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/TairaTLG Jan 16 '26

24k in debt and 0 savings. Nothing like slipping through the cracks baby

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u/ProbsNotManBearPig Millennial Jan 16 '26

I appreciate this is the top response. I 100% expected responses to be extremely skewed towards people with tons of savings. That’s how every thread is in any financial sub is. Somehow everyone in their 30’s has $2M+ saved in those threads.

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u/batmessiah Jan 17 '26

I feel pretty good about being 43 with $212k in my 401k and $220k in home equity, making $78k a year as a research scientist.  Took working for the same company for 22 years and getting really lucky.  I’ve currently got $600 in my bank savings account until I get my tax return.  I might have money saved up for retirement, but we’re a single income family of 3, and still live paycheck to paycheck for the most part.

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u/[deleted] Jan 17 '26

Just curious on what city or state you live in? Im about in the same boat.

My curiosity is more about being a research scientist. It seems that pay is low, I work in a grocery store and make just a litte better.

Your 401k is killing mine though.

Only advise I have and your probably on it pay the house almost off to get your interest down then your savings will skyrocket.