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Assuming you have no outstanding credit beyond a very low mortgage interest, I would buy Ibonds. The rate combined with the tax advantage is very good. 10K each for you and your wife in Dec and 15K each in Jan/next year. That is $50K. Put $20K in a 1-year CDs (2 10Ks) or money market account at the best rate you can find. Cash out the CDs in a year and put the money into Ibonds unless the market has recovered, or you find a better opportunity. Use the remaining $5K as a cushion (savings account).
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