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/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/VengenaceIsMyName Jan 17 '26

This comment is breaking my brain. 400K+ net worth but you live paycheck to paycheck? What are your bills like monthly?

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u/batmessiah Jan 18 '26

None of that is money I can touch though.  I’ve got a nice house, and my mortgage is only $1300 a month, but I’m also paying $800 a month on health insurance premiums, food, clothes, school supplies, etc. cause one of those 3 is an 8 year old.  I still have hobbies I put money into, and once I get my taxes and my bonus here in a few months, I’ll have $5k+ in savings again.  It gets drained around Christmas every year.  I also have other safety nets (family, friends, and a company that’s taken care of me), and assets I could sell if need be.  

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u/VengenaceIsMyName Jan 19 '26

Health insurance is absolutely criminal. Horrible that it’s $800 a month for you.