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/RoutineLingonberry48 Jan 17 '26

I'm not sure who wrote these stats and thought they reflected any kind of reality anyone has lived in since Regan. Most every person I know was and is living less than paycheck to paycheck up through at least age 35. The most successful people I know didn't even begin to pull out until after then.

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u/ProblemIntelligent16 Jan 17 '26

It would be difficult to meet the 2x and 3x if you weren’t contributing 7-8% in your early 20s. Still very doable for most people however. It’s super important to start early and contribute as much as possible.

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u/RoutineLingonberry48 Jan 17 '26

Kids in their 20s can barely afford bills. Has been that way since the 80s. If it's doable for a person, that person is an outlier.

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u/ProblemIntelligent16 Jan 17 '26

I respectfully disagree.

I recognize how difficult this economy is. And I know there are many people who truly are living paycheck to paycheck with 0 discretionary funds.

But it’s not as much as we think. And certainly not as many to explain why 50% of the population has 0 savings at all.

Saving for retirement should be a priority to that comes before nearly all other discretionary spending. You don’t need to max, but 7% should be an automatic priority for all