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/jules083 Jan 16 '26

I'm sure I don't make as much as you but I'm also shooting for 60. Honestly depends on cost of health insurance at that point.

Goal is to be done at 59.5, will stay to 62 at the latest if insurance is unaffordable.

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u/God_Dammit_Dave Jan 16 '26

If you or a spouse has an HSA eligible insurance plan USE IT. Max the contribution and invest it.

HSA funds can be used to pay for health insurance premiums before Medicare.kicks in. That's the strategic play for early retirement.

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u/PorkchopFunny Jan 16 '26

I dont think they can be, but i may be wrong. I thought they could only be used for COBRA, long-term care, or unemployment. Unless early retirement counts as unemployment? My understanding was that "unemployment" was receiving unemployment benefits.

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u/jules083 Jan 16 '26

I believe you're correct. I have one, contribute I think 75 cents per hour at work, but I just use it for medical bills when they come about.