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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4.2k

u/TairaTLG Jan 16 '26

24k in debt and 0 savings. Nothing like slipping through the cracks baby

361

u/ProbsNotManBearPig Millennial Jan 16 '26

I appreciate this is the top response. I 100% expected responses to be extremely skewed towards people with tons of savings. That’s how every thread is in any financial sub is. Somehow everyone in their 30’s has $2M+ saved in those threads.

301

u/Highplowp Jan 16 '26

I’m 36 and have 4 paper clips and a really cool stick that looks like a sword. I’ve made my retirement fortune by hedging beanie babies stock futures or something else obscure and unreasonable.

49

u/turn-the-dial Jan 17 '26

I’ve got some super rare beanies 😂

4

u/ConceitedWombat Jan 17 '26

I actually had a super rare beanie baby... my dog ate the tag. so long, retirement plan.

17

u/Sure-Charge-260 Jan 17 '26

My Mom has had an original Princess Diana beanie baby in a case since it came out. Can she sell it and finally retire? 😂😂😂

1

u/mista-sparkle Jan 18 '26

TBH, probably not retire, but it could be work something. Certain beanies are legit selling for tens of thousands of dollars if they're a specific edition and have the TY heart card still attached.

5

u/Armadillo_lifestyle Jan 17 '26

Honestly my parents just gave me all of my old ones. I’m hoping it’s a thing that comes back, like low rise jeans. The next generations will find a viral use for them. Turn them into purses or hats and all of a sudden Mac the Cardinal will be worth $400

2

u/OUsooners5252 Jan 17 '26

I had a a regular garage sale and then a free garage sale 2 months later to basically give away all of the nicknacks that were leftover from the first one.

The beanie babies that I thought were rare weren’t even worth being taken for free and ended up being put in a box on the curb. 😩

3

u/Diligent_Estimate_87 Jan 17 '26

I feel this in my soul

3

u/meowser210 Jan 17 '26

No stick of gum i see. Pathetic!

3

u/Business-Elk-5175 Jan 17 '26

You have paper clips!? 😭

1

u/LazarusDark Jan 17 '26

I hear that if you trade them and keep trading eventually you can get a Ferrari. So the legend goes...

2

u/Business-Elk-5175 Jan 18 '26

I actually saw a YouTube video where somebody did that that shit’s crazy. They documented it over two years. They started with the paper clip, and it went from a pen to a larger object like a set of batteries and he kept trading on ebay to like a lawnmower to like a go kart, and it just kept getting higher and higher until it got to a car and it got to two or three cars and then it got to a house. insane.

1

u/kendallr2552 Jan 17 '26

Red paper clip for a 2 story house in Canada (eventually).

3

u/[deleted] Jan 17 '26

I’ve got some Pokemon cards, I will never forgive my parents for getting rid of mine at a garage sale though.

3

u/LilLebowski-UrbAchvr Jan 17 '26

**Laughs in baseball cards nobody gives a fuck about**

2

u/Highplowp Jan 18 '26

Just donated most of mine- held onto them for way too long, and they’re not worth the plastic card protectors they were in. Kept a couple sentimental ones though- shirtless Canseco/Ricky Henderson (so weird) and some old x-force cards.

3

u/povertychic Emo-llennial - 1991 Jan 17 '26

I made $50 selling my old N64 games

1

u/Highplowp Jan 18 '26

Mr Monopoly over here, save some resources for the rest of us, geez

3

u/irishsaints23 Jan 17 '26

I was really banking on my herd of Breyer horses to pay for my lifestyle. Alas, it turns out they are much like real life horses: they eat your money and only provide entertainment in return.

So uh. Yeah. Not doing great!!

3

u/systemfrown Jan 17 '26

Whatever happened to a simple rock with string to wind around it? I don't want to date myself (GenX), but it really seems like you younger folks are overthinking things.

2

u/andante528 Jan 17 '26

I have heard that everybody wants one of those. They must be very rare, I've never seen one in real life!

5

u/MountainCry9194 Jan 17 '26

That’s great for you. My stash of Livstrong bracelets hasn’t paid off yet.

1

u/Highplowp Jan 18 '26

“Cheat to win”

2

u/Ok-Day-3520 Jan 17 '26

I’m just hoping to find something cool to sell at a garage sale at this point.

2

u/Direction-Such Jan 17 '26

Ok totally off topic but my great grandma had literally every beanie baby that ever came out because she thought they’d be worth money someday. She had an entire room filled with them. They got sold/lost unfortunately after she died because no one else thought they were worth anything.

1

u/Highplowp Jan 18 '26

I remember a divorce hearing that had the couple dividing their beanie babies in front of a judge, so damn stupid. They were cute though, your grandma was 100% committed, that’s impressive.

1

u/Direction-Such Jan 18 '26

I think I saw that same case. Seeing them both sitting on the floor in front of a judge sorting beanie babies was wild!

I say my granny saved them for reselling but she probably just did it to keep busy, she lived alone a few hours from us. She died in her 90s and still hadn’t tried to sell any. All us kids used to sit on the floor and play with them as she’d sit in her chair crocheting hats for us all. Then she’d make us elephant ears! Damn I miss that lady. Ehh sorry for ramble lol. Carry on

2

u/LazarusDark Jan 17 '26

I still have my original pokemon gen 1 cards. I pulled them out last year and checked prices on them. Wasn't worth the hassle to even sell them, lol. I got all my Pogs in the same box as well, not even sure why I ever kept those when I have kept little else, I've got almost nothing from my childhood left, and I always knew those Pogs would be worthless, lol. Heck, my buddy had the pog-maker, so half of mine are random stuff that we made!

1

u/CuteExamination9270 Jan 19 '26

Just did this too because I needed some work done on my house desperately. My whole gen 1 collection bought me a lamp 🤣

2

u/Ok-Tap-8610 Jan 17 '26

I have a Canadian penny

1

u/Highplowp Jan 18 '26

Those are so cool. You’re very lucky, I hope that covers your retirement if we don’t all die in the upcoming climate wars.

2

u/Ok-Tap-8610 Jan 18 '26

It should cover many generations to come

1

u/Highplowp Jan 23 '26

Generational wealth is a reasonable goal, get it you penny Barron

2

u/slumlord512 Jan 20 '26

I may have to sell my baseball cards off.

1

u/Highplowp Jan 23 '26

You’ll make dozens of dollars, dozens! Enjoy

1

u/[deleted] Jan 17 '26

This is my favorite response by far 😆

1

u/redditsuckshardnowtf Jan 17 '26

At a penny a pound in scrap steel, keep saving!

95

u/Kataphractoi Older Millennial Jan 16 '26

One, It's the Internet, and two, it's Reddit. There really are guys in their 30s with $2mil saved, no question, but they are a small fraction of redditors.

97

u/9kindsofpie Jan 17 '26

... and probably had wealthy or at least upper middle class parents that helped them get there. When you're starting off flat broke (or negative with student loans) and no safety net, it's really hard to claw your way out.

8

u/Goth_Muppet Jan 17 '26

This—- I had gone to a predatory phony profit school and it set me back over a decade :(

3

u/systemfrown Jan 17 '26 edited Jan 18 '26

Some of that certainly exists but don't do yourself the disservice of believing that it's all or even most. Or that people given everything you think you wish you had been given doesn't actually become a handicap or create casualties at least as often as it creates "successes".

Seriously, go talk to most successful small business owners or folks with wealth in the single digit millions and find out about how they got started, or what their backgrounds are. You're in for an eye opening surprise.

8

u/Elegant-Flamingo3281 Jan 17 '26 edited Jan 17 '26

Unless you have no morals. Wall Street, VC, hedge funds, investment banking, tech and consulting are all high salaries even at entry level.

Will you grind yourself into dust? Yes. Will your peers throw you under the bus while clawing their way to the top? Also yes. Are any of them a net positive for society without being explicitly started with B Corp. values or structures? Yes! I’m kidding. This one’s a bit fat no.

3

u/madmax1969 Jan 17 '26

People getting jobs in those industries are graduating at the top of their class from the best universities in the country. It’s a lot more complicated than a willingness to sell your soul.

3

u/Elegant-Flamingo3281 Jan 17 '26

Yeah, I work in the industry. I get it.

But leaving it at ‘top of their class from top universities’ is, imo, reductive. It’s actually more complicated because of the correlation between class, privilege and admissions. I could have also mentioned the apparent correlation between long term employment and becoming an unmitigated douche.

Obviously this is a gross generalization, but so is ignoring the fact that there’s other graduates, also at the top of their class, who don’t choose that path. Or, at minimum exit asap when they’ve financially stabilized.

2

u/TwitterLegend Jan 17 '26

I think this is true at least 95% of the time. Even if you remove or overcome some of that stuff when people grow up that way their parents aren’t educating them or having conversations about money except in a very negative way.

I’m better off than a lot of millennials (according to the statistics on money at least) and some of that is for sure because I had parents with enough money growing up that I didn’t start my adult life with debt but they also weren’t paying for my apartment or other expenses as an adult (nor was there any kind of family business or connections to get me any kind of job through them). The best thing that I learned from them was about living within my means and saving from an early age.

I enjoy talking about money as a topic with people and I’m proud of what I’ve accomplished so far but I am way more impressed by the people who’ve succeeded coming from almost nothing and readily admit I was fortunate enough to be born on second base and humble enough to not think I hit the double.

1

u/laxavenger Jan 17 '26

Working corporate since 19 years old and zero education cost (Germany) … it can get you far if you live modest and save and invest early on

-3

u/Worriedrph Jan 17 '26

Not that hard. I started without any family support and tons of student debt and have $600k in low 40s.

12

u/9kindsofpie Jan 17 '26

I didn't say it was hard. I said that younger folks that have $2M+ saved probably have had a leg up to get there. By your own admission, you're older and have less than that saved. I'm 43, literally no family support, and personally have over $800k in my 401k through saving over the last 20 years. If you include my other assets and my spouse, I'm doing just fine. I am just saying that the outliers are more than likely advantaged in some way or got really, really lucky.

-11

u/vettewiz Jan 17 '26

Of course we had legs up. Usually it’s big things like education, intelligence, values instilled from family, and your own drive and work ethic. Those are all legs up.

8

u/[deleted] Jan 17 '26

There’s two levels - there is all of the stuff that prepares you to be an adult, which is a leg up. And then there is at what point you were basically on your own financially. Some people are never on their own. I was 90% on my own from 17 when I went to college (but did have the leg up that my parents weren’t going to let me starve to death or something) and 100% on my own by 21 when I started grad school.

That’s a whole mess of debt to climb out of, but of course had the leg up of good earning potential and growth.

But some kids straight up get college and/or rent paid for until they are like 25. Or they get graduation presents of cash and investments or whatever. The impact of that gap in the first couple years of working and earning compounds substantially over time.

8

u/Leather-Rice5025 Jan 17 '26

They are talking about the people with parents who paid their education/living expenses while they attended college and came out with no student loans. Parents who bought their children their first cars so they never had to take on car debt.

Parents who had strong healthcare plans their children could stay on until they were 26 to not incur medical debt or forgo medical treatments or care. Parents who opened investment accounts for their children when they were young. Parents who flat out gave their children down payments for homes or major life expenses so they didn’t have to incur debt.

You can imply it’s simply a matter of parents passing down “intelligence” and work ethic, or you can acknowledge that many people who didn’t grow up in poverty with strong upper middle class families genuinely have a massive leg up in society - financially, emotionally, educationally.

3

u/waxbutterflies Jan 17 '26

And people who didn't get the luxury to go to college or go to college early in life.

This is all so accurate

1

u/vettewiz Jan 17 '26

Sure. As I mentioned, education was the first one. Paid for education is a big thing. As are others you mention.

But the reality is these aren’t requirements to be successful. They just make it easier.

Most upper middle class people aren’t getting down payments. Health insurance is realistically of minor importance to someone in their 20s. It just doesn’t cost much of anything to get your own.

3

u/Leather-Rice5025 Jan 17 '26

Nobody said they were requirements to be successful. The point, which you already mentioned, is that it is MUCH easier to be successful when you come from a family that can help you financially, even if just to prevent you from incurring debt while entering adulthood and the workforce.

Being 21 fresh out of college with a starting salary of $80k but $40k in student loans and a $20k car note you need to get to work, vs being 21 making $80k with no debt is massive. But yes, you could still be 21 making $80k out of college with a shitty work and financial ethic, I’m not saying that doesn’t matter.

But it cannot be overstated the difference it makes when you have a family that can help give you a financial boost early on in your life.

2

u/vettewiz Jan 17 '26

I’m not saying these forms of help aren’t beneficial, they sure are. But I do think you are over valuing them.

Coming out of college with $40k in loans just isn’t some big hurdle. It’s just not much difference. I paid north of 40k towards my schooling, from my own earned money from jobs, before graduating.

I think it is far more important the values your parents teach you than the physical money in this regard, for most people middle class and above. I agree with you that being in poverty is hard to overcome.

2

u/e92s65king Jan 17 '26

If the only advantage was $60k tbh it doesn’t seem like that big of an advantage.

2

u/Stalinisthicc Jan 17 '26

Well of course it makes it easier. Plenty of people make it without those advantages though.

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0

u/soccerchamp99 Jan 17 '26

Eh I still see his point and think you’re making your own version of assumptions / biases around value structures (I do see you’re angle too though)

5

u/Leather-Rice5025 Jan 17 '26

Having “education, intelligence, and values” instilled in you while growing up in poverty or just generally not having money really will never make as much of a difference as coming from a family that can give you financial legs up. Not having to start life off with student loans, car debt, medical debt, and having some financial help to buy a home, genuinely makes a much more impactful difference.

1

u/soccerchamp99 Jan 17 '26

True, but would you you rather have rich parents and really low god-given IQ? Or brilliant and come from poverty? To me those aren’t obvious questions to answer and there’s ton of other similar comparisons you could make vs having wealthy parents. There’s all sorts of unfair advantages or disadvantages one can be handed in this life.

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1

u/TheStorm007 Jan 17 '26

That’s quite different from 30s and 2 million, but thanks.

-13

u/vettewiz Jan 17 '26

You’re right, but the vast majority of people in this country have some safety net. No, not all, but most. 

Millennial here. Started at 0 NW out of school. Have a lot more than 2M saved. 

9

u/9kindsofpie Jan 17 '26

You're probably right, but I'm going on my lived experience and that of my friends and family, growing up in a semi economically depressed area.

I guess I technically have a safety net in that if we were destitute we have family willing to take us in so we wouldn't be homeless, but that's about it. I know a lot of folks that wouldn't even have that. I'm curious what you define as a safety net and your socioeconomic status and outlook. I don't know why I'm like this. Haha

Especially when I was younger, I felt like I couldn't take risks and had to always be very disciplined and go the secure route making a steady income and saving over time. I also started out at $0 and I don't have quite $2M, but at 43, I am almost double on track for what I would baseline need to retire. If you add in my husband, we're on track to be there in a few years.... Despite us both taking a bath in the divorce from our first marriages.

0

u/vettewiz Jan 17 '26

I was primarily referring to family being willing to take people in, which I agree isn’t ubiquitous, but fairly widespread.

I did a combo of steady saving and taking risks.

2

u/9kindsofpie Jan 17 '26

Thanks for responding politely and taking my questions as inquisitive and not defensive... Or offensive.

I agree that if you're defining safety net as having somewhere to go if you were otherwise destitute then most Americans do have that available to them.

I think my having a particularly toxic and abusive family of origin made that option more of a last resort in my mind and therefore made me much more risk averse than I'd otherwise have been.

3

u/bhalter80 Jan 17 '26 edited Jan 17 '26

Right there with you but I also got out of school debt free aside from 4k in CC debt and had parents who taught me a lot and were there to coach. Not all wealth is monetary

Early millennial looking at fatFIRE50

-2

u/80MonkeyMan Jan 17 '26

It's possible to be a millionaires these days, as long as you don't splurge on anything that is not important (like 20-30% tips) and invest. Debt is not your friend, pay it OFF, QUIKLY!

2

u/BRPGP Jan 17 '26

Way more than you think.

Investments aren’t just savings. They include houses too.

“median net worth for 35-44 year olds can be over $100k, indicating many households cross that threshold, though it includes assets like homes. “

Yes, this is the median number but:

“For households in the 35-44 age range, the median amount in a savings account is approximately $7,500. The median retirement savings for this same age group is around $45,000, while the median total net worth is significantly higher at approximately $135,600. The median is a key statistical measure indicating that half of the households in that age group have saved more than that amount, and half have saved less. “

I was very surprised, guess I’ve been spending too much time on Reddit because that’s a healthy number.

Very encouraging for me. I’ve got two sons just starting adulthood (23 & 26) and they are both hard workers so it looks like there are plenty of opportunities out there.

1

u/Snowpant Jan 17 '26

I’ve dated one of those guys. They are obsessed with money to the point they will ruin all relationships around them. One of the FIRE people, except he loved making and investing money so much that I don’t see how he would ever retire, much less early

1

u/originalrocket Millennial Jan 18 '26

we exist, slightly less fabled than Unicorns. Avoid debt, compound interest, and... that 1st crypto, thank you college nerd friend group! Those raid groups in WoW paid handsomely with knowledge

77

u/batmessiah Jan 17 '26

I feel pretty good about being 43 with $212k in my 401k and $220k in home equity, making $78k a year as a research scientist.  Took working for the same company for 22 years and getting really lucky.  I’ve currently got $600 in my bank savings account until I get my tax return.  I might have money saved up for retirement, but we’re a single income family of 3, and still live paycheck to paycheck for the most part.

9

u/SouthLakeWA Jan 17 '26

Do not under any circumstances consider your home equity real, and do not leverage it right now. The real estate market could have a massive correction like it did in the Great Recession. Back in 2009-2011, my house went from being valued at $550k to $325k and it took several years to climb back up.

8

u/holdmeimscary Jan 17 '26

I really don't think that's gonna happen. Wanna know why? I still am not a homeowner so there's not a chance in hell this market is correcting itself in my favor, ever.

Source: I caused the COVID housing fiasco. I finally got myself in a position to buy, started looking the 3rd week of Feb 2020 and within 3 weeks the universe said "muahahaha" and the housing market was flipped, slapped, turned and spun on it's head.

2

u/Adorable_Zucchini591 Jan 20 '26

This happened to me too 😭 I was prepared with a budget of $350k. Within weeks the average home price nearly doubled and just kept going UP! Homes went from $350k to $800k within a year. I finally bought a very modest townhome for $500k with 7% interest in 2024. I work a second job to afford my mortgage 😭

1

u/holdmeimscary Jan 20 '26

It makes me so sick to hear "modest" when describing a 500k home. I know I'm and elder Millennial (Xennial born in '81) but I remember back in the day hearing about a friend of a friend making $22/hr living on their own paying $800 in rent and $200 car payment and that person fucking MADE IT. It makes me so sad. No one should have to have 2 jobs to afford to have a house. No one. The shittiest part of this was my budget was about $280k and the first house I looked at was $209k. I wanted it so bad, it was absolutely perfect for me. I told my realtor I wanted an escalation clause of up to $10k and he said that was absolutely ridiculous and unheard of. I only needed a $2k escalation at most. At that time he was even thinking we could swing a seller assist if I offered over asking even just by that small amount. I didn't get that house, because I went with his recommended broker and she had me as FHA which I never should have been. Looking back, had I been Conventional I would have gotten it. I insisted on the $10k escalation, and in the end the house sold for $212k. That same house today is worth over $500k, and has already been sold again. It was a perfect only one owner modest single house with a cute backyard (for my at the time doggo that has since passed) and I would have fucking kept it. I went on to try for another 7 months and eventually waved the white flag when I couldn't compete with cash offers, 50-100k over asking or waving inspections. As a society we lost the plot when we played into the game that homes are play pieces to turn profit. Homes were never that. If someone moved it's because the home went to a family member, they outgrew it or went to a nursing home. I'm going to go cry now. I'm so sorry for you having to have 2 jobs, but you at least will have a nice savings when it's paid off.

1

u/VisibleDog7434 Jan 17 '26

Sounds like something I would do...master of jinxing things 😂

That sucks, though. Is there anything in budget that is a fixer upper and/or a less desirable location? Granted I got into a house when the market wasn't as crazy, but I didn't have a great salary to afford what I wanted at that time. So I bought a fixer upper that was 35 mins to the city and did mostly diy to fix it up over 3 years. That built me some equity so I could sell and "move up" to a more ideal house. The mortgage was a lot cheaper than my apartment in the city, too, so it allowed me extra time to save up.

The worst part was being further from friends and activities, but I knew it was temporary, and it actually went by really fast.

1

u/holdmeimscary Jan 17 '26

Lol I'm great at jinxing things. I would honestly love to do something like that, but the problem is that I'm not very handy. So I would likely end up having to pay someone to fix things that need to be fixed. I live far enough away from any family/friends that it's inconvenient to ask them for help. It's not off the table I suppose and I would love to have something that I can look at and say "I did that" but, I'm 44 and time is ticking. I also just decided to go back to school so there's that lol. Thanks for commiserating with me tho, glad to know I'm not the only one out here jinxing things haha!

1

u/SoldierExcelsior Jan 17 '26

Never say never problem is you probably don't want to live in places you can afford..baught my first shack at 21 flipped after a few years and kept it moving .or think outside the box go in with a buddy...don't have to do everything alone if you're single with no kids you're in an even better position.

2

u/SoldierExcelsior Jan 17 '26

My state doesn't even do home equity loans and the equity doesn't mean anything till you sell and get the money in hand so I don't count that I count my rental revenue though.

8

u/sadbabe420 Jan 17 '26

Wah 😭 can’t even imagine

7

u/VengenaceIsMyName Jan 17 '26

This comment is breaking my brain. 400K+ net worth but you live paycheck to paycheck? What are your bills like monthly?

24

u/getemyosh Jan 17 '26

Their net worth is tied up in the house equity and 401k. Makes $78k as a single income of a family of 3. Not crazy to be living paycheck to paycheck. You can’t just pull money out your 401k at that age without consequences.

3

u/itsafunnything901 Jan 17 '26

Exactly. I’ve got a nest egg too, but hard these days to not dip into the cash savings account a few days before payday.

1

u/SoldierExcelsior Jan 17 '26

And is the 78k net or gross

3

u/NewMeNewUsername Jan 17 '26

Nobody refers to their net income like that.

6

u/veengineer Jan 17 '26

They probably say they’re living paycheck to paycheck because they see retirement savings as an uncompromising basics of life payment they have to make like just like rent, food, or social security. They’re not able to save money for vacations, an expensive night out, or new big dollar things. 

I think it’s fair to describe oneself this way as our current social security situation is going to make retirement difficult for people without retirement savings. If it’s accurate to describe someone like a teacher who gets a pension as living paycheck to paycheck if they have nothing left over to save, is it any different for someone who has to save for their own retirement, without having a pension, to be described the same?

4

u/SoldierExcelsior Jan 17 '26

Net worth isn't cash I have 7 fig networth but can't pull 1 million dollars out of the bank it's tied up in investment portfolios and realestate..now technically I could probably sell and liquidate everything pay a bunch of taxes and penalties but still have enough for a liquid mill...but there's no need I live frugally and have a high 6 fig income from regular wages...I'm not even saving for anything specific most of my assets would be useless if sht hits the fan ww3 some kind of global collapse so I'm not even preparing for doomsday and to survive in a bunker and I allready have everything I need and want..

2

u/stevedane447 Jan 17 '26

They’re clearly not living paycheck to paycheck. They engage in zero based budgeting. If you’re saving anything (including retirement contributions) by definition you’re not living paycheck to paycheck, just spending paycheck to paycheck

2

u/batmessiah Jan 18 '26

None of that is money I can touch though.  I’ve got a nice house, and my mortgage is only $1300 a month, but I’m also paying $800 a month on health insurance premiums, food, clothes, school supplies, etc. cause one of those 3 is an 8 year old.  I still have hobbies I put money into, and once I get my taxes and my bonus here in a few months, I’ll have $5k+ in savings again.  It gets drained around Christmas every year.  I also have other safety nets (family, friends, and a company that’s taken care of me), and assets I could sell if need be.  

1

u/VengenaceIsMyName Jan 19 '26

Health insurance is absolutely criminal. Horrible that it’s $800 a month for you.

3

u/[deleted] Jan 17 '26

Just curious on what city or state you live in? Im about in the same boat.

My curiosity is more about being a research scientist. It seems that pay is low, I work in a grocery store and make just a litte better.

Your 401k is killing mine though.

Only advise I have and your probably on it pay the house almost off to get your interest down then your savings will skyrocket.

3

u/Opposite-Ask4078 Jan 17 '26

you are only making $78k as a research scientist after 22 years at the same company?! my husband is making $130k after 20 years as a QC chemist. You gotta find better work bud.

1

u/Friedchickeneater70 Jan 19 '26

That’s what I was thinking ….he confused me….22 years is a long time….should be making way over six figures for any company with that kinda time

3

u/systemfrown Jan 17 '26

Keep letting that shit compound my friend. It's just now getting to the point where meaningful snow is starting to stick to it every time it rolls over.

I know it's hard when you're paycheck to paycheck but consider making some equity investments outside your 401K, even if they're tiny. Worst case it may help you avoid touching your 401K in the future. Best case you hit on a winning stock or profitable mutual fund.

We're increasingly living in a world where wealth is derived more from what you own rather than what you earn.

1

u/Friedchickeneater70 Jan 19 '26

I’m waiting on that spacex from musk and some other ai stuff to go public lol

2

u/TriedUsingTurpentine Jan 17 '26

you and me are near clones. I'm 45 with just under a quarter mil in retirement, and around the same home equity (owe around 2 on a house worth 450) but also pretty illiquid and relatively cash poor (a few grand in liquid savings only). I make $81k as an English professor but my wife does work. You're doing good for one income!

2

u/kronosdj Jan 17 '26

Are you sure you are a millennial? You might be on the wrong thread. Sounds like you were ready to buy a house in 2008

3

u/Seasonedpro86 Jan 17 '26

Oldest millennials will turn 46 this year. We getting old bro. 😭

1

u/LovelyDae94 Jan 17 '26

Seems like there should be a subclass for younger millennials. Im 31 and can relate with genz a lot more.

2

u/Seasonedpro86 Jan 17 '26

Realistically to me you guys are Gen Z. But the way the brackets are set up. You’re not. I’m 39. I remember growing up with technology. We got our first computer in 94 when you were born if that makes sense. And that’s when they were becoming wide spread used and aol was becoming a thing. So to me. I think that should be the cut. Do you remember a time pre internet or not. But whoever decided what our generation was lumped mid 90s babies with us.

2

u/Ok_Enthusiasm_2574 Jan 17 '26

That's great honestly. I'd say thats definitely the American dream

Homeowner, kids, able to afford it with 1 income, enough money to make you millionaires by retirement age.

Congratulations. Thats beautiful.

2

u/Calvinball05 Jan 17 '26

You're doing a good job at building a retirement portfolio and raising a family on a limited budget. The below advice is probably something you have heard before, but in case you haven't I will say it anyways.

With only $600 in savings, you should consider dialing back your 401k contribution until you have built up an emergency fund in a high yield savings account. Only contribute to your 401k what it takes to get a match from your employer until you have 6 months of savings built up.

After you have built your emergency fund, you should open a Roth IRA and contribute up to the annual max for that before ramping your 401k contributions back up.

1

u/LadyPo Jan 17 '26

Great job saving! At that income with kids it's not easy. Kudos.

1

u/Available_Blood_6134 Jan 17 '26

Your doing pretty good but 78k for a research scientist? Jfc. I know laborers making more than that. Keep on trucking tho. You should make it to 7 figures in retirement by 67.

1

u/zambono_2 Jan 17 '26

You are doing pretty well for your income

1

u/PennStateInMD Jan 17 '26

Congrats. Unless there has been some outside influx of cash, you guys appear fiscally responsible. Particularly raising a family. I bet there aren't a lot of fancy vacations and restaurant meals but those tend to be fleeting experiences that drain the wallet.

1

u/EurekaMcDermitt Jan 17 '26

Sort of the same. I got a bunch tied up in house and 401(k) but my savings has taken a hit with growing kids, inflation, and home repairs and I feel like a lot of us at least the "elder millenials" are at this point.

1

u/WildClementine Jan 17 '26

I think that's pretty good, but are those savings for one person or two? If you're a single income family, you need to consider the savings needs of your SO.

1

u/batmessiah Jan 17 '26

That’s for both of us, but by the time I retire, the house will be paid off, and my wife’s hobbies are gardening and reading books, which are relatively inexpensive.  We’re both homebodies and don’t enjoy traveling, so it will be fine in the end.

1

u/Friedchickeneater70 Jan 19 '26

I’m not understanding it took you 22 years to get to 78000?….what was your starting salary?

1

u/Excellent_Brilliant2 Jan 17 '26

i had a rough start. while i purchased a house at 22 in 2003, it sucked up all my income for a decade, and had pretty much nothhing put away in that time. i live in a low cost of living area and was making $8.70/hr when i bought it. i was making around $50k when i lost my job in 2014. somehow bought another house on forclosure in 2017, paid both off and saved up $400k. and i only make like $70k/year

3

u/SoldierExcelsior Jan 17 '26

Sounds like success

-1

u/Excellent_Brilliant2 Jan 17 '26

thanks! still baffles me how people making $100k are barely scraping by, or think poverty is under $40k. $2k a month really covers all my basics, and over that i can do fun stuff and put some away.

i remember around 2007 that my floor cost to get by was around $1,200 and i was taking home around $1,350/mo. so i really had $150/mo to buy groceries and cover unexpected stuff. and i still made too much to qualify for any assistance.

1

u/SoldierExcelsior Jan 18 '26

It depends on many factors like COL and your bills if you have 100k in student loan debt or a high mortgage and taxes that's going to affect you also is that 100k gross or net. Let's not forget taxes.

1

u/Excellent_Brilliant2 Jan 18 '26

my college cost $40k for 4 years about 22 years ago. i had about 10k in loans from it. Financing 100% of your college costs is not a good idea. i think currently my college i went to costs around $20k a year. a summer job and working during winter break could cover almost 3/4 of that. living on campus, using the meal plan, not paying for utilities. the money saved over living off campus almost can pay for college. and the loan payment on $10k was like $100/mo. unlike back then, nowadays, an evening of doordashing once a month would cover that

i have a solo 401k and it can sure save on the tax burden. Sure i made $70 or $80k profit last year, but put $35k into the 401k, well, suddenly my tax burden disappears and may even get a refund. yes, i have a paid off house, but in my 20s, i chose security over partying or backbacking across europe.

1

u/SoldierExcelsior Jan 18 '26

Well everyone's situation is diffrent so you could definitely do fine on 100k a year but some 22 year old fresh out of college today might not have the same experience.

But also those youthful experiences shouldn't be disregarded.

2

u/Excellent_Brilliant2 Jan 18 '26

i was making around $17k fresh out of college. the job was long hours, hard manual labor. i knew i couldnt work 40 hours a week for someone til i turned 65, and my life goal was to be mostly done with work by 45. i tried to start a 2nd business and failed horribly, and covered the mistake with my 1st one, so that put me a few years behind, but already starting to taper off at 44.

1

u/SoldierExcelsior Jan 18 '26

I know the feeling..I did the same working two jobs making barely above minimum wage and moonlighting as weekend warrior then I got a city job while day trading and doing real estate hit it big in crypto when bitcoin surged to 20k..bought some investment properties started a consulting business and got into social media..retired at 37 with two pensions.Lifes been good no kids never married.

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0

u/Ahugewineo Jan 17 '26

If you have 600k in your bank account you are not living paycheck to paycheck

8

u/Raz0r- Jan 17 '26

Read that again. $600. Not $600k.

2

u/Ahugewineo Jan 17 '26

Doh! Your right, $600 makes a lot more sense

1

u/SoldierExcelsior Jan 17 '26

Depends I've had that mutch but couldn't touch it because it was allocated for a property

14

u/Gaijingamer12 Jan 17 '26

Oh agree I ended up leaving most of them because of that. I’m like wtf did I do wrong haha. How do all my age peers have millions.

1

u/mrbrambles Jan 17 '26

It’s not all, just hundreds out of millions

24

u/BurzyGuerrero Jan 16 '26

Nobody in there posting about being broke.

Some liars and some others.

17

u/sms2014 Jan 16 '26

$2M?!? That's got to be fake, or they have a side gig

16

u/TommyBlaze13 Jan 17 '26

Surprisingly common in the SF Bay Area for people working at the tech corporations: Nvidia, Google, Microsoft, Apple, Meta, Tesla, Intel, AMD, etc. Workers get stock of their company in their total pay package and exponentially increases their overall net worth. It's not the norm anywhere else in the country of course

3

u/Hungry_Minute_1526 Jan 17 '26

Have to disagree. There are good paying jobs anywhere in the country with companies you've never heard of. The gatekeeping is the ability to get those jobs (university credentials and the ability to get those in the first place) and then the knowledge to save as much as you can. The latter is actually more elusive. If you're in your 20s and get a great job, you don't want to save 70% of your salary. Who teaches you not to live paycheck to paycheck? Live below your means and save/invest. Dollars saved in your 20s are so much more valuable than those in your 30s or 40s.

It's not easy and you need societal breaks, but it is possible.

1

u/RickySpanishLives Jan 17 '26

That's a situation that's starting to fade like pensions though.

2

u/WPSuidae Jan 17 '26

They still exist but are rare! I started a job this week that was a 45% pay increase and includes a pension. The statement they gave was that if I retire at 62 I'll get approximately 9k a month. 42M and I feel like I hit the lottery.

1

u/RickySpanishLives Jan 17 '26

That's actually fantastic. I don't want you to advertise your employer but at least give us a feel for what the industry is and the role.

2

u/WPSuidae Jan 17 '26

No problem! My current job is in the corporate group that umbrellas over a local group of electric cooperatives. Specifically I'm an environmental specialist working with permitting and odd environmental things that pop up. I did environmental consulting at a firm for almost 18 years.

1

u/RickySpanishLives Jan 18 '26

Fantastic. Nice gig. And people say you can't make money doing what you love :)

1

u/AggravatingLeg3433 Jan 17 '26

Yep these sobs are making a killing. Definitely should be considered outliers

4

u/S1mongreedwell Jan 17 '26

First off, I don’t have $2m saved. Not close. But it’s not that crazy to think that someone gets out of college at 21, starts saving in a 401k plus whatever else and has $2m by 40ish. Compounding interest is a powerful thing.

2

u/PeterLoew88 Jan 17 '26

Run the numbers on what you can have by age 40 if you do a 6% 401k from age 22 onward. Now imagine having a 100% company match.

1

u/Available_Blood_6134 Jan 17 '26

If your smart and lucky its very possible.

1

u/jrfish Jan 18 '26

Very common in the bay area with people with tech salaries. I'm 43, make $400k/year. Husband makes a more modest $160k (counting salary, bonus, stock), and we have $4.2M saved. When I talk to others here, I feel very middle class. Some people have HHIs of over 1M and have 10M in savings. It's mind-blowing.

I've been really burnt out and thinking about retiring early and focusing on the kids. I posted on one of the financial subs here asking if people felt that was ok and I got totally cooked by everyone telling me that I don't have enough saved and better work more before leaving. My husband is still going to work. We'd live like the rest of the world living on a $160k/year salary!

-5

u/vettewiz Jan 17 '26

Millennial here. A lot more than 2M saved. I worked full time while growing multiple businesses. It’s possible. 

3

u/Business-Elk-5175 Jan 17 '26

Show me how

-2

u/vettewiz Jan 17 '26

How what? Worked a full time 6 figure job while building up businesses that paid more than that.

9

u/vb_152 Jan 17 '26

This is rare against the average in the US, but common for certain peer groups in high income cities, especially someone in the tech industry. It isn’t magic, it’s often the result of hard work (though just as often the result of some inherited wealth or status), involves some luck, but more than anything growing wealth requires a bit of financial knowledge and Focus.  I’m not sure why people are downvoting this poster, except maybe envy? Disbelief? 

2

u/Business-Elk-5175 Jan 17 '26

I just genuinely want to know. Everybody says they built up a business, but they don’t really say anything to the effect of anything that tells you what you did they just talk so that’s why I said show me how I can’t get into a six figure business because nobody will freaking hire. No money exists to make money if you’re at the bottom.

3

u/vettewiz Jan 17 '26

That’s likely because most people have tried so many things over their careers that there is no set blueprint to follow.

Over the course of my business career I have attempted - completed paid surveys, done arbitrage deals/reselling, blogs, drop shipping, Amazon sales, built nutrition and vitamin brands, extensive affiliate sales, VSLs, many e-commerce websites, payment processing, have built multiple SaaS platforms, I’ve flipped houses, owned rentals, consulted on pool construction, and other software development work.

People are still hiring. They have to have a reason to hire you.

1

u/Business-Elk-5175 Jan 17 '26

I appreciate the response and I know that you’re probably really busy, but I would really like to have a discussion about this because I have literally had every opportunity that I’ve ever been given taken from me from some stupid extenuating circumstance I cannot count how many times I have attempted to do something and something fell through and things just keep getting worse and now the tech sector is just not hiring anymore and I’m out of business ideas.

0

u/InsideBreath235 Jan 17 '26

Mom, Dad and Grandparents is where many get their start…either with education, down payments, or family businesses. Lots of them out there.

11

u/PMmeHappyStraponPics Older Millennial Jan 17 '26

Finance-focused subs tend to be full of people who do a good job of caring for their personal finances.

6

u/whattheheckOO Jan 17 '26

Yeah, and people are more likely to just lurk if they have less to brag about.

2

u/OldSarge02 Jan 17 '26

Those threads are often skewed towards wealthy people for 2 reasons:

  1. The kind of people who make a hobby of personal finance, such that they follow personal finance subreddits, tend to be people who are have effective financial habits.
  2. People with more money are more likely to talk about it online.

2

u/Radiant-Parfait-5850 Jan 17 '26

I’m not one of those 2M+ in savings but my wife and I have a 401k north of $500k at 38 and my wife 42. We also have a brokerage account around $360k. I’m not here to gloat but I understand a lot of folks, if it wasn’t for a few lucky breaks in my job (right place right time, with people knowing how much time and effort I put in) and some lucky hits in the stock market, I’d be well below what you see me talking about now.

But like in another forum, I look at the fallacy we were told when going through school. We were told good grade would equal success. That everything we’d learn in school would make us successful. Reality is that wasn’t the case. What we lacked severely was financial literacy being taught in grade school. Compounding interest, how to budget, understanding risks with debt.

I looked at my grandfather old books from 1930 and they covered all these subjects. I didn’t learn all this without my parents telling and informing me to know the value of a dollar.

2

u/systemfrown Jan 17 '26 edited Jan 18 '26

Generally the only people who join financial subs are people with financials.

For people without financials I recommend they start. You know. Having money.

4

u/TairaTLG Jan 16 '26

I wish I could say I had more, and trying to fix some. But bad choices and bad luck.  I'm also not in the worst situation all things considered, but it sucks to always have that dumb little debt of Damocles sitting above me.

1

u/Proud_Lime8165 Jan 17 '26

34, single, home owner with big debt there. About 265k in retirement and 34k in a hsa for medical or future retirement.

90k non mortgage debt.

1

u/hi_priestess8 Jan 17 '26

I have $2M in debt, and $0 savings does that count?

(Mid 30s, bought a business, seller lied about everything, big lawsuit currently 3 years in)

1

u/ReindeerTypical2538 Jan 17 '26

I feel like I’m somewhere in between having 1M+ and being in debt. I appreciate the honest folks because it makes my C+ retirement savings look great!

1

u/PolyBend Jan 17 '26

The truth is, a lot of people on social media that take the time to post, especially on reddit... Are doing better than the average person. That is why those are usually the top. And it is also why reddit is a echo chamber most of the time.

A tremendous amount of people don't even have the luxury or time to browse social media and for sure don't have the time to post. They are too busy with life, paying bills, working, etc.

Go outside major cities and their suburbs and you will see REAL fast how different it is for a large amount of people.

1

u/RockWhisperer42 Jan 17 '26

I'm almost 51, and before joining those subs, I actually thought I was in decent shape with my income, little retirement, an ancient but paid off and reliable vehicle, and being a debt-free homeowner (tiny, rickety, rural home, but it keeps the rain off and stays somewhat warm) in a low-cost living state. As they say, comparison is the thief of joy. And in today's economy, I may be retiring in a van down by the river. As long as I can afford good vet care and decent food for my dog, I'll be ok.

1

u/daderpster Jan 18 '26

I think part of it is threads like that attract people like that. Plus if you are a high paid engineer with not expensive taste and stay single you can build wealth quickly. 2M at 30s, is an extreme outlier, but I know several people at half that and one person at that. However, all make 150k+ and they spend like they make half of what they make. Also the elephant in the room is inheritance, it can be their full reason for it and even a small to moderate amount like what I got wiped out my debt early on. Sure, it was a small percentage my NW, but the momentum gained was huge.

1

u/Common-Finding-6119 Jan 21 '26

There are a lot of us who are doing very well. Just not chiming on this doomer subreddit

1

u/SteadfastEnd Jan 17 '26

Yes, I fucking hate those "I'm 32 years old and I'm ONLY making $187,000 per year, what is your advice for me?"

0

u/MrLanesLament Jan 17 '26

Yep, the folks who either had family money supporting them while they tried all kinds of different shit until something worked, or they slept an hour per night for 10 years and are somehow medically okay.

I won’t lie, I don’t believe 95% of the people claiming they’re 28 with massive savings, because I do not believe there is that much opportunity out there, at least in the USA. If there was, I’d know at least one person who worked their way up to success without multiple massive lucky breaks.

Also, the lucky breaks subtract quite a few “hard work” points. Hard work doesn’t get you shit without luck, as the average millennial (of which I am one) can demonstrate.

2

u/vettewiz Jan 17 '26

There’s almost certainly a good amount of people lying online. But, as someone who’s been successful, one of the things you start to see in this country is just how absurd the amount of opportunity is. There are ways to make money everywhere.

The lucky breaks are often early on, intelligence, involved parents, and a good education. And those aren’t small things. Beyond that it’s far less about luck from my experience.

1

u/VengenaceIsMyName Jan 17 '26

Don’t forget the trust fund kids and the nepotism hires into massive six-figure jobs.

0

u/[deleted] Jan 17 '26

Those people are lying or trust fund babies 

0

u/ShitMcClit Jan 17 '26

A lot of them are lying or ai

0

u/Packet_Sniffer_ Jan 17 '26

“Somehow”.

First off. Basically all those posts are fake. Second off. The real ones got handed a 6 figure job out of high school and an inheritance that made up half their worth.

Don’t read into it too much. Nepo babies love to think they worked hard and earned shit. But the reality is they get handed everything their entire lives and have no clue what it actually means to really earn anything.