You mentioned that you paid 5W for your kid's college, therefore, your annual family income is above 180K. Based on this number, your effective tax rate is 25% at least, higher than republic president candidate Romney.
Ok, for the 5w, it is about 70K before tax. ouch, 20K for tax.
401K to maximal already? You can put in, but hold as cash if you don;t like the stock market up-downs. If fully contributed to 401K, not much you can do. You have to plan for future, at least contibute to Roth IRA. Contribute to charity is another way to avoid paying tax if you do itemized deduction.
Still, how to spend the money at hands. You can do whatever you want. The best is to have another baby, start over again. :).
Me, will first re-set up my emergency fund. It is running low during last a few years when my daughter is college. After that, a new car for my wife is possible next year or later this year. Then, I have to start save for my son's college. For sure, I just increase my contribution to my retirment account.
