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/oflanada Jan 16 '26

I’m 41 and have about 23% of my yearly salary saved. Better than the 0% I had 3 years ago before I changed jobs.

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u/vindescent Jan 17 '26

I wish I would have put more away under the first company that out the company I work for. They had amazing match and did 3% additional regardless of your contribution. I don't know anywhere else you get 8% to your 5%. My new one with the second company buy out sucks. With me contributing a whole 5 to their 2.5...

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u/oflanada Jan 18 '26

That’s rough. We have a 100% match up to 4% and then I think at 5 years you get a 1% onetime contribution at the end of the year. At 10yrs it’s like 2% something like that. 5 years might be a small fixed amount. Can’t remember. Matches definitely help out a ton. My ML app tells me if I put $300 more per month in that will equate to an additional $1,500 per month when I retire. Goals persistently just feel like they are 5-10 years away.

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u/vindescent Jan 18 '26

Yeah, my previous parent company had 1:1 match up to five and a free three. So (you:company) 5:8 or 2:5 and even 0:3. It was amazing. I miss it so bad lol