Assuming Growth(x) is the same, P being the saving over the years. Assuming tax rate is the same 24%
1. 401K at retirement = (P+Growth(P)) => after tax => (P+Growth(P))*76%
2. After tax investment at reitrement = (P*76%) + Growth(P*76%) = (P+Growth(P))*76%
1 and 2 are the same. The only difference is that in (2), you have to pay CGT, while 1 is already after tax.
So assuming Growth(x) function being the same, 401K wins.
