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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Would low-cost index fund passive investing beat active investing so handily if it weren’t for central inertial mass of passivity created by retirement accounts? Are you actually investing in broad confidence in a nation, or in the time arbitrage of its tax laws?
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The leap from basic portfolio theory advantage of bundles of assets over individual assets isn’t sufficient justification for tax-deferred accounts I think. Maybe index funds don’t index to the economy at any given time, but its natural frequency in the frequency domain.
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I think a lot of mainstream horizon based financial planning is focused on allocation % among classes/styles, vs identifying long lived assets to invest in
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