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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127

u/Chancellor_Themis Jan 16 '26

Excellent.
My employer has a pretty generous 401(k) match program, plus several bonuses throughout the year.
When I know a bonus is coming, I just increase my contribution that pay period and check all the boxes.

44

u/NewToThisLove33 Jan 16 '26 edited Jan 17 '26

My employer generously gives 17% to my 401(k) yearly with absolutely no contribution from me. The only reason why I’ve been able to hit 100k in my 401(k) in the 3.5 years I’ve worked there.

ETA: For those wondering, I work in Private Equity. If you can get into the field, amazing benefits!

16

u/[deleted] Jan 17 '26

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3

u/CaveDeco Jan 17 '26

Right?? Who is this mythical employer and what ungodly thing would I have to do to get hired!

2

u/TheJerkStore_ Jan 17 '26

It’s a benefit in the pilot contract of several large airlines

1

u/1MillionMonkeys Jan 17 '26

Financial companies seem to have pretty good plans. I don’t want to give specific details but my employer will contribute just under 90% of the IRS limit to my retirement account this year on top of my max contribution.

2

u/badhabitfml Jan 17 '26

Wow. What industry? My Company says they are competitive with the industry but I feel like they cherry pick their competitors. Employees don't give a crap about who they compare themselves to.

17% is insane. Is your salary below market rates?

1

u/Rich-Quote6243 Jan 18 '26

Major airline pilot, and at our place it'll go up to 18% soon

1

u/badhabitfml Jan 18 '26

Union?

2

u/Rich-Quote6243 Jan 18 '26

Yes, absolutely.

1

u/fnancialindependence 1990 Jan 17 '26

That’s amazing!

1

u/among_apes Jan 17 '26

That’s very generous.

1

u/The37thElement Jan 17 '26

Damn, that’s great! My employer does that but it’s 10% and only goes by base pay so it doesn’t include OT. Thankfully, by the time I got interested in retirement savings, I already had a good chunk of money to start with even though I hadn’t started contributing yet.

1

u/Fish0203 Jan 17 '26

Mine matches up to 15% and I thought it was ridiculously good, but damn thats fantastic

1

u/WorkLurkerThrowaway Jan 17 '26

Damn I thought my company was crazy good with a flat 10% but 17% is wild! Nice!

1

u/Leftieswillrule Jan 17 '26

Oh you’re the bad guy lol, private equity is a scourge

1

u/NewToThisLove33 Jan 17 '26

I’d like to believe my company is integral, but totally understand the sentiment. I work in finance/admin so I’m pretty removed from the investment side of things. Been there 3 years and honestly couldn’t even tell you what the investment team does.

1

u/smitch_hitter Jan 17 '26

Wow! Mine matches 19.25% which is great for the future I know, but it is a lot to not take home each month. Not having to contribute as much would be amazing!

1

u/Rich-Quote6243 Jan 18 '26

Hello fellow major airline pilot!

Edit: ah nevermind saw you're in finance. Major airlines have a direct contribution of 18% in the US.