Originally Posted by Gunfighter

You can't do the math differently in retirement. The last dollar in from MBCBP that saved 33.85% is also the last dollar out being taxed at 32% in retirement. The only savings in your example is 1.85% of ALPA dues.
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Without MBCBP, the 11,200 after taxes and dues is reduced to $7,400. Invested in a tax efficient equity like VOO it will outperform the MBCBP considerably. When withdrawn you pay no tax on the 7,400 invested and only 20% LTCG on the gains. Someone who cares about the math can calculate the years and returns required to compare the two. I've done this several times in years past, but am not at my PC to share the spreadsheets.