Anonymous
Post 05/15/2025 10:35     Subject: One million saved…can I stop now?
The OP isn’t planning to retire with $1m. He/She has that now and is asking if it is OK to stop contributing. The $1m will continue to grow, likely reaching $4m by age 65. That is the number to focus on.
Anonymous
Post 05/15/2025 09:30     Subject: One million saved…can I stop now?
Anonymous wrote:No.

Are you going to kick it on the beach or golf for 35 years?

Your SS full retirement age is 67.


I hope you are better at money than you are at reading. OP said they would keep working but wants to stop saving.
Anonymous
Post 05/15/2025 09:30     Subject: Re:One million saved…can I stop now?
I'd keep saving, OP.

Also, since you are in the age group that gets fired and not rehired quickly, I'd make sure you have a lot in a cash cushion.
Anonymous
Post 05/15/2025 09:30     Subject: One million saved…can I stop now?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:This question depends on your monthly spend. If you live in a low cost of living area with a paid off house and a very frugal lifestyle that could be plenty. If you still have a mortgage, or live in a high cost of living area, or have expensive tastes that won’t be enough.


However, unless you have excellent LTC insurance, you likely need more than that for LTC. Not unusual to end up in Assisted living/nursing care/memory care for more than 1 year, and those typically cost $10-15K/month. $1M plus SS is nowhere near enough for any of that, even with low cost of living/being frugal.



$15k a month gets you a few hours a day of care. When you need 24 hour care it will go up to about $250-$275k a year.


$10-15K is the cost of assisted living/memory care/nursing care at a good facility, not 24 hour care in your home. So $120-180K/year. If you have the money, sure stay home and have round the clock care, but that is out for most people. A facility at $120K/year is the more likely solution



It's depressing we are working and saving so we can spend $10-$15k a month for assisted living and to make a billion-dollar company like Sunrise even richer.

Anonymous
Post 05/15/2025 09:24     Subject: Re:One million saved…can I stop now?
Anonymous wrote:I’d keep saving.

Maybe dial down the contributions if you have other life priorities. But I’d at least aim for 15% total, your contribution and match.

You only get one chance to save for retirement. Don’t waste it.


+1

You never know when you will "majorly decline" in your old age. You could be 85+ and still living in Independent living in a facility. I know 75 yo who actively travel (able to walk 3-4 miles a day and up/down stairs, etc). It would suck to be that age and stuck "doing nothing" because you have no $.
So find a happy medium of living more now but still saving for the future
Anonymous
Post 05/15/2025 09:09     Subject: Re:One million saved…can I stop now?
I’d keep saving.

Maybe dial down the contributions if you have other life priorities. But I’d at least aim for 15% total, your contribution and match.

You only get one chance to save for retirement. Don’t waste it.
Anonymous
Post 05/15/2025 08:44     Subject: Re:One million saved…can I stop now?
Not enough information to solve.

How much do you spend per year? What do you expect to spend per year in retirement? Do you have any large expenses coming between now and then? Do you have any other income sources (now or in retirement (Social Security, Railroad Retirement, pension, inheritance, etc.))? What is the tax basis for the $1m saved (is it in a tax-deferred account, or something else?)? Do you expect tax rates to go up or down? How is that $1m invested? What is your risk tolerance? What is your and your spouse's life expectancy? Do you want to have any money left over to donate or leave to heirs?

OP needs to do the math on this. Depending upon the answers to the above, $1m may be more than enough or it may be way too low.
Anonymous
Post 05/14/2025 21:20     Subject: One million saved…can I stop now?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:This question depends on your monthly spend. If you live in a low cost of living area with a paid off house and a very frugal lifestyle that could be plenty. If you still have a mortgage, or live in a high cost of living area, or have expensive tastes that won’t be enough.


However, unless you have excellent LTC insurance, you likely need more than that for LTC. Not unusual to end up in Assisted living/nursing care/memory care for more than 1 year, and those typically cost $10-15K/month. $1M plus SS is nowhere near enough for any of that, even with low cost of living/being frugal.



$15k a month gets you a few hours a day of care. When you need 24 hour care it will go up to about $250-$275k a year.


Lol, so you're going to give up literally a decade or more, in the prime of your life, to save up extra millions for slightly nicer accommodations in your mid-80s (which you may never need and of which you would likely never be aware, given your deterioration)? Truly baffling that people think this is a good trade. I'm retiring in 2-3 years at 45-46, will live a modest lifestyle enjoying all my days, and will gladly live in a Medicaid nursing home if that's what's required at age 86.

FYI, a neighbor just passed away after two years in an expensive nursing home (and 1-2 years of six-figure in-home care before that). His life was still as crappy as you might expect for someone who needs these things.


Or you can work until 50/55 and have a much nicer life. But start enjoying life (if you are not already) while still working. take those trips you want, do whatever with your kids or spouse you are dreaming of. I'm willing to work a few more years to enjoy life more. Because $50K/year is not much to live on in a HCOLA like DCUM. Sure I could go to Nebraska or Iowa and live on $50K, but then I'd be living in Iowa or Nebraska and that isn't my definition of "quality of life".
Anonymous
Post 05/14/2025 21:18     Subject: Re:One million saved…can I stop now?
Anonymous wrote:A million dollars is $100k for 10 years. That is not rich for this area.

If you can live on $50k a year, you can make it for 20 years.

If you can live off that million and Social Security when you can draw, go for it.


Hint: you likely cannot. Healthcare will cost you, and I wouldn't count on SS until you are 70 at rate we are going, and even then, you might not have as much as you expect.
Who will take care of you in old age? Not sure how you'd afford a facility for very long on that.

Anonymous
Post 05/14/2025 21:16     Subject: One million saved…can I stop now?
Anonymous wrote:
Anonymous wrote: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?


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.


Is the federal pension already fully earned? Because otherwise, unfortunately nothing in this environment is guaranteed. But paying off your mortgage when you have a lot in retirement and a pension most likely can be a good plan. That is savings as well, and once mortgage is paid off, then you can continue to save the mortgage payment as well
Anonymous
Post 05/14/2025 20:59     Subject: One million saved…can I stop now?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote: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?


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.


I would be careful counting on FERS and SS anymore.


We'd be fine without them. But, frankly, the chance of both going away completely within the next twenty years is low.
Anonymous
Post 05/14/2025 20:35     Subject: One million saved…can I stop now?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:This question depends on your monthly spend. If you live in a low cost of living area with a paid off house and a very frugal lifestyle that could be plenty. If you still have a mortgage, or live in a high cost of living area, or have expensive tastes that won’t be enough.


However, unless you have excellent LTC insurance, you likely need more than that for LTC. Not unusual to end up in Assisted living/nursing care/memory care for more than 1 year, and those typically cost $10-15K/month. $1M plus SS is nowhere near enough for any of that, even with low cost of living/being frugal.



$15k a month gets you a few hours a day of care. When you need 24 hour care it will go up to about $250-$275k a year.


Lol, so you're going to give up literally a decade or more, in the prime of your life, to save up extra millions for slightly nicer accommodations in your mid-80s (which you may never need and of which you would likely never be aware, given your deterioration)? Truly baffling that people think this is a good trade. I'm retiring in 2-3 years at 45-46, will live a modest lifestyle enjoying all my days, and will gladly live in a Medicaid nursing home if that's what's required at age 86.

FYI, a neighbor just passed away after two years in an expensive nursing home (and 1-2 years of six-figure in-home care before that). His life was still as crappy as you might expect for someone who needs these things.

Agree. I don't care about any travelling after I'm 80, so my expenses should be low, basically I'll will be watching TV all day long, or read books. I'm in late 40s, have about 900K in 401K, also will get Social Security and small pension. House is paid off, no other debt. Plus, my spouse has pension, social security, health insurance through his government job. I work full time, have good benefits, plan on continuing working as long as I can stand it. For next 15 years, I want to travel as much as I can, so I don't have any regrets. Then, when I'm 75 and older, I don't plan to spend any money on anything, no travelling either. Don't care if I land somewhere in nursing home on Medicaid.
Anonymous
Post 05/14/2025 20:29     Subject: One million saved…can I stop now?
Anonymous wrote:
Anonymous wrote: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?


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.


I would be careful counting on FERS and SS anymore.
Anonymous
Post 05/14/2025 20:25     Subject: One million saved…can I stop now?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:This question depends on your monthly spend. If you live in a low cost of living area with a paid off house and a very frugal lifestyle that could be plenty. If you still have a mortgage, or live in a high cost of living area, or have expensive tastes that won’t be enough.


However, unless you have excellent LTC insurance, you likely need more than that for LTC. Not unusual to end up in Assisted living/nursing care/memory care for more than 1 year, and those typically cost $10-15K/month. $1M plus SS is nowhere near enough for any of that, even with low cost of living/being frugal.



$15k a month gets you a few hours a day of care. When you need 24 hour care it will go up to about $250-$275k a year.


Lol, so you're going to give up literally a decade or more, in the prime of your life, to save up extra millions for slightly nicer accommodations in your mid-80s (which you may never need and of which you would likely never be aware, given your deterioration)? Truly baffling that people think this is a good trade. I'm retiring in 2-3 years at 45-46, will live a modest lifestyle enjoying all my days, and will gladly live in a Medicaid nursing home if that's what's required at age 86.

FYI, a neighbor just passed away after two years in an expensive nursing home (and 1-2 years of six-figure in-home care before that). His life was still as crappy as you might expect for someone who needs these things.
Anonymous
Post 05/14/2025 20:02     Subject: One million saved…can I stop now?
Is your house paid off? Do you have a pension?Is your spouse going to keep working? Do you have kids to whose weddings and educations you'd like to contribute. There is a lot more to consider.