I keep thinking I know what i'm doing but that is not always the case, I keep learning something new every day. So I'm here to ask my fellow mustachians to verify my where I should be putting my savings in order of priority to minimize my taxable income and defer taxable gains.
Specific situation is I work and my wife does not, I participate in a 401k plan at my job. We file married joint. So here is where i have been putting my savings in order of priority.
1. Max out 401k plan at my job
2. Max out HSA account my job
3. Contribute to traditional IRA for wife, i fall under the MAGI limit of 178k to qualify for full deduction*
4. Contribute to my Roth IRA, no deduction but grows tax free, I do not quality for deductions as our MAGI is above 115k limit*
5. Taxable accounts
I have kids but have decided to not to save up for their college for the time being.
Does the order seem right? Is there anything else I should be putting my savings into to minimize my taxable income and defer investment gains?
* Ref
http://www.irs.gov/publications/p590/ch01.html#en_US_2013_publink1000230467