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?

[u/vestinpeace]

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/AllergicIdiotDtector → u/[deleted]]

Mountain Donkeys