I'm active duty military and make around 64K a year. My current taxable income is 34K. Simple math leaves me with 30K tax free money each year. If I deploy then the whole year will be tax free. I currently have a money market account that I put money into each month and have 2K my wife lets me play the stock market with. I don't have a clue about what I'm doing in the market but I figured there is only one way to learn and that is to research and play. The military offers an investment plan that makes all wages invested tax defered. They don't match any money deposited so I don't put any money in since my tax bracket is so low and I get so much tax free money anyway. My thinking is it will cost me more than 34K to live when I turn 59 1/2 which is the age I don't get hit with penalties to withdraw. My question is, what is the best way to invest this money? Stocks, Bonds, Mutual Funds?? I'm new to this and haven't been able to find any information that deals with tax free income investing. I don't even know if there is such a thing but figured I'd ask. Hope I didn't just make a Fool out of myself.
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