tgordo

Need advice on money plan.

Income
Wife's-$96,100
Mine-$93,000
My Bonus-$12,000
Rental #1-$12,000
Rental #2- $15,600
Military retirement- $48,000
Total: $276,000

DEBTS
Mortgage for Rental #1-$213,000
2nd Mortgage for Rental #1-$65,000
Rental #2 Mortgage-$120,000
Credit Card- $12,000
Car-$16,000

Total: $426,000

SAVINGS
Wife's 401K -$15,500 annually
Me 401K-$15,500 annually
Company Match for wife $5,766
Company Match for me, $5,500

Currently SAVED
$80,000

Medical/Dental- Free from military retirement

Money Goals
1. Pay off credit cards, car, and fund child's remaining college totaling $68,000 in 2009

2. Sell rental #2 at the end of 2009 to family member

3. Pay off second mortgage for rental #1 in 2010

4. Pay-off mortgage for rental #1 in 2014

5. Retire in 10 years (I will be 56, and wife will be 54)

NOTE: We have term life insurance for 30-years
Me-$1M
Wife $750K
Expires 2023

QUESTIONS:
1. What more can we do to lower taxes? Current house we live in is a rental at $27,000 annually
2. Can we contribute $5,500 to an IRA each although we have the 401K plan?
3. Is our money plan a good one?

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Thanks!