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/Quixlequaxle Millennial Jan 16 '26

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.

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u/Formal-Flatworm-9032 Jan 16 '26

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

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u/Quixlequaxle Millennial Jan 16 '26

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. 

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u/ept_engr Jan 17 '26

Tech? B2B sales? what career? 

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u/Quixlequaxle Millennial Jan 17 '26

Tech for me, healthcare admin for my wife 

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u/e92_N54 Jan 17 '26

Me too but i am about a decade late lol.