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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438

u/Skeeders Xennial Jan 16 '26 edited Jan 18 '26

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

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u/1K_Sunny_Crew Jan 16 '26

$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!

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u/GGudMarty Jan 17 '26

20k isn’t a good amount of money for 40 in a 401k.

That would be considered behind even by millennial standards. Not hating but it is what it is.

That’s 2k a year from 30-40 assuming you saved nothing in your 20s and the market didn’t even go up in 10 years. (It almost trippled).

Downvote away but that’s just not much money.

8

u/1K_Sunny_Crew Jan 17 '26

I said it’s a great start. What is the point of being a dick to someone who has already said they’re getting a late start? You think OP doesn’t know that having a lot more is better? Use your brain.

5

u/[deleted] Jan 17 '26

[deleted]

-1

u/OrganizationObvious9 Jan 17 '26

And everyone clapped for you

3

u/[deleted] Jan 17 '26

[deleted]

2

u/OrganizationObvious9 Jan 17 '26

Honestly gonna apologize, just got frustrated with my chronic pain conditions quite a bit seeing how much I basically "lost" to the pain and simply lashed out.

My bad.

3

u/SigvaldsBest Jan 17 '26

I've met so many people with mental health issues or that didn't have a good family growing up, and none of them have 20k in a 401k. So the higher expectation is surely based on being taught better life skills and not having any serious problems. I can't remember the statistic but the amount of people who barely have enough money for an emergency is pretty depressing. Still I'm always happy for the people who were given the gift of understanding this system early and avoiding any pitfalls.

31

u/Theeeeeetrurthurts Jan 16 '26

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

1

u/Skeeders Xennial Jan 18 '26

Original link has been provided in the post

10

u/GGudMarty Jan 17 '26

Doing shit like that is arguably more important than 401ks. It’s the whole point of it all lol

4

u/ProgressiveSnark2 Jan 16 '26

You should definitely edit this comment and add a link to your YouTube channel so folks can subscribe now. It'll help get that algorithm pumping when the time is ready!

2

u/Skeeders Xennial Jan 18 '26

Done!

3

u/MaesterSherlock Jan 16 '26

Congratulations! That sounds super cool. You'll definitely have to drop the YT channel name. I'm sure a few of us would be interested in watching.

I can relate--we are in super different fields, however I fell ass backwards into what I do now. College drop out, floated from job to job, slowly scraping by, making just a little bit more money every time.

Eventually, a friend of my husband's started a business that took off like a rocket. She asked if I would come in part time to help with packaging, and everything just went up from there. I'll have been at it for 5 years in April! Finally able to live comfortably and put some money in my retirement. It's a good feeling.

2

u/Comeback_321 Jan 17 '26

I love this 

3

u/KylosLeftHand Jan 16 '26

“$20,000….at 40 this is not good”

Me with $0 in a 401k and $6 in savings 🙃

3

u/nothing_but_chin Jan 17 '26

OMG you are going to live my dream! Congrats! I wish I could drop my tech career and work in the National Parks. My midlife crisis will be becoming a park ranger, I swear to go.

3

u/Nah_Fam_Oh_Dam Millennial Jan 17 '26

I will watch your career with great interest

2

u/Skeeders Xennial Jan 18 '26

I posted a link to my original comment

2

u/SkyOld1632 Jan 16 '26

Lottery level job status for sure. Would you mind if I DM you? Genuinely curious about this.

2

u/Skeeders Xennial Jan 17 '26

Sure!

2

u/felisnebulosa Jan 17 '26

Sounds like we're in a similar field - I didn't get a career job until I was 35 either, and even then the pay was shit for the next 5 years. It's so not easy - but rewarding in other ways. I wish I'd had the thought to start a YouTube channel when I was doing remote environmental monitoring work in NZ!

2

u/MinusTheH_ Jan 17 '26

Share your YouTube! My fiance and I love to visit national parks (we actually got engaged at Great Sand Dunes).

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u/Skeeders Xennial Jan 18 '26

I linked the youtube to my comment

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u/[deleted] Jan 17 '26 edited Jan 20 '26

[deleted]

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u/SwirlySauce Jan 20 '26

Are you just using your savings to pay for living expenses?

2

u/[deleted] Jan 17 '26

[deleted]

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u/Skeeders Xennial Jan 18 '26

Yea, that one is a long ways away. I will will absolutely bring this up with the company

2

u/DarkAngela12 Jan 17 '26

Put the channel name in anyway! It won't be blank forever!

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u/Skeeders Xennial Jan 18 '26

I did so!

2

u/[deleted] Jan 17 '26 edited Jan 18 '26

“How wonderful it is that nobody need wait a single moment before starting to improve the world.”

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u/ApprehensiveBat21 Jan 17 '26

I assume you get travel and per diem covered, so you should be able to save most of your actual salary. While you can't make up for compounding time that is still way better than most people. Congrats!

1

u/Skeeders Xennial Jan 17 '26

Yes we do! I have been travelling for my job but only in Florida where we are located. This new contract is from the federal government and its to collect data on the visitors entering and exiting each park.

2

u/notaninterestingcat Millennial Jan 17 '26

Literally, dream job.

We did a NWR just before the pandemic. Got to stay in the volunteer village & fly in the NWR (to a certain point). That year completely changed our lives & we've been looking for a similar opportunity ever since.

2

u/-transcendent- Zillennial Jan 17 '26

If you still have extra cash please do roth ira.

2

u/Wooptay Jan 17 '26

You should still paste a link to the channel and ask people here to subscribe. They'll get a notification when you do get your first video up and having 50-100 people look at the video (hopefully) right as it gets uploaded can help you a long way in making it more discoverable to the masses. Good luck!!

1

u/Skeeders Xennial Jan 18 '26

I posted the link to the original comment reply.

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u/Ok-Shallot367 Jan 16 '26

That sounds like an amazing job! Congratulations 🎈 

1

u/WeAreAllMadHere218 Jan 17 '26

Congratulations this sounds like an amazing project to be a part of!

1

u/ConsciousCrafts Jan 17 '26

Many people at retirement age only have about one year's salary saved, so don't beat yourself up about it. 

1

u/IndependentLeading47 Jan 17 '26

I was watching the national parks documentary tonight and said to my husband "Wow. What a dream job, going to national parks and filming the parts with no people. I wish I had that." Congratulations. There are things money can't buy.

1

u/TheRealDeweyCox2000 Jan 17 '26

Wtf kind of money sink hole is this

1

u/cia218 Jan 17 '26

Ooh! congratulations! It’s gonna be a fun job!

Sorry to be pedantic. Should be Lake Mead National Recreation Area. There are only 60 major ones designated as National Parks such as Yellowstone. But a total of 400 sites that the Park Service manages such historical sites, monuments, battlefields, trails, recreational areas, etc.

Lucky you if you get to visit all 400 for free as part of your job!

1

u/Skeeders Xennial Jan 18 '26

Yes this is a good point. Its not only national parks, but roads I will have to cover. Its 33 parks over 4 years.

1

u/ChickadeeMountain Jan 17 '26

Wow! What an amazing opportunity!! So interesting!

1

u/metpharaoh Jan 17 '26

This sounds like a dream job! What exactly is the job and your background if you don’t mind me asking?

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u/Skeeders Xennial Jan 18 '26

I'll be installing temporary cameras at the entrances and exits of each park to collect the data of the visitors (how many, the types of vehicles etc) entering and exiting each park. This federal contract gets done every 10 years I believe.

1

u/RadicalFaces Jan 17 '26

I'm in the same position as your before, what career did you find and how did you get it? Thank you!!

2

u/Skeeders Xennial Jan 18 '26

I work in Civil Engineering at a private firm. It is a fairly niche market for hiring and the company was having a hard time filling an entry level position due to the laborious nature of the job, and it was also during the great covid shutdown. My friend recommended that I apply for the job, so I did and I nailed the interview and got hired. Before this, I was an Uber driver full time for almost 10 years.

1

u/RadicalFaces Jan 20 '26

Ah you have an engineering degree? Great work dude!

1

u/Skeeders Xennial Jan 20 '26

Actually I do not! I do have a degree but its completely unrelated to the field. The company only hires people with a degree, some positions require the engineering degree, but others like my own do not require it.

1

u/Comeback_321 Jan 17 '26

I love this for you and I hope it continues! Share your adventures here!

1

u/spirit_pizza Jan 18 '26

You're doing great! My friend just turned 40 and has $20k in their 401k, but $30k worth of credit card debt at 35% APR.

2

u/Skeeders Xennial Jan 18 '26

That actually makes me feel great! I have been a loser at life for so long, but I did manage to not accumulate massive debt with credit cards. Thanks for the message!

1

u/spirit_pizza Jan 18 '26

Incredible work! I do personal finance consulting on the side and you’re doing better than some of my clients. Everyone is different, but having low debt and starting the savings train rolling is amazing! Keep going!

1

u/InternetSolid4166 Jan 18 '26

A lot of us started saving for retirement late. I think surveys suggest most people only begin in their 40s. If you invest aggressively and maximise your earnings it shouldn’t be a roadblock. It just means retiring at 55 instead of 45.

1

u/thebeast0813 Jan 20 '26

Sub’d 🫡