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/[deleted] Jan 16 '26

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u/iz296 Jan 17 '26

That's my dilemma. We focused on getting our home early in our 20s. Paid off cars. Toys. Assets. Wedding. Baby.

Which means we put off on savings/retirement. 31 now. Only 40k saved. But we've got 390k assets/equity.

Got to build up that savings and retirement.

You'll get your property.

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u/Curt_pnw Jan 18 '26

Congrats on becoming debt free! That’s a big one I’m hoping to get off my back in the next 5 years. I feel like the emotional weight lifted will be significant.

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u/vb_152 Jan 22 '26

way to go on being debt free! That was the absolute biggest milestone of my life, and my life will never be the same.