Reply to One million saved…can I stop now?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]On track to have 1 million in my retirement savings at age 50. Can I stop contributing (but would still work) once I reach age 50? Will that be enough for me and my spouse if I stop working at 65?[/quote]

We are in the same boat (1 million in retirement) at age 45.  We will still have 10% of salary saved for retirement, but I'm thinking that, since we will have a federal pension and the employer will be making contributions, we'll scale back our contribution.  I really want to pay off our mortgage and once that's done we'll save for retirement again.  Our main income went down because we really needed to get out of the federal government and it was in a policy area that is very hard to find employment in.

Though, logically, I'm not sure that we really need to with 1 million in at 45, FERS from 20 years of working, a paid off mortgage and relatively low expenses.  But, we're all here on DCUM Money and Finances  because we are overly cautious and anxious about money, so, like the rest of you I don't think we would have the chutzpah to actually scale back contributions even if logic said it would be okay.[/quote]

I would be careful counting on FERS and SS anymore.[/quote]

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