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Hi.. I think I'm in a bit of a wrigley mess and need to get untangled...

I think I now (thanks to 'get' the retirement challenge as far as I have to do something.. but I need to untangle this mess I've made.

OK.. so, Im 38, married man (to a 24yr old). 3 kids (13,12 and a newborn). Decent job making about $150K. 401K that I max, but company doesnt meet federal qualifying? so I cant put the full amount in? (if that makes sense). But I have about $80K in there..

I do own a house.

Savings: Liquid about $75K in a silly Wells Fargo savings account earning poor interest (that cant be good can it).
$2000 each in 12 and 13 yr old savings accounts (put in $50 a month). Im worried about a strict 'school' savings in case they (for whatever reason) dont pursue college? (even though I'll die pushing them)..
$10,000 in mutual fund. Vanguard Index 500.. but not adding to it monthly..

I guess my question is: I'd like to take the majority of the savings and put it somewhere to earn the interest I'll need for retirement. Im guessing because of my age, I'll need better than 7-9%.. so does that count out mutual funds and push me closer to stocks? recommendations? And then the kids' $50 each a month.. is that enough? where should it go for them if i'm worried about the 'non' college issue?

Im hoping for a simple.. "take all money and diversify into X, Y and Z. and then add X dollars into each every month....."

Thank you..
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