it's not exactly "tax deferred", but putting some of the money into an index fund and just leaving it alone comes pretty close. Since the turnover is so low, you'll only have to pay taxes on the dividends (probably no more than 2% of the value a year) and some small amount of distributed capital gains. Meanwhile, you should be able to hope for (not "expect") capital gains in the account which will not be taxed until the shares are sold. SPY (S&P 500 depository receipts) are similar, but you'll get no capital gain distributions. You'll only pay taxes on dividends and gains you make when you sell it. (And that should be at the long term rate anyway.)This is an easy way to reduce your tax bite. Of course, you could also buy and hold individual stocks, and do better or worse than S&P 500 too.
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