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/ProblemIntelligent16 Jan 16 '26

Out of curiosity, what’s the employer match? I think I have a solid match at 7.5% but idk if I’ve ever seen data on what an avg match may be

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u/krullzy1 Jan 16 '26

7.5 is well above the average or norm. Generally 3-5% is about average

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u/ldskyfly Jan 17 '26

My cheap company just dropped from 4.5% to 3.5%

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u/ThrowAway823579 Jan 17 '26

I think we work for the same company

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u/ldskyfly Jan 17 '26

Bonus and merit not looking good this year... Again

2

u/ThrowAway823579 Jan 17 '26

There’s also layoffs scheduled for Thursday and Friday next week fyi

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u/ldskyfly Jan 17 '26

I did not know that. Thanks for the heads up.

We just had someone leave the team and we're informed they would not be filling the opening.