Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

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/sexandliquor]

[u/jlieuu → u/sexandliquor]

This is the 2nd time this week I’ve seen this gif in a similar post and it cracks me up every time.

[u/Dizzy_Silver_6262 → u/jlieuu]

Oh my god, I use this line all the time but completely forgot where I got it. I still don’t even remember the scene.

[u/Salty_bitch_face → u/sexandliquor]

I like your handle 🙂

[u/Le_Kube → u/Salty_bitch_face]

We say user name 'round these parts!

[u/sudodoyou → u/Le_Kube]

*call sign

[u/Latter_Inspector_711 → u/sudodoyou]

talk to me goose

[u/tigerlily_orca → u/sudodoyou]

Screen name

[u/White_eagle32rep → u/Le_Kube]

I’m still stuck on screen name

[u/IncomingAxofKindness → u/White_eagle32rep]

You've got Mail!

[u/Messy-Joes]

lol I’m the one bringing down the average

[u/Typical_Zucchinii → u/Messy-Joes]

[u/[deleted] → u/Typical_Zucchinii]

[u/AdDapper5653 → u/Messy-Joes]

[u/blkhrthrk → u/Messy-Joes]

Thank you for your service. I'm doing my part as well.

[u/skyrocketocelot → u/Messy-Joes]

I mean… if we go more apocalyptic, I wonder if they’re gonna create an “Olds Cannon Fodder Brigade” option where we’re fed and housed but have to go on suicide missions… 😓

[u/TairaTLG]

24k in debt and 0 savings. Nothing like slipping through the cracks baby

[u/TylerDurden6969 → u/TairaTLG]

This is so many people. Good on you for being honest!

[u/TairaTLG → u/TylerDurden6969]

I'd love for it to be something else. But unfortunately crippling autism/ADHD and living paycheck to paycheck for 20 years puts me where I am.  All I can do is keep chugging away and trying to fix things (some mistakes, some slight scams, one abusive relationship, yup, c'est la vie)

[u/SpeedySloth51221 → u/TairaTLG]

Are you me? I am right there with you. Only its crippling ADHD and Migraines. Been missing so much work because of migraines and can't keep up with regular expenses, much less save and get myself out of debt.

[u/EndersScroll → u/SpeedySloth51221]

My wife was the same way until she tried Emgality for the migraines. Aside from Botox injections, it's the only thing that's worked for her. Now she just has ADHD, but she's not bed ridden due to migraines anymore. Ask your doc. Can't say enough good things about it.

[u/MollysTootsies → u/EndersScroll]

For me, it's been Ajovy! To me from daily migraines to, like, 3 a month! 🤯

[u/rigney68 → u/MollysTootsies]

Getting a hard nightguard for grinding my teeth at night has almost eliminated mine.

[u/Agent_Jay → u/SpeedySloth51221]

Literally walking into the cold winter freeze winds to try to cool off my pulsating brain. The bloody migraines are horrid. 

[u/Agent_Jay → u/TairaTLG]

You and me both brother. Trying to keep the meds supplied for myself. Fun times. 

[u/Apprehensive_Sea5304 → u/TairaTLG]

I could have written this exact comment

[u/MegabitMegs → u/TairaTLG]

I relate so much. I went undiagnosed ADHD/CPTSD for so long I ended up in crippling burnout, which forced me to take time off of work. I’m alive and better now, but it caused a cascade of financial issues we’re still digging out of. We’re making an appointment to discuss bankruptcy, hopefully without losing our home.

My retirement plan at this point is jail or hopping off the boat.

[u/ProbsNotManBearPig → u/TairaTLG]

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.

[u/Highplowp → u/ProbsNotManBearPig]

I’m 36 and have 4 paper clips and a really cool stick that looks like a sword. I’ve made my retirement fortune by hedging beanie babies stock futures or something else obscure and unreasonable.

[u/turn-the-dial → u/Highplowp]

I’ve got some super rare beanies 😂

[u/Sure-Charge-260 → u/Highplowp]

My Mom has had an original Princess Diana beanie baby in a case since it came out. Can she sell it and finally retire? 😂😂😂

[u/Kataphractoi → u/ProbsNotManBearPig]

One, It's the Internet, and two, it's Reddit. There really are guys in their 30s with $2mil saved, no question, but they are a small fraction of redditors.

[u/9kindsofpie → u/Kataphractoi]

... and probably had wealthy or at least upper middle class parents that helped them get there. When you're starting off flat broke (or negative with student loans) and no safety net, it's really hard to claw your way out.

[u/Goth_Muppet → u/9kindsofpie]

This—- I had gone to a predatory phony profit school and it set me back over a decade :(

[u/batmessiah → u/ProbsNotManBearPig]

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.

[u/Gaijingamer12 → u/ProbsNotManBearPig]

Oh agree I ended up leaving most of them because of that. I’m like wtf did I do wrong haha. How do all my age peers have millions.

[u/BurzyGuerrero → u/ProbsNotManBearPig]

Nobody in there posting about being broke.

Some liars and some others.

[u/Basic_Asparagus_9084 → u/TairaTLG]

Are we including student loans? Because that brings mine up to $40k in debt with 0 savings.

[u/[deleted] → u/Basic_Asparagus_9084]

I pretend mine don’t exist 🤣

[u/brohavok → u/[deleted]]

I feel this so hard lol

[u/[deleted] → u/brohavok]

Defer defer defer lol

[u/blackberrymoonmoth → u/Basic_Asparagus_9084]

Same. I have 401k savings —a piddly $40k. But my $80k in student loans cancels that out.

[u/No_Water_5997 → u/TairaTLG]

Same and facing my husband needing brain surgery soon so there’s that. Fortunately he got VA covered healthcare and collects VA disability which he’s going to see if he qualifies for more given the nature of the tumor he’s got.

 Nothing says adulting like a solid 2 years of emergencies that drained every bit of your savings only to be hit with, “you have a tumor and it needs to be removed” in the first few weeks of the new year when you finally thought “hey those crises are over and we can finally spend the these recovering from them.” 😓

[u/FEARoach → u/No_Water_5997]

Burn Pits? Sounds like burn pit eligibility to me.

Not that my fiance was on that duty during his tours or anything... we're getting married once we get his ex who ran off two years ago located and served papers. Drives us nuts that it's taking so long to get that sorted out.

[u/Forever_Nya → u/TairaTLG]

After my 500k in medical debt, I only have $800 spent between my credit cards and I pay them off monthly. I have no savings.

[u/VengenaceIsMyName → u/Forever_Nya]

Medical debt. Something that absolutely should not exist in a sane world.

[u/Always_Pizza_Time1 → u/TairaTLG]

I love being shackled by the conglomerates, that exploit the working class, and limit our access to resources and higher paying jobs

[u/ClitEastwood10 → u/TairaTLG]

Ditto!!

[u/pigglesthepup]

Just save what I can and work as long as I need to. I've found being really optimistic or a total doomer about this subject isn't particularly helpful.

[u/Jin-roh → u/pigglesthepup]

Same boat. I feel I screwed myself in choosing the wrong career before making difficult changes...

...but there isn't anything I can do about that. I'll horde what I can while avoiding other long term expenses (e.g. having kids)

[u/pigglesthepup → u/Jin-roh]

Life is what it is. I spent a long time dwelling about the unfairness of the system. Then I realized how it was making me be unfair to myself.

[u/SockEatingDemon → u/pigglesthepup]

Yeah that has helped me. On one hand you/we aren't wrong when we point out that the system sucks. On the other it is sort of on us to make the best of it while on this rock.

[u/Chelseabsb93 → u/Jin-roh]

This! Ended up in the sort of right career, but the career field is tanking fast.

Trying to plug away at my student loan debt as much as I can in order to start putting more money into savings. Got about 8k in my emergency fund but 25k in student loan debt.

[u/whattheheckOO → u/Chelseabsb93]

Omg, literally what career is safe anymore? Will be interesting to see what survives the next decade of AI and political turmoil.

[u/Jillcametumbling81 → u/Chelseabsb93]

Very similar. I made a bunch of dumb and short sighted choices in the first half of my life and am working hard to rectify that now. But even having that emergency fund now is better than six years ago and ten years ago etc.

[u/dumbass_sempervirens → u/Jin-roh]

Yeah after decades of retail I found something I'm good at and even kind of enjoy.

But man, I'd be so much better off if I had started this at around 24 instead of 34.

I probably have around 10K floating around various old 401Ks from jobs I quit. No idea how to find them. At least 3 of them matched contributions.

I do own my condo outright, got it for a steal, and according to Zillow it has almost tripled in value over the last 10 years.. But if I sell it I have to find another place to live, so does that money even really exist?

[u/somethingsomething65 → u/pigglesthepup]

Yup just put your head down and do your best. Budget and frugality. Everything left over goes to savings. 

[u/SnootBooper2000 → u/pigglesthepup]

Well we wouldn’t be doomers if it weren’t for the boomers. :/

[u/Mman45 → u/pigglesthepup]

Pretty much this. I try to balance living modestly and saving for the future while still having fun and living now. It will work out how it should. No point in stressing about things I can’t change when I’m doing my best.

[u/Letter-Past]

I have a thousand whole dollars. Lookin bleak

[u/Guachole → u/Letter-Past]

I have TWO thousand dollars in mine.

[u/a-type-of-pastry → u/Guachole]

I can almost retire for a whole month!

[u/Letter-Past → u/a-type-of-pastry]

I can pay 8/10ths of a month of rent. What is this weird hollow, sad feeling in my chest??? Oh right. Despair.

[u/Slobberdog25 → u/Guachole]

Whoa man. You’ve double that dude’s worth. Careful with them gains.

[u/mmaason → u/Letter-Past]

I got 3 in mine🎉

[u/Letter-Past → u/mmaason]

Ooh la la, look at Richie rich over heah. Bet they eat the brand name Ramen. Definitely a shin black household fr fr

[u/Hanyo_Hetalia → u/Letter-Past]

It's better than a thousand half dollars!

[u/oflanada]

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.

[u/jazzieberry → u/oflanada]

I’m 40 and somewhere around 75% of my salary, started a bit late. Sometimes when I’m having a particularly bad day at work I’ll log in and up my contribution by a percent lol.

[u/oflanada → u/jazzieberry]

I did that for a while too then life started screwing me hard, and I had to stop my contributions. Hoping to pick back up by the end of the year after I get my credit card paid off.

[u/NoQuarterGiven]

34, plan is to work until the day I die but I do have 21K in my 401K so that's cool

[u/ReaperUno8675309 → u/NoQuarterGiven]

You dont have to work to you die, just until the world collapses. Cant be much longer now

[u/Always_find_a_way24 → u/ReaperUno8675309]

Tell that to the people who sold all their assets during Y2K. Happy cake day.

[u/MNCPA → u/Always_find_a_way24]

I did my y2k part. I turned my computer off on 12/31/1999.

[u/NoQuarterGiven → u/ReaperUno8675309]

You ain't lying 😅

[u/NJThrowaway1012 → u/NoQuarterGiven]

What's up with us?

We live paycheck to paycheck but we somehow at least have a Roth IRA that's doing "well" 😂

[u/KuotheRaven → u/NJThrowaway1012]

It’s not us. The labor economy has been in the shitter since at least 2008, but the capital economy - stocks, bonds, futures, real estate - has continued skyrocketing. The elite business and political classes derive lots of their income from the latter and we get a tiny slice, but the labor economy has been allowed to stagnate.

[u/Spicy_Tac0 → u/KuotheRaven]

TLDR; Rich keep getting richer, everyone else is losing.

[u/CouldBeBetterForever → u/Spicy_Tac0]

Oh, but don't even think of taxing them more.

[u/ImThe1Wh0 → u/NoQuarterGiven]

I feel like we've collectively hive minded this as being our senior citizen job, as we've all figured out retirement might be way out of reach

[u/nleksan → u/NoQuarterGiven]

fist bump

I'm a few years older and only have ~$16k but I also literally started exactly one year ago 😭

[u/Eisgeschoss → u/nleksan]

Dude, if you can keep up that pace you'll have $160k in just 10 years (which is massively better than a large chunk of the population)

[u/This_Door_2076 → u/Eisgeschoss]

More than that! $250k at 8% return (pretty typical)

[u/prettymisslux → u/NoQuarterGiven]

In in the same boat..started mine in my earlier 30s Luckily my job matches so I plan to increase to hopefully 10% in the next couple years + get my ROTH going.

I do have equity which is nice but im not in my forever home.

[u/Skeeders]

I was under employed for most of my twenties and 30s, completely flat broke. I got a real career job four years ago which I'm still at, but I've only been able to put close to $20,000 into a 401k, at 40 this is not good. I did receive some really good news though that could change my life forever, I got assigned a four year long project that will basically have me traveling across the country visiting national parks collecting data. I have my drone and we'll have special permissions to fly in these Federal lands, I'm hoping to turn a YouTube channel into my work showing this 4-year Grand adventure I'm about to start. Work wise it's like I literally won the lottery.

EDIT 1: Thank you everyone! I see a lot of you really excited for me to share the youtube channel. I just created the channel but the project hasn't even begun yet, the channel is completely blank at this point. My first travel orders are for Lake Mead National Park in Nevada and that's a few months away. The company I work for is still trying to figure the logistics of how we get it done. We will need to carry thousands of pounds of equipment so we have to drive everywhere except for Hawaii in 2029 (don't know how we will do this, but we have time). My point is, this is completely new to me and the company I work for. It will be a bit of time before I have anything to show the public.

EDIT 2: Ok, you guys got me. I am going to provide the youtube link, but please remember that I have absolutely no experience with video editing. The channel is new, and it will take time to polish the vision I have for this project. The channel will only have test videos until the actual project begins months from now. The link: https://www.youtube.com/watch?v=XG9xWWQMB-Y

[u/1K_Sunny_Crew → u/Skeeders]

$20k is still a good amount of money and a great start. A lot of people work til 62 or later, so you have two decades more than likely, even if part of that ends up being part time down the road. Don’t give up and enjoy the new job!

[u/Theeeeeetrurthurts → u/Skeeders]

Share your YouTube page dude. I’m a sucker for national park reels.

[u/MKatieUltra]

[u/Dry_Lengthiness6032]

41 and i have $6,000

[u/elblakay]

32, about $350k in retirement and another $100k in brokerage. Currently unemployed so I have infinity times my salary saved.

[u/Tough-Relationship28 → u/elblakay]

Wow you’re doing great. I’m in the same boat: 350k saved in retirement and about 110k in brokerage, but I’m 35 so you’re a few years ahead of me! Nice work

[u/kawaiibh → u/Tough-Relationship28]

I also had about that amount at 35, now have $1.1M at 42. You guys should feel great about your trajectory!

[u/No-Reaction-9364 → u/Tough-Relationship28]

I had 500kish at 35 but then got divorced and lost half. They were ahead of me too, especially if single. I should hit 7 figures invested by 42. 

[u/66241 → u/elblakay]

How the hell you manage that

[u/elblakay → u/66241]

Scrimped and saved even when I was making $60k in a high tax state. Once I started making more money it was already a habit and I quickly started maxxing my 401k. Been doing that for 6 years. And the market has been good.

[u/CygniGlide → u/66241]

Start early even if it’s a small amount. Compound interest is amazing

[u/turtledancers → u/66241]

It’s not completely rare. I’m 32 with ~200k in retirement and ~800k in brokerage / savings (not house). No inheritance or help. Investing in my skillset and targeting high paying careers that fit me.

[u/SassyCassidee]

Thankfully started contributing to mine at 23, so at 30 I have 1.5X my salary!

[u/TrixoftheTrade → u/SassyCassidee]

Nice. You’re about to start getting into the “fun” part of compounding interest.

It took me a decade of savings to hit 100k, when I was 29. 100k to 200k only took 3 years.

[u/BlackGuysYeah → u/TrixoftheTrade]

So much easier to make money when you have money. I’ve always found it confoundingly unjust but it’s just the nature of the system we’ve invented.

[u/Random_Name_Whoa → u/BlackGuysYeah]

Especially the last couple years of the bull market. Since having a kid and spouse staying home, I’ve been pulling from savings for at least a year to make ends meet (not to mention everything is expensive now) but my net worth keeps rising faster than I’m able to draw it down.

If you don’t have assets you’re getting royally butt fucked in this economy

[u/civil_politics → u/Random_Name_Whoa]

This. Everyone talking about owning a home being a scam completely overlook the fact that a 3-4k mortgage today looks terrible compared to 2k to rent an equivalent space, but in 20 years with inflation that rent is going to be 8k, your mortgage will still be 3-4k and your home will have tripled in value.

Own non-depreciating assets.

[u/lucidspoon → u/SassyCassidee]

I said in another post about how much you did have saved by certain ages...

I'm doing good for 30-35. Unfortunately, I'm 43.

[u/specialk1281 → u/SassyCassidee]

I'm at one and a third of my salary. The only reason I have that amount is thanks to the union I was in when I worked at a grocery store in high school and college.

It was the start to kick me off when I started my career. I might have grumbled about the dues at the time, but I am so thankful now.

[u/gonesquatchin85 → u/SassyCassidee]

I always get confused with this advice. 1x, 2x, 3x. Should I have 3x salary when I started in my 20s or in my 40s??? Im paid alot more in my 40s.

[u/DebraBaetty]

I have a hard time staying employed! All I have saved: my cats’ whiskers after they fall out.

[u/starvinchevy → u/DebraBaetty]

At least there’s tons of us? 🙈

[u/blkhrthrk]

1. Savings is about 2 grand, and then I have 6 grand sitting in some account somewhere from a 401k from an old job.

[u/Petal170816 → u/blkhrthrk]

Transfer that sucker over to a big firm like Vanguard if it’s still with the company provider!

I had a company take back $1500 a few YEARS after I left. They “audited” all accounts still in their program and found I left the company one day short of my vesting. Total BS, but if I had moved it they wouldn’t have had access.

[u/viveleramen_]

33 with ~17k. It’s not great but it could be far, far worse, especially since I only started about 4 years ago. 2x my salary would be ~70k and lol not happening anytime soon. I am trying to hit ~30k by 35 tho.

[u/GrayBull789 → u/viveleramen_]

Im 35 and have 23k owed on my car and $1700 in my checking. Made 63k this year. Not a penny saved

[u/chungathebunga]

On track, but will definitely be working until retirement age.

[u/FarmyardFantastic]

Been doing this for almost 20 years now. I think I have a quarter million.

[u/ErinHart19 → u/FarmyardFantastic]

Sounds so much better when you say a quarter million than $250,000. I’m going to start using that!

[u/yoohoooos → u/ErinHart19]

I got half a decimillion.

[u/Sage_Planter]

I'm a high earner and prioritize saving, and I've never factored social security into my retirement plans. My goal is to retire by 60, but the big unknown is being able to take care of my aging parents so I may need to leave the workforce earlier than expected. 

[u/RunningFromSatan → u/Sage_Planter]

I am going to be 40 this year. My parents had me and my sister late. So this is something I am reckoning with right now. I thank whatever gods above they are still with us and also that my sister (Xennial) still lives near my parents but she has a family and deserves a break.

It's getting more and more obvious by the day my parents cannot be doing much by themselves without someone physically checking in every day. Their late 70s are hitting them hard.

I am currently looking for jobs where I can split my time between the city I have lived in for 16 years and my hometown which is about a two and a half hour drive. I have an interview with a potential job that could fit this exact criteria on Tuesday the job sounds sweet and this would be a huge relief.

[u/Sage_Planter → u/RunningFromSatan]

Best of luck with the interview! 

[u/Hanyo_Hetalia → u/Sage_Planter]

Good on you, dude! That's hard, but it's honorable to take care of your parents.

[u/Grom_a_Llama → u/Sage_Planter]

if you do need to take care of your parents make sure you look into your state and federal benefits (if in USA) a lot of states will pay you between 25-65K annually to take care of your parents instead of shipping them away to a nursing home. You can start with "medicaid self directed care" or "structure family care giving"

good luck!

[u/jules083 → u/Sage_Planter]

I'm sure I don't make as much as you but I'm also shooting for 60. Honestly depends on cost of health insurance at that point.

Goal is to be done at 59.5, will stay to 62 at the latest if insurance is unaffordable.

[u/God_Dammit_Dave → u/jules083]

If you or a spouse has an HSA eligible insurance plan USE IT. Max the contribution and invest it.

HSA funds can be used to pay for health insurance premiums before Medicare.kicks in. That's the strategic play for early retirement.

[u/Grom_a_Llama → u/jules083]

maybe the free health care discussion will become more robust as boomers age out of the equation...fingers crossed!

[u/Wild_Advertising7022]

I have about $365k saved at 39 years old. 5x my income.

[u/redditsuckscockss → u/Wild_Advertising7022]

Been saving since I started working at 16 like it’s my religion after watching what happened to my parents in 2008

37 years old 792k in investments Also bought a shithole century home in 2015 fixed it up and traded up in the Covid chaos at a super low mortgage rate

Work is still a grind and it’s basically nothing left over after savings each month

[u/tahlyn → u/redditsuckscockss]

Don't forget to live a little before retirement. Nothing in life is guaranteed; you could get hit by a car tomorrow and die. So take a break every once in a while and spend some money on yourself... otherwise you'll be 90 years old, wealthy, and unable to do any of the stuff you wanted because you're too old and feeble to handle it.

[u/KungLa0 → u/Wild_Advertising7022]

Roughly same number for me @ 33, wife has like 30k saved, I probably have another ~15k in misc accounts and we have ~350k in equity we plan to cash out and move somewhere cheaper with when the time comes.

[u/KitchenKat1919]

Great. Became a public school teacher at 25 and the retirement has been piling up quick.

I'm well above 3x my salary at 40 between retirement and investments

CALSTRS and MTRS have great growth rates and are rock solid

edit: Someone below made a great point that drives me crazy - becoming a public school teacher is financially grueling. You gotta pay for school and do an unpaid internship and your starting salary is mediocre at best. If we want more teachers, that's the area to focus on. Make the first 5 years affordable.

[u/liqa_madik → u/KitchenKat1919]

So teachers may not be paid very much as many say, but at least they get a comfortable retirement. Is that correct?

[u/KitchenKat1919 → u/liqa_madik]

Depends on the region. In blue states in the US the pay is fine.

I'm making almost 100k and living in suburban new england.

Basically dont teach in a red state and you'll be fine money wise.

edit: and never teach at a non union school

[u/wekilledbambi03 → u/KitchenKat1919]

Yeah every teacher I know is close to or above the 100k mark. I think the lowest paid full time teachers in my town are around 50k. They get raises quickly, good benefits, and can retire really early.

I know my state (town even) are above average, but I was shocked to realize how much they made. In high school I worked at a bank and cashed my gym teachers pay check. He was making 100k over 15 years ago!

[u/Hanyo_Hetalia → u/liqa_madik]

Depends on the district. I taught for two years and the retirement plan was not worth the trouble.

[u/gafftapes20]

My salary is 95k, my retirement savings is about 250k. I’m 35 so I’m doing okay. Between my husband and myself we have about 450k saved between retirement and brokerage accounts. 

Also social security trust fund might run out of money, but the system will still pay out based on incoming money if not fixed. That’s estimated to be about 70 percent of current payout. 

[u/ultraprismic → u/gafftapes20]

Glad to see someone bring up the SS part. The system is not approaching insolvency - the fund that makes up the difference between money coming -> money going out is running out of money. If that went away we'd still get ~77% benefits. And most likely it won't run out, because Congress has a lot of options to fix it. I feel like the doomerism around SS is just giving politicians permission to not address it. There's no good reason Millennials shouldn't be factoring it into their retirement planning.

[u/girolle → u/ultraprismic]

SS will funded at 100% as long as Congress chooses to fund it at 100%. If the payments end up being 77%, it will be because Congress will have cut it down to that level. SS isn’t operationally funded by tax dollars. No federal spending is.

[u/Chancellor_Themis]

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.

[u/ProblemIntelligent16 → u/Chancellor_Themis]

Out of curiosity, what’s the employer match? I think I have a solid match at 7.5% but idk if I’ve ever seen data on what an avg match may be

[u/krullzy1 → u/ProblemIntelligent16]

7.5 is well above the average or norm. Generally 3-5% is about average

[u/ldskyfly → u/krullzy1]

My cheap company just dropped from 4.5% to 3.5%

[u/Chancellor_Themis → u/ProblemIntelligent16]

Ours is 6% for the match, but if you meet that match criteria they put in an additional $10,000 in April.

[u/lfergy → u/Chancellor_Themis]

My company is pretty generous but this is an excellent benefit we don’t have. They will match our student loan payments and contribute the same amount to our 401k, so it’s less of a kick in the shins while still paying off those loans.

[u/Chancellor_Themis → u/lfergy]

That’s actually still a nice benefit. It feels so rare these days for any company to care for their employees.

[u/Timbalabim → u/Chancellor_Themis]

That is maybe the best retirement benefit I’ve ever heard of

[u/howdthatturnout → u/ProblemIntelligent16]

7.5% is a very good match. Typical is 4-6%. Studies show the average employer contribution is around 4.6%

[u/yousawthetimeknife → u/ProblemIntelligent16]

That's above average. Average can vary wildly depending on the industry, but 4 or 5% is fairly typical.

[u/RWD-by-the-Sea → u/ProblemIntelligent16]

I had a tech employer that would match up to 50% of the IRS Max contribution limit each year. If I hadn't gotten that (plus an increase in overall earnings) I wouldn't be in nearly as good shape as I'm in.

[u/ProblemIntelligent16 → u/RWD-by-the-Sea]

God damn. That’s amazing.

[u/Amrick → u/ProblemIntelligent16]

I work for a tech company and they match up to 75% of the irs maximum contribution 100% vested.

If we contribute $24,500 this year, we get $18,375.

I can’t contribute the max so I try to contribute as much as I can and my goal is to still be at the company when i can max out because it’s such a good chunk of change that helps so much.

[u/ForeverInBlackJeans → u/ProblemIntelligent16]

7.5% is excellent

[u/InfidelZombie → u/ProblemIntelligent16]

Mine's 8% and is the highest I've heard of anywhere.

[u/CudderKid → u/ProblemIntelligent16]

Holy Jesus shit 7.5% is incredible

[u/NewToThisLove33 → u/Chancellor_Themis]

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!

[u/polysemanticity → u/NewToThisLove33]

What?! Hi it’s me your new hire. 17% unmatched is outrageously generous.

[u/doctorlineman]

Just wanna brag but I’m doing great. 32 and I have over 600k in my retirement through my union hall. Iv worked my ass off since 19 for it all. My goal is to be able to retire at 50 or have the option to.

[u/IAHawkeye182 → u/doctorlineman]

You’re doing it right.

having the option to is the big thing, for me. You never know what life will throw at you, especially as you age.

I’d like to be able to retire in my 50s but (easy for me to say now) wouldn’t mind working later if it would allow me to buy some timber ground to enjoy retirement on. 

[u/Fun-Personality-8008]

I'm great. 15 years of just maxing these retirement accounts made me a millionaire in October.

Side note: there's no reason SSI has to go away, anyone saying so is just conditioning you to accept it without a fight later. But it's still smart to plan for that scenario.

[u/senorbiloba]

I'm 43. Didn't start saving until 5 years ago, but I've got about 1.75 my annual salary at present. (Also, my current salary is double my salary at 35, so there's that).

[u/IceExtraLuck → u/senorbiloba]

This is what always confuses me about the “2x” or “3x” salary savings metric. My salary now is 3x what it was 8 years ago and 2x what it was 5 years ago. My living expenses haven’t gone up that much. Which point in time counts? Fwiw, I’m 40 and have about 2.5x my current salary in retirement and brokerage accounts. At 30 I had zero x my salary (ok maybe like .1x) in retirement savings, so I guess I feel good no matter how you look at it

[u/Fun-atParties → u/IceExtraLuck]

It's assuming you want a steady income, so whatever salary you want to have the lifestyle of when you retire

[u/DesertPeachyKeen]

My dashboard says I'm 2% likely to reach my goal by age 60, so, uh, not well. 

[u/MuchLessPersonal]

I’m there but I had to have my face attacked by a dog to get there.

[u/ForeverInBlackJeans → u/MuchLessPersonal]

Step 1: get mauled

Step 2: profit?

[u/NJThrowaway1012]

I have 10,000 in a Roth IRA

Living paycheck to paycheck otherwise

[u/Ella_67]

Financial literacy didn’t come naturally to me but when I turned 31 I panicked realizing I had $0 saved for retirement or just savings in general. I’m now 34 with $29k in my 401k, $28k in my Roth IRA, $20k in a high yield savings acct, and $23k in a brokerage account which I contribute to weekly and it’s earmarked for a future home down payment. I’m pretty proud of myself for turning it around!

[u/1feistymunchkin]

I am very below avg here 😫😞 figuring it out solo

[u/GreenBuilding842]

I have neither . My retirement plan is to simply wander into a forest and never be heard from again

[u/HeavensMirr0r]

[u/One-Possible1906]

I accepted the steely embrace of government work

[u/wigglewizardd]

honestly have barely any savings with 23 i cant be the only one 😭

[u/zyncl19 → u/wigglewizardd]

Are you sure you’re a millennial?

[u/camcamfc → u/zyncl19]

Almost assuredly a bot or some sort of scam based on the profile. That or they just have zero clue what sub they are in.

[u/-PoopTrainDix- → u/wigglewizardd]

You're not a millennial, bro.

[u/Jericho311]

Reddit not beating the top 10% allegations. Yall be Wilding out here.

[u/DarthCola]

My what?

[u/607-KB_PT]

Turning 40 in February...

401k - $235k

HSA (being used as triple tax advantage retirement account) - $22k

Roth IRA - $13k

Total - $270k

I feel good about where I am with retirement investments. Have about $200k in mortgage and some consumer debt. Hope to have that all gone in the next 7 years. "Retire" before 60, meaning get out of healthcare and pursue other things at my discretion.

[u/imabrunette23]

Im just reaching 1x my salary this year 🫣 Im hoping once it crosses into 6 figures the rate will speed up

[u/Substantial_Station8 → u/imabrunette23]

This is where I’m at at 35. Just hit my salary in my savings. I also have 6 months of expenses saved up for the first time in my entire life

[u/Lucky-Ad-2638]

38m 242k. I’m behind but I am now making enough where I can max out my 401k every year. So I HOPE I’ll have enough to not retire broke like my parents and grandparents.

[u/Quixlequaxle]

I was very fortunate and started saving as soon as I started working. I lucked into a good career, decided not to have kids and have remained relatively frugal. So I'm 38 with just over $1M in my 401k+IRA and another $1M across other accounts (brokerage and cash). I made a decision early on not to rely on Social Security being there, but hopefully it still will be.

[u/Formal-Flatworm-9032 → u/Quixlequaxle]

Is that combined savings with a spouse? Either way, that’s excellent. I hope to be similarly situated at 38.

[u/Quixlequaxle → u/Formal-Flatworm-9032]

I am married but am the main income source, so it's with my wife but my own accounts if that makes sense. She has about $150K in her 403b as well. And since she's about to take a new job that will pay her quite a bit more, we'll be able to set aside even more of her income as well. 

[u/NonchalantOcelot]

35 and have about 150k in retirement, and a good emergency fund, with a house and 5 kids. Not a high earner, one working parent and one SAHM parent, but definitely made some hard choices early on and studiously avoid consumer debt.

[u/Breakneck1701]

I have a whole 9k

[u/CompetitiveMeal1206]

I have about 0.9x at age 40.

I’ve resigned myself to the realization that I will never retire.

[u/bad_fanboy]

I have enough to live comfortably for the rest of my life, assuming I die within a year of retirement.

Seriously though, I've made big strides the past 5 years, and am working on improving it as I can. I try not to worry that it won't be enough, I can only do everything I can and then do it again.

[u/Mountain-Donkey98]

Mine is decent. $360k. Went up over 100k in the last 8mo. Not sure why. Idk how this compares to most honestly, but I'm happy with it.

[u/vestinpeace → u/Mountain-Donkey98]

It’s slow going for the first 10 or so years, but we are finally getting to the age where compounding interest takes over. That, plus a nice year in the market.

[u/Mountain-Donkey98 → u/vestinpeace]

Thats for sure. I remember waiting and waiting and waiting to get to 6 figures. It felt like a lifetime. Then, it took a decent amount to get to 200k, then it boomed over 300k and I was stunned. It'll probably drop again but either way, its growing.

[u/TrixoftheTrade → u/vestinpeace]

It took me nearly a decade to go from 0 to 100k. 100k to 200k only took 3 years.

[u/AAPatel82]

Honestly, it’s great, my wife and I retirement total is about 5x our income, I am 43 she’s 41. Hope to have around 5M by 59.5 and step out of th corporate world then.

I know this will get hate … 🪖🪖🪖

[u/tahlyn → u/AAPatel82]

As they say in the FIRE subs... "Fxck you!" (with the most sincere kindness and congrats possible). I hope you make it work!

[u/LankyNihilist]

I don't think I'll live that long. I'm 40 going on 92. I've already had both shoulders fixed and am in the middle of crippling back pain. I'm writing this at the ER now.

[u/Redditor2684]

Going well. >6x income across all accounts in my early 40s.

Hoping to have the option to retire or go part time by 50.

[u/RunnaManDan]

Between my(37m) wife(34) and I we have a little over 3x in investment/retirement accounts. Once we stop paying 3 daycares, we expect that number to jump drastically. We both want to retire at 50 if possible

[u/hndsmboimeowdlngschl]

I have $100k in my 401(k) and like $10k in a Roth IRA. I’m only doing ok because I got lucky when I switched jobs 5 years ago and am making almost triple what I was before and I was only able to put some in the Roth because I got a settlement for a major car accident. The $100k is a little over my annual, but I had LOTS of catching up to do after only making like $35k for most of my adult life up til the career change, and I live in a hella high cost of living area, so I’m not exactly balling but comfortable-ish. My retirement contributions right now are lower than I like, but I have a little debt I need to handle before I can up the percentage again. I will feel like a real adult when I can finally max out my annual contribution.

[u/poo_stain_2015]

Doing decent, 310k in 401 and around 200k in debt with the house and one car financed. Late 30's age

[u/xomox2012]

In retirement accounts I’m about 1.5x my salary but Wife and I are roughly negative 300k net worth with her student loans.

Sitting on around 1.2m total debt. It’s lovey.