My wife is currently looking for a tenure-track college Professor position. My question relates to putting money away for her retirement when she gets said tenure-track position. I somehow think I recall hearing something on the radio once about there being a special provision for persons who had gone to graduate school and then continued on professionally in academia - that she can put money into her retirement savings tax-exempt retroactive to when she began graduate school. The way I understand the scenario goes like this: my wife started graduate school in 1990 and finished in 1996, gaining her Ph.D. If she were to have started a position right after that, she would start to save, say, the max amount that is allowed. In addition to that, goes the scenario, is that she could put in the max amount per year she was in grad school, tax-free as if she had put it in WHILE she was in grad school. Is this making sense? Is any form of this scenario true? If so, how long would she have to make said contributions to make up for those years that she was unable to put money into her retirement savings tool? What the heck is this called?
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