Hello, seeking some clarification on the discussion regarding asset location. I follow that it is more tax efficient to have equities in after-tax accounts and have bonds or other interest-earning investments in tax-advantaged accounts. Does this only matter when in drawing from all account types (after-tax and tax-advantaged accounts)? It definitely makes sense for the 60 year old person who withdraws from every type of account as desired. But what about a 40 year old FIRE'd person who doesn't plan to tap the pre-tax accounts for 20 years (presuming enough in other accounts to bridge the gap)?
My general thought is that money earmarked for not being touched for 20 years is better off in equities and seeking more growth than some bond mixture. If only after-tax accounts are earmarked for those 20 years, then "asset location" is not important for a good duration of time (e.g., 15 years) and the focus would be on "asset allocation" for the after-tax account portion.
