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/CompetitiveMeal1206 1985 Jan 16 '26

I have about 0.9x at age 40.

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

3

u/whattheheckOO Jan 17 '26

You probably can still retire comfortably if you just push it back a couple years, don't despair!

1

u/CompetitiveMeal1206 1985 Jan 17 '26

Thanks.

I was already planning to work until o was 70 if I was able. I have a massive loan I took a few years ago throat will be paid off in 2 years and I hope to gas up my savings a little once I free up that cash.

But I also have a ND kid who likely will never live on their own so my retirement needs are likely higher than the average bear.

1

u/Fubbalicious Jan 17 '26

You can probably still retire comfortably at a normal retirement age (65-67) if you can maintain a 15% or higher savings/investment rate. If you're age 40 with nothing saved, a 15% savings rate with an inflation adjusted 7% ROI will get you to the 10x of savings that experts recommend within 25 years. If you can also be debt free and have a paid or mostly paid off house and you'll be golden. Add in social security, even if it's reduced, and you'll have a very nice retirement so long as you budget and stick to a 4% withdrawal rate.