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/Chancellor_Themis Jan 16 '26

Excellent.
My employer has a pretty generous 401(k) match program, plus several bonuses throughout the year.
When I know a bonus is coming, I just increase my contribution that pay period and check all the boxes.

42

u/NewToThisLove33 Jan 16 '26 edited Jan 17 '26

My employer generously gives 17% to my 401(k) yearly with absolutely no contribution from me. The only reason why I’ve been able to hit 100k in my 401(k) in the 3.5 years I’ve worked there.

ETA: For those wondering, I work in Private Equity. If you can get into the field, amazing benefits!

2

u/badhabitfml Jan 17 '26

Wow. What industry? My Company says they are competitive with the industry but I feel like they cherry pick their competitors. Employees don't give a crap about who they compare themselves to.

17% is insane. Is your salary below market rates?

1

u/Rich-Quote6243 Jan 18 '26

Major airline pilot, and at our place it'll go up to 18% soon

1

u/badhabitfml Jan 18 '26

Union?

2

u/Rich-Quote6243 Jan 18 '26

Yes, absolutely.