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A Roth is the way I would go. You have until 4/15 to set up an account for 2013, and can contribute for 2014 as well as long as your 2014 income won't be too high. After 50 you can contribute up to $6,500 per year, and your wife can also open a spousal Roth IRA. If she is not yet 50 then her contribution would be $5,500 per year.

If you are not sure your 2014 income will be under the limits, then you can either wait until 2015 to make the contribution for 2014, or recharacterize the funds to a TIRA if you go over. We have no desire to put more in our TIRA so we are waiting until we are sure about income. For us the uncertainty is the year end bonus.

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