Pay Dirt is Slate’s money advice column. Have a question? Send it to Kristin and Ilyce here. (It’s anonymous!)

Dear Pay Dirt,

My spouse and I are both 43, and combined we have $800,000 in retirement accounts. We both max out company matches, which are generous for both of us. By age 65, we could have $3 million! We’ve been reading about the concept of “Coast FI,” and are considering reducing our contributions and enjoying life a bit more (plus paying down debt more aggressively). But turning down the company match, which is “free money,” gives me pause. We both had it drilled into us to always max out our retirement contributions and get a full company match. The devil’s in the details, but are there any general guidelines to making this pivot?

—Coasting?

Dear Coasting,

Your instincts about “free money” make sense, and this question points to one of the biggest questions when it comes to retirement planning: When is enough enough?

That’s a question only you can ultimately answer, but first, let’s talk about Coast FI. For those not in the know, this is an investment strategy where your existing retirement savings grow enough through compound interest to fund retirement, and you don’t really have to save more.

This source summarizes it nicely:

“Coast FI is the point at which you have saved enough to get to Financial Independence by the time you reach the traditional retirement age through compound interest alone. Once you reach this point, you don’t have to make any further contributions to your retirement portfolio. You could stop saving altogether, and as long as you don’t touch your investments, your portfolio will generate enough income in retirement – thanks to the magic of compound interest.”

With $800,000 at 43, you’re ahead of most retirement benchmarks. If that grows to $3 million by 65, you’d have a substantial nest egg in retirement. Of course, you could always save more, and it’s generally unwise to turn down an employer match because, yes, it’s like leaving money on the table. But I get it—you want to live your life (and pay off that debt, which I agree is important), and I guess you have to figure out the price you’re willing to pay to do that…literally.

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Let’s look at the benefits of cutting back your savings. Yes, you could pay off high interest debt, which would feel good and give you a guaranteed return, although it might not be as lucrative as that “free money.” But the psychological freedom might be worth it to you. And there are other benefits to consider too: quality of life improvements, for instance—but you have to figure out what that means for you. What else will you spend this money on, and is it worth what you might spend it on in the future?

But just as there are compelling reasons to coast, there are reasons for caution. You never know what your healthcare costs are going to be, or how long you’ll live—you might need more than you think. Lifestyle inflation can be sticky, too, especially if you’re looking to boost your quality of life now. You’re also missing out on the tax advantages that retirement accounts offer.

I’d suggest running specific scenarios with your actual numbers. How much could you cut back, and what would that mean leaving on the table in the long-term? Look at your debt interest rates, the opportunity cost of reducing your contributions, and your future lifestyle goals. Chances are, there’s some middle ground here. You could start reducing a little bit at a time and see how it feels. It doesn’t have to be all or nothing—dip your toe in the water for a few months and see what you’re comfortable with. You can always ramp it back up later.

—Kristin

More Advice From Slate

Nearly four years ago, I found out my husband, “Chris,” was having an affair, and I filed for divorce. He sold the house (it was in his name), avoided me, and used a bunch of legal tactics to make sure I couldn’t afford to live there. He had family money and a high-earning job. I was working part-time to stay home with our kids. Chris wouldn’t even divorce after I asked for minimal child support. After we separated, I relied on family, including my cousin “Victoria,” who helped with childcare while I worked full-time. She had her own kids at home and generously watched mine, too, at no cost. Since Chris and I were technically still married, my income didn’t qualify for any type of federal benefits. I thought I was going to be stuck in this legal limbo forever.

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