I’m 44 with $1.3 million in my 401(k) — can I stop contributing and still retire in 15 years?

A Reddit user asks whether they should stop contributing to their 401(k) at 44, having accumulated $1.3 million, and still plan to retire at 59 1/2 with at least $100,000 in annual income. Using a conservative 7% annual growth rate, their $1.3 million would grow to about $3.59 million after 15 years, surpassing the required $2.56 million to generate their target income.

However, contributing to their 401(k) comes with benefits beyond just the account balance. The employer match, which is essentially a 50% to 100% return on each dollar contributed, provides a significant financial boost. Additionally, stopping contributions would forfeit annual tax savings and create a cushion against potential market downturns during early retirement.

While the projected balance exceeds the target, it's important to consider the employer match and other advantages before deciding to stop contributing.