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You should check to see if you might run into the AMT, alternative minimum tax, by having large retirement contributions. I haven't run in it, so I'm not sure how the AMT treats retirement contributions. Does anyone out there know?

You touched on the unpredictability of what the tax structure and social security will be like when you retire. That is the reason that I keep my investments in a variety of accounts (401k, Roth, taxable capital gains, etc). Having some long-term investments outside of the retirement accounts would give you more flexibility. Depending on your situation, paying off your mortgage early, if you have one, could give your more flexibility because your monthly cash requirements would be much less.

The question on if your are saving too much really depends on what you want out of life. Search the Internet for actuarial tables and look up the possibility that either you or your wife will not live to retire at 65. You will probably be surprised to find out that there is something like a one in twenty or thirty chance that you both won't. There is also a significant chance of major health problems before then. Life is too short, save for the future but enjoy your time now.

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