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Another option for the OP may also be non-deductible contributions to a traditional IRA. If no other money is in traditional IRAs they can make a conversion to Roth and deal with documenting it at tax time one year at a time.

I recommend against this. But in any case the OP should look carefully at the tax scenarios now, at 59.5 and at 70.5. If you plan well for retirement and have been highly compensated, a taxable account may provide for more control on paying taxes and may allow for the lower capital gains vs income tax. Also, there's the inheritance piece.

It's kind of like the convert to Roth rush - YMMV and it's worth looking carefully. Rules of thumb may not apply to your thumb.
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