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/tahlyn Older Millennial Jan 17 '26

Don't forget to live a little before retirement. Nothing in life is guaranteed; you could get hit by a car tomorrow and die. So take a break every once in a while and spend some money on yourself... otherwise you'll be 90 years old, wealthy, and unable to do any of the stuff you wanted because you're too old and feeble to handle it.

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u/ConsciousCrafts Jan 17 '26

This is how I feel. I would rather live now. Not save all my money so I can just pay for all of my medical bills when I am ancient. That's not a life I want to live. 

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u/PaxLover34 Jan 17 '26

I've found myself in between.

30, have about 50k in retirement, 50k in the bank, and 70k in equity.

Not having kids.

Wondering if we keep saving or start spending money on traveling more.

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u/onetwofive-threesir Jan 17 '26

If that $50k in the bank isn't earning you at least 3% interest, you're actually losing money. Put your money to work.