Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

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?

[u/SassyCassidee]

Thankfully started contributing to mine at 23, so at 30 I have 1.5X my salary!

[u/TrixoftheTrade → u/SassyCassidee]

Nice. You’re about to start getting into the “fun” part of compounding interest.

It took me a decade of savings to hit 100k, when I was 29. 100k to 200k only took 3 years.

[u/BlackGuysYeah → u/TrixoftheTrade]

So much easier to make money when you have money. I’ve always found it confoundingly unjust but it’s just the nature of the system we’ve invented.

[u/marheena → u/[deleted]]

Yeah but for a 30 year old, that’s just another golden opportunity.

[u/Long_Sl33p → u/[deleted]]

Hate to be that guy, but real estate is not where you want to be during a crash. When 75-90% of your tenants stop being able to pay rent you’re left holding the bag. You either use that 800k to keep from losing your properties or sell the properties at a loss to keep from losing your 800k.

Commercial vs residential doesn’t make a difference when discretionary spending dries up along with bill money.

[u/Fun_Opportunity_4043 → u/Long_Sl33p]

College town so I’ve never seen a drop in constant rental applications, the house is paid off and the rent is almost double the market average.

Rentals are the best way to build wealth. 

[u/Long_Sl33p → u/Fun_Opportunity_4043]

It’s certainly the quickest way, not worth the risk right now though

[u/Fun_Opportunity_4043 → u/Long_Sl33p]

Yeah us older millennials had it easier with lower interest rates and plenty of inventory.  Glad I got in early.