An increase in retirement-savings vehicles for taxpayers invites a discussion of not which asset classes should be owned and in what amounts but where those asset classes should be held, Michael Kitces writes. Studies indicate that good asset location can average about 20 basis points of "free" return and as much as 52 basis points for retirees. "[T]he benefits of asset location are becoming so recognized that a new array of low-cost variable annuities are coming to the marketplace to serve as an asset location vehicle by allowing clients to 'buy' tax deferral buckets for a reasonable price," Kitces writes.