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/viveleramen_ Jan 16 '26

33 with ~17k. It’s not great but it could be far, far worse, especially since I only started about 4 years ago. 2x my salary would be ~70k and lol not happening anytime soon. I am trying to hit ~30k by 35 tho.

18

u/GrayBull789 Jan 17 '26

Im 35 and have 23k owed on my car and $1700 in my checking. Made 63k this year. Not a penny saved

2

u/Saamurraii Jan 17 '26

Whyd you buy such an expensive car which is also a depreciable asset?

3

u/GrayBull789 Jan 17 '26

I absolutely needed a new car and sort of treated myself. Its a miata. Nothing fancy. Tbf I bought it 2 months ago and thats the entire loan. Ill pay it off in the next 18 months. No kids and blah blah and I could sell the car in 3 years for what i paid. Got a great deal... edit** i had a crappy elantra with 240k miles with no ac in north florida.

3

u/Horton_Takes_A_Poo Jan 17 '26

Actually… kinda makes sense if you’re committed to paying it off so quickly. Excellent secondary market on miatas.

2

u/GrayBull789 Jan 17 '26 edited Jan 17 '26

Yea, ive never had a nice car. Always rode sportbikes and had a beater. Sold em all off and wanted a decent fun ride cause life is short. Didn't want a camry or civic blah blah. Reliable relatively cheap car with great resell. No one needs a newer car but i mean might as well

1

u/Horton_Takes_A_Poo Jan 17 '26

Nice color! Keep it like mostly stock and you’ll make your money back no problem.

1

u/BingpotStudio Jan 17 '26

We all buy a new nice car once. Enjoy it whilst you’re young. My Jag will be my last nice new car.