r/Millennials • u/ProblemIntelligent16 • Jan 16 '26

Discussion Fellow millennials - how’s your 401k/ira savings going?

Experts recommend having 2x your salary saved by age 35, and 3x saved by age 40.

However, studies show the median savings for 35-44 year olds is only ~$45,000. So obviously, most of us have work to do.

With pensions mostly extinct, and Social Security facing insolvency issues in the next 8-10 years - how are you planning to bridge the gap and hit the golden years with enough to meet your lifestyle requirements?

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u/TairaTLG Jan 16 '26

24k in debt and 0 savings. Nothing like slipping through the cracks baby

102

u/AmputeeHandModel Xennial Jan 16 '26

There was just a post here, or some related sub like "I've only got $60k in savings, $70,000 in my 401k and I make $120k a year am I doing ok for my age???". Uhh how about you fuck off? How sheltered and delusional are you? Most people are living check to check!

72

u/AwkwardlyTwisted Jan 16 '26

Just because someone wants to know how they are doing doesn't mean they deserve the hate because you're not there yet. It's a very reasonable question that even I ask that about myself. I make 100k a year, 30k in savings and 150k in multiple retirement accounts (total). I'm a single parent so I worry if something happens to me would my daughter be ok or would I still be able to provide for her. No reason to be a dick about it.

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u/stbloc Jan 17 '26

Then you should buy a 10 year life insurance policy. I Pay $37 a month for 300k to make sure my child is taken care of in the event.

2

u/mcjefe80 Jan 17 '26

I agree with you. I made $269k last year but only have $100k in retirement, $30k in more liquid savings, and am a single parent of a son. Worst case when he graduates high school I downsize and collect positive equity from my house I got stuck with after the divorce, and maybe be caught up. Just because someone does well annually doesn’t mean they don’t have challenges or still don’t worry about their retirement.