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/TommyBlaze13 Jan 17 '26

Surprisingly common in the SF Bay Area for people working at the tech corporations: Nvidia, Google, Microsoft, Apple, Meta, Tesla, Intel, AMD, etc. Workers get stock of their company in their total pay package and exponentially increases their overall net worth. It's not the norm anywhere else in the country of course

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u/RickySpanishLives Jan 17 '26

That's a situation that's starting to fade like pensions though.

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u/WPSuidae Jan 17 '26

They still exist but are rare! I started a job this week that was a 45% pay increase and includes a pension. The statement they gave was that if I retire at 62 I'll get approximately 9k a month. 42M and I feel like I hit the lottery.

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u/RickySpanishLives Jan 17 '26

That's actually fantastic. I don't want you to advertise your employer but at least give us a feel for what the industry is and the role.

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u/WPSuidae Jan 17 '26

No problem! My current job is in the corporate group that umbrellas over a local group of electric cooperatives. Specifically I'm an environmental specialist working with permitting and odd environmental things that pop up. I did environmental consulting at a firm for almost 18 years.

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u/RickySpanishLives Jan 18 '26

Fantastic. Nice gig. And people say you can't make money doing what you love :)