<p>I am not sure how much OP wants to put into education, but the limits for IRA are $5000 plus catch up so it will be $6000 per person. So you could put in $12000 a year total for both of you. On the other hand you can contribute $26,000 (total for both of you ) into a 529 before gift tax comes into play.</p>
<p>So it also depends upon the amount.</p>