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The traditional view was that putting money away in a tax-deferred account was a smart move because you would be in a lower tax bracket when you retired, assuming tax rates stayed roughly the same. That assumption may not be valid in the future, according to many of those who notice the looming Social Security/Medicare crisis and extrapolate what it might take to pay for it. See Burns and Kolitkoff, "The Coming Generational Storm." So it's not as easy a question to answer as it used to be.