I think most of us have read tonights rehash of the 401k plan in the Rulemaker report tonight. I read in one of those investing rags recently that it would be better if you are within five years of retirement to put the money into a taxable account because the advantages of a lower capaital gains tax rate in the taxable account begin to out weigh the ordinary income tax rate of the 401k even with the deferal. This may not apply if you don't need to take out the money right away at retirement. My 401k is invested in an S&P 500 index fund.