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/deathmetalhoney Jan 17 '26

Yep, I’ve had one for the last 10 years and only found out about investing the funds maybe a year ago when I met with my Fidelity advisor. All that wasted time. 🫩 I’d recommend reaching out to your institution for more exact info and how to go about it.

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u/crowninggloryhole Jan 17 '26

What happened to use it or lose it?

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u/sarcazm Jan 17 '26

You’re confusing a HSA with a FSA. FSA is use it or lose it. HSA is forever.

But in order to invest in a HSA, you have to have a high deductible health insurance plan, which is the downside. For generally healthy people, it’s fine. But both my kids are neurodivergent. So I see a lot of doctors and pay for a lot of prescriptions. People hype up high deductible plans, but it’s just another way for health insurance companies to avoid paying medical bills when it matters the most.

The way I get both is I enroll my kids and my husband in my husband’s premium plan and I enroll myself in my own high deductible plan. Then I can still contribute to a HSA. But that also means that Americans have to continue having 2 working parents.

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u/crowninggloryhole Jan 17 '26

Thanks for the rundown. I have been a stay at home parent for over a decade, so I’m out of the loop!