Me and my fishin buddy was talking today about lake records, if we would keep them or not. What we didn't know was do bass stop spawning after a certain age or not?

Not sure if they ever stop completely, but there is a period of highest fecundity.  

Just found this about largemouth in Maine from an AFS Journal article:

Ovum production appears to decline in fish older than 7 years. Regression equations are given describing the relationships between fecundity and age, weight and length. The correlation between fecundity and age is higher than between fecundity and weight or fecundity and length. Weight is more closely correlated to fecundity than is length.

And this from some mixed references:

Growth of largemouth bass in the Tennessee area averages better than 150 mm (nearly 6 in.) total length in the first year. Lengths reached after 2-8 years average as follows: 268 mm (10.5 in.); 352 mm (13.9 in.); 404 mm (15.9 in.); 446 mm (17.6 in.); 484 mm (19.1 in.); 539 mm (21.2 in.); and 579 mm (22.8 in.) total length (Carlander 1977). These averages represent a wide range of growth, with members of stream populations growing only slightly over 100 mm (3.9 in.) total length during the first year, while reservoir populations may attain 170-190 mm (6.7-7.5 in.) total length in the first year. The average maximum life span of Tennessee largemouth is probably 10-12 years. At 350 mm (13.8 in.) a healthy 3-year-old largemouth will average about 450 gr (1 lb); the rate of gain increases after that, with healthy 4-year-old largemouth weighing over 900 gr (2 lb). Larger individuals are generally females as males either do not live as long or undergo a sex reversal as they become older (Heidinger 1975). Females are generally larger in every age group and seem better able to survive adverse conditions (Padfield 1951).

Should give you guys more to talk about.  Chances are it seems if you have caught a lake record fish (on a lake where that is a double digit fish) it has done what it could for the gene pool over and over again.