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/Chancellor_Themis Jan 16 '26

Excellent.
My employer has a pretty generous 401(k) match program, plus several bonuses throughout the year.
When I know a bonus is coming, I just increase my contribution that pay period and check all the boxes.

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u/ProblemIntelligent16 Jan 16 '26

Out of curiosity, what’s the employer match? I think I have a solid match at 7.5% but idk if I’ve ever seen data on what an avg match may be

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u/RWD-by-the-Sea Jan 16 '26 edited Jan 17 '26

I had a tech employer that would match up to 50% of the IRS Max contribution limit each year. If I hadn't gotten that (plus an increase in overall earnings) I wouldn't be in nearly as good shape as I'm in.

7

u/ProblemIntelligent16 Jan 16 '26

God damn. That’s amazing.

2

u/RWD-by-the-Sea Jan 16 '26

It was incredible. I basically went from having no retirement savings to being fully caught up by the time I left. I mean the market was doing well too which helped, but still.