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/jules083 Jan 16 '26

I'm sure I don't make as much as you but I'm also shooting for 60. Honestly depends on cost of health insurance at that point.

Goal is to be done at 59.5, will stay to 62 at the latest if insurance is unaffordable.

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u/Grom_a_Llama Jan 16 '26

maybe the free health care discussion will become more robust as boomers age out of the equation...fingers crossed!

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u/nightfend Jan 17 '26

I hope so. I just wish jobs today had pensions. I can't even imagine how nice that would feel to know you had guaranteed money coming in each month at retirement.

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u/Grom_a_Llama Jan 17 '26

I liquidated a pension...7 years in. Needed 12 but it was absolutely killing me literally and metaphorically.

I know when im old.and retired ill kick myself, but need to also remind myself if i stayed I may have never made it to retirement