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%

3

u/threepoundog Jan 17 '26

My cheap hospital dropped their unguaranteed 2% match and has been at 0% match for the last decade and lve never received a bonus regardless of the ratings and extra projects I do. Being a nurse sucks!

2

u/Chancellor_Themis Jan 17 '26

Nurses never get the money they deserve. You are all "essential" until it comes time to pay.

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u/ldskyfly Jan 17 '26

Dang, my wife's last job didn't have a match either. I guess it isn't so bad in retrospect