Dont forget about a ROTH!

-401K to match (if you have one)
-one year's expenses in a high yield savings account
-then invest in brokerage like VTI and VXUS

Do it in that order or do step 1 and 2 at the same time ($500 in savings, $500 a month in brokerage)

Don't worry about taxes and don't worry about college. Neither will be a huge concern.

You can save for 15- 20 years and you will have social security.

Also - spend a couple hundred dollars for a consultation with a fee-only advisor to help you understand what you should be doing.

https://hellonectarine.com

OP, post your income and more details - will you get Social Security? Does your job have a pension?

Your daughter might qualify for financial aid for college but the details are tricky. If your income is below a certain level, she might qualify for a Pell Grant which is about $7300. Some key details - I think that anything you contribute to a 401K or 403B is not included in your AGI when applying for financial aid. So if you are lower income and putting more into a 401K puts you under the threshhold for Maximum Pell grant - that would be worth considering...

Especially because some colleges are specifically trying to attract more Pell Grant recipients to their colleges, and also qualifying for a Pell grant can open up more financial aid. In state colleges in particular. It depends what state you live in.

Whatever you do, do not take out loans in your own name--Parent PLUS, private, whatever--to finance your daughter's college education.

Check out Dave Ramsey on YouTube. He gives simple advice with easy steps. It's a good place to start without getting overwhelmed.