I exceed income limits for traditional IRA deduction but thought I’d open one to take advantage of long-term tax-deferred growth. However, a friend recommends investing in low-cost index funds in a taxable account, as capital gains taxes (currently) are only 15% and that withdrawls from an IRA later on will likely be at a greater rate than this (depending on my future tax bracket). Does this make sense? Is there something he’s not factoring in?

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