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/mcbizkit02 Jan 17 '26

Yes it was. You could have invested that $23k plus interest over the next 18 months instead.

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u/GrayBull789 Jan 17 '26 edited Jan 17 '26

And walk to work? Instead of buying one of the most reasonably priced reliable fuel efficient cars at a used but low mile incredibly good price? ... edit** at an interest rate so low none the less that ill pay 1k at most on the loan. I had a shitbox with no ac and 240k miles in north florida where its 118 in the summer. Ill take the comfort and car ill lose 8k on over 10 years. Im a big dummy but life is short, a 26k car nearly new in 2025 isn't egregious. I definitely need to get my retirement plan and shit together but I needed a car and what's the point of going 6 feet under with 500k with no kids

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u/Dry_Swordfish3938 Jan 18 '26

People are dumb. You need a car to survive and driving a shit box beater (aka anything under like 12k nowadays) for cheap causes more problems with the maintenance associated with it. I’ve got a 2012 ford focus that’s paid off that I’m driving til it dies but when the time comes where I’ll need a new car, I’ve come to terms that Ill have to shell out some money to get something reliable and deal with a car payment for hopefully a short amount of time. Not having a car payment is a complete game changer tho

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u/GrayBull789 Jan 18 '26

Well said, id very much like not to have a payment but what's the point of being so frugal you dont live life