The near-universal popularity of tax-deferred retirement plans (free growth for retail investors, less churn for corporations, offloading of social safety net risks for governments) make me suspicious of them the same way I’m suspicious of mortgage interest deductions.
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"401K’s, IRA’s, 529′s, HSA’s, FSA’s and all the other mutant children of a broken tax code...full of big, hidden fees. They’re essentially a wealth transfer from workers to financial services companies."
- How Taxes Steal Dreams ideafaktory.com/taxes-steal-dr
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Depends how do you define "loses"... These plans practically built the retail industry. Huge fees generated annually.
Losers are bespoke investment managers, overpaid traders/analysts & active-managers.
Winners are fund companies/roboadvisors/consumer platforms.

