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Thanks Greg. My spouse contributes to her employer sponsered retirement plan and we buy health insurance through her employer. I guess that eliminates her IRA option.

I will do some research into the annuities you mentioned.

We are just about to start a college fund for our infant. Besides my IRA contribution, that seems to be the only option left to defer taxes. I was just looking at the 1040 form to see where the college fund contribution gets reported and deducted; but did not find it. I wonder how that works.

I didn't even think about all these issues when I accepted my new job, which just shows my financial illiteracy. I guess I have a lesson to learn here.
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