I'm 24, make $65,000 a year and between contributions to my Roth IRA, 401(k) and the company match to my 401(k) I save 21% of my income. Am I saving too much for retirement? Do you think I should save less and spend more while I'm young? -- Matt, Hoboken, N.J.

There's no question that when it comes to saving for retirement, you, my friend, rank near the very top. Most people with 401(k)s contribute about 7% or so to their retirement accounts and the national savings rate isn't even close to double digits.

But just because you save way more than most of your compatriots doesn't necessarily mean you're saving too much.

When I plugged your numbers into one of my favorite retirement calculators, it estimated that you would have a greater than 90% chance of being able to retire at 65 on 75% of your projected pre-retirement salary. Most people would die to have those odds.

But as attractive as your retirement prospects may appear now, you need to step back and take a reality check. We're talking about forecasting 40 years into the future. So even though you manage to save more than 20% of your income now, is it realistic to assume that you'll be able to keep up that pace over the next four decades?

Maybe, but it would be tough. You're only 24, a point in your life where you probably have relatively few financial obligations. As you get older, you may want to start a family, buy a house, perhaps go back to school for an advanced degree. All of those things will place more demands on your income, possibly crimping your ability to continue salting away money at your current rate.

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There are also plenty of things beyond your control: a layoff or health problems could derail your savings regimen, market setbacks might seriously impede the growth of your savings, possible changes in the Social Security system could make your benefit less generous than is currently projected.

All of which is to say that, from a purely financial point of view, I think it makes sense to stick to your ambitious savings rate while you can.

Think of it as an insurance policy of sorts, providing a bit of cushion should you find yourself unable to save as much as you'd like down the road or if poor investment performance prevents your nest egg from growing as expected.

Read more:
Retirement savings: How much is too much?