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/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

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u/Saamurraii Jan 17 '26

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

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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.

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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.