A traditional or Roth IRA might serve you well. If you make 210k gross in 2008, I am guessing Roth eligibility is out, and deductability of an IRA is also out. I would still contribute the 10k yearly max to a traditional non deductable IRA for 2008. More on this later.
At 150k, you will be in middle of 25% tax bracket based on income in 2009. Depending on your tax deductions (mortgage interest, additional dependant), you may or may not lower yourself into the 15% tax bracket. You are paying 25% tax on these contributions.
If in 15% tax bracket, then contribute to a Roth IRA.- You are paying 15% tax on these contributions.
If in 25% tax bracket contribute max to a deductable IRA (in hopes of getting tax deductions into 15% tax bracket). You are paying no taxes on these contributions.
If you squeeze yourself into 15% tax bracket, take some of the 2008 Traditional IRA and convert it to a Roth. You will be paying 15% tax on any gains since 2008.
There is a 15% tax bracket cap of 66100 for married couples. My wife and I gross ~110k and we were able to squeeze taxable income to 62k because of mortgage interest in 2007. Simple tax planning like this is saving you 10% on your taxes. It takes a good tax accountant to lower 150k of gross income to 66100 of taxable income, but it is possible. I use turbo tax and that helps with all of above numbers and calculations.
10k into traditional IRA in 2008 plus 10k into a Roth or deductable IRA in 2009 will be a portfolio of 20k. At that level, I would look for 2-5 funds which create a solid long term retirement plan.
I would then also look at 401k as a way to
a) reduce taxes paid
b) build on solid retirement plan mentioned already.
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