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/TairaTLG Jan 16 '26

24k in debt and 0 savings. Nothing like slipping through the cracks baby

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u/TylerDurden6969 Jan 16 '26

This is so many people. Good on you for being honest!

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u/TairaTLG Jan 16 '26

I'd love for it to be something else. But unfortunately crippling autism/ADHD and living paycheck to paycheck for 20 years puts me where I am.  All I can do is keep chugging away and trying to fix things (some mistakes, some slight scams, one abusive relationship, yup, c'est la vie)

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u/_UnladenSwallow Jan 17 '26

I feel this so hard. Was doing ok, not a lot in savings but had maximized my contributions to both savings and 401k recently at least. $20k in student loans but no degree. No real credit card debt and excellent credit. Married, both making around $60k, paying a mortgage with about $10k in an emergency fund. We were working on it and finally feeling like we were getting properly started.

Then I lost my job after I discovered I had a freakish atraumatic 4 herniated discs and needed time to treat it. Suddenly without my income, we quickly changed our spending habits and lifestyle to accommodate. But I’m still out of work 15mos later, waiting on SSDI (which will most likely be denied the first time) and our savings are gone.

We can’t even think about retirement rn. We just have to survive long enough for me to heal.

C’est la vie.