrawal,
25:19but from the time of investment until withdrawal, nothing is taxed.
25:24Just like in an IRA, you milled a much bigger nest egg than you would in a fully taxable account
25:30in almost all cases.
25:34401k plans have been gradually replacing pensions as the primary source of retirement income in the United States for several
25:41years.
25:43401k plans were authorized by Congress in 1991.
25:46Want to guess why we call these plans 401ks?
25:51Yes. Section 401k of the IRS Code contains the language that describes it.
26:00Collectively, 401k accounts are huge.
26:03According to the Investment Company Institute, 401k assets were $1.6 trillion in 2002.
26:12That was about 15% of the U.S. retirement market in 2002.
26:17By September 30, 2012, 401k assets had climbed to about $3.5 trillion, or about 18% of the U
26:28.S. retirement market.
26:30But these are not all huge accounts.
26:34The average account balance was $58,991 by the end of 2011.
26:41Given that IRAs and 401ks are pretty similar, you might expect that the investment allocations for the two are also
26:49pretty similar.
26:50You'd be right.
26:52Stock mutual funds are the most popular choice, with about 40% of 401k investments in that category.
27:00By the time you add stock mutual funds, the equity portion of balance funds, and the employer and company stock,
27:07you'll find that 401k owners had just over 60% of their funds invested in stocks at the end of
27:142011.
27:16It makes more sense to put an investment that gets taxed heavily in your tax shelters.
27:22If you decide that stocks are your choice, then it makes sense to put high-dividend stocks in your IRA
27:28or 401k and keep low-dividend stocks outside.
27:32There's some evidence that high-dividend stocks offer higher expected returns before taxes than low-dividend stocks.
27:40The reason is that dividends get taxed more heavily than capital gains, so high-dividend stocks have to pay more
27:48before taxes to make them fair deals after taxes.
27:51If you decide to put stocks in your tax shelters, then fill your IRA or 401k with your high-dividend
27:59stocks and keep your low-dividend stocks in a regular account.
28:05This runs counter to the advice you'll get from some other sources.
28:09Some people think that because your IRA or 401k investments are long-term, you can afford to put risky stocks,
28:17which tend to be low-dividend stocks, in them,
28:20because the variation of your return evens out over time.
28:24But we learned in Lecture 4 that this argument is simply wrong.
28:28The longer you stay in the market, the more risk you bear, not less.
28:33Remember, the range of potential rates of return narrows over time, yes.
28:39But the range of potential payoffs in dollars doesn't.
28:43The longer you're in the market, the bigger the potential gains and losses in dollar terms.
28:48And you didn't need Lecture 4 to know that you buy things with dollars, not rates of return.
28:56The best thing about 401ks, or at least some 401k plans, is the employer match.
29:04An employer match is just what you think it is.
29:07Your employer matches your contributions.
29:10Not every plan offers an employer match, but it's great for employees of plans that do.
29:16Usually, the company only matches a relatively small amount, maybe 2 or 3% of your salary.
29:22But if you make $100,000 a year, and your company matches 401k contributions at 2%,
29:28then if you deposit, say, $2,000, the company will kick in another $2,000.
29:34Where else are you going to get an immediate 100% return on your investments?
29:40The IRS limits employer matching contributions, usually to around 6% of an employee's salary annually.
29:49You'll also face an annual contribution limit, just like with an IRA.
29:54The employer's contribution doesn't count toward that annual limit.
29:59For example, you can make the maximum 401k contribution of $17,500 in 2013, and if your employer matched the
30:09first 4%,
30:10then that match would be deposited in your 401k account in addition to your contributions.
30:17Not all 401k matches are dollar for dollar.
30:20Lots of matching plans match 50 cents per dollar.
30:23That's still worth grabbing.
30:25Where else will you get an annual return of 50% on your investments with almost no risk?
30:33Most 401k plans don't vest all contributions immediately.
30:38That means that some employers don't allow workers to keep any of the 401k matching funds until they've been with
30:46the company for a set number of years.
30:47For example, about 1 in 10 employers fully vest participants in the plan after 3 years of service.
30:55If workers leave before that, then they don't get to keep any of the match.
31:02You're going to face the same sort of early withdrawal penalties on your 401k as you will on your IRA.
31:09We won't get into that because they're much the same as for your IRA.
31:13Consult a tax expert if you need the details.
31:17Many companies allow employees to buy company stock for their 401k plans at a discount.
31:24That sounds deliciously tempting, doesn't it?
31:28Who wouldn't want to buy, say, $1,000 worth of stock for $800?
31:33I certainly would, subject to an important caveat.
31:38I don't want to hold too much of any one stock, especially my employer's stock.
31:44I want to stay diversified.
31:47That counts double for the stock of the company that pays me,
31:50because I don't want my job and my investments to collapse at the same time.
31:55The best strategy is probably to buy as much of the discounted stock as you can,
32:00but sell most of it as soon as you can.
32:04Reinvest the proceeds in some other asset so that you don't have all of your eggs in one basket.
32:12All investment vehicles are subject to the rules laid down by the government and agencies, like the IRS.
32:20Unfortunately, the government can change these rules whenever it wants.
32:24That means that if you like the sound of these investment vehicles, then you're not quite home free.
32:31You'll need to check to make sure that the rules in force at that time still work to your advantage.
32:37Of course, that's true for any investment.
32:40We can't avoid this risk.
32:42It's just the way life, and the government, work.
32:46In our next lecture, we'll be studying initial public offerings of stock, or IPOs for short.
32:52If you want the executive summary, it's simply this.
32:56All bets are off.
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