Just over 3 months until April 15th
There is a third type of IRA that I didn't include in the post because it is aimed at couples who would not yet have children. If you do have a child under 18, you can set up an Education IRA AKA Coverdell Education Savings Account - ESA accounts for them. Those are limited to $2000 a year per child and are not tax deductible. But the earnings can grow tax free if the money is only taken out for qualifying expenses. These types of plans are very flexible. The money could possibly be tapped even for high school yeshiva tuition. It may depend on the school. The money is also allowed to be used for education related expenses such as computers and books.