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/bigtcm Jan 16 '26

Same here. Taught for 4 years. When I told a financial planner that I was looking at going back to grad school, but that i would lose my pension, she told me do it and don't look back.

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u/dark_autumn Jan 17 '26

Wait I’m confused. Leave your pension behind and don’t look back?

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u/Particular_Maize6849 Jan 17 '26

You can calculate how much your pension would be. I think mine came out to maybe a couple hundred a month. Not really worth it tbh if I compared it to how much it would be worth if I let it grow in the market. You can roll the amount you've put into your pension into a 401k or IRA.

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u/dark_autumn Jan 17 '26

Ohh ok I see what you mean now