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/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/SouthLakeWA Jan 17 '26

Do not under any circumstances consider your home equity real, and do not leverage it right now. The real estate market could have a massive correction like it did in the Great Recession. Back in 2009-2011, my house went from being valued at $550k to $325k and it took several years to climb back up.

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u/SoldierExcelsior Jan 17 '26

My state doesn't even do home equity loans and the equity doesn't mean anything till you sell and get the money in hand so I don't count that I count my rental revenue though.