You need exposure to international stocks and the asset allocation fund is probably overlapping your other stock and bond funds. I would have at least 25% in international stocks.

You have an very specific situation that a financial advisor will have to work carefully with you in that your retirement and your son's college education are so close together.

As a point of reference as to your portfolio mix for retirement I just looked up the mix for Fidelity Freedom 2035 fund. This fund is designed to rebalance more conservative as the investors reach retirement age - targeted for people retiring in around the year 2035. It is unlikely this single fund is available in your 401K I used them simply as a professionally picked example of a portfolio mix. 66% U.S. equities, 16 % Non- US equities, 10% investment grade bonds, 7.5% High Yeild bonds, and .1% money market/other. (numbers rounded). Your portfolio listed above is actually really close to that already - super! Check to see if the Asset Allocation fund has some foreign exposure. If not, it may just be duplicating some of the other funds and could be changed over.

Next part is make your retirement budget: Start by figuring between 60 - 80% of your pre-retirement income in order to live in retirement. This income will likely come from 1) Social Security 2) Pensions 3) investment income/ savings and 4) IRA/ 401K proceeds.

You can request a statement from Social Security that will show your estimated benefit paid to you if you retire at age 65. That can go up if you work longer, and down if you file earlier - anyway, that plus if your wife is eligible for SSI, can be part of your income - if you are starting a new job now, the lieklyhood of a traditional pension is low, and in my opinion, any additional savings will go toward college for the little one.

So you will need enough in your 401K / IRA vehicles to get you to 60-80% of your pre-retirement income -minus - your expectations from Social Security.

Once you figure that out, figure that income figure is about 6 percent of the total that should be in that account on retirement day. Divide that by the amount of time you have left, (use a retirement calculator from online that can figure in the growth during your accumulation phase (there is one at Wachovia.com) and there lies the answer to your question above.