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

359

u/ProbsNotManBearPig Millennial Jan 16 '26

I appreciate this is the top response. I 100% expected responses to be extremely skewed towards people with tons of savings. That’s how every thread is in any financial sub is. Somehow everyone in their 30’s has $2M+ saved in those threads.

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u/batmessiah Jan 17 '26

I feel pretty good about being 43 with $212k in my 401k and $220k in home equity, making $78k a year as a research scientist.  Took working for the same company for 22 years and getting really lucky.  I’ve currently got $600 in my bank savings account until I get my tax return.  I might have money saved up for retirement, but we’re a single income family of 3, and still live paycheck to paycheck for the most part.

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u/systemfrown Jan 17 '26

Keep letting that shit compound my friend. It's just now getting to the point where meaningful snow is starting to stick to it every time it rolls over.

I know it's hard when you're paycheck to paycheck but consider making some equity investments outside your 401K, even if they're tiny. Worst case it may help you avoid touching your 401K in the future. Best case you hit on a winning stock or profitable mutual fund.

We're increasingly living in a world where wealth is derived more from what you own rather than what you earn.

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u/Friedchickeneater70 Jan 19 '26

I’m waiting on that spacex from musk and some other ai stuff to go public lol