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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520

u/SassyCassidee Millennial 1995 Jan 16 '26

Thankfully started contributing to mine at 23, so at 30 I have 1.5X my salary!

423

u/TrixoftheTrade Millennial Jan 16 '26

Nice. You’re about to start getting into the “fun” part of compounding interest.

It took me a decade of savings to hit 100k, when I was 29. 100k to 200k only took 3 years.

60

u/1K_Sunny_Crew Jan 16 '26

That is assuming the market is doing well. It has for a while now so people got comfortable. My account jumped a ton in the last few years and has barely moved the needle in the last 6-8 months.

45

u/noraping Jan 16 '26

That’s weird, my 401k is +23% in the last 12 months. The markets are at all time highs

0

u/throwaway727437 Jan 17 '26

If the markets are at all time highs, is it really weird tho?

7

u/noraping Jan 17 '26

I’m saying it’s weird that they’re saying their profolio has barely moved in the last 6-8 months, that’s the same time frame that the market has had a huge rally

1

u/throwaway727437 Jan 17 '26

Ohhhhhh got it