This document discusses tax deferral in qualified retirement plans and how future taxes on withdrawals can pose risks. It tells the story of Damocles, who realized the dangers of a king's lavish lifestyle when he saw a sword hanging above the throne. Similarly, retirement plan participants enjoyed tax breaks on contributions but face uncertain future tax burdens. Higher taxes or rates in retirement could mean participants pay more than the value of earlier deductions. The document examines options like Roth accounts that avoid this "sword of Damocles."