Abstract
This article introduces one key concept from the author's most recent book and explores some of its applications. The concept is that a dollar in a tax-deferred account, such as a 401(k), should be viewed as (1 - tn ) dollar in a tax-exempt account, such as a Roth IRA, where tn is the expected tax rate in retirement. This concept has several implications for private wealth management. This article discusses some of these implications and their applications.
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