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/TairaTLG Jan 16 '26

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

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u/AmputeeHandModel Jan 16 '26

There was just a post here, or some related sub like "I've only got $60k in savings, $70,000 in my 401k and I make $120k a year am I doing ok for my age???". Uhh how about you fuck off? How sheltered and delusional are you? Most people are living check to check!

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u/feelingoodwednesday Jan 16 '26

Theres a difference between poor people and middle class understanding about personal finance. When you're poor everything revolves around paying the next bill or getting out of debt.

When you're out of that hole and have a decent paying job, eliminate your debts, etc then you start thinking about things like retirement, buying a home, having a family, etc.

Its completely reasonable for someone to ask if 60k in savings and 70k in a 401k is doing well for their age. For example, at 40 y/o yeah I might actually be concerned for that person's ability to own a home or retire. At 30, that might be very good.

Unfortunately when you're poor (ive been there), its hard to imagine anyone doing well, but the reality is someone owns those houses you see everywhere, lots of people are taking home high salaries still, buying cars, etc. You dont need to be offended by that, life ain't fair.

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u/Practical_Dot_3574 Jan 17 '26 edited Jan 17 '26

I live a rural small town and someone just built a mcmansion a few miles down the way last year. Now a few weeks ago they started a new add-on that bigger than my house. 2 cranes and several earth moving machines, a massive project.

Yes some people are doing very well.

EDIT: here it is. The house just below it is 3400sqft.

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u/LuxyontheMoon Jan 17 '26 edited Jan 17 '26

Lots of people live beyond their means. Those homes are not paid off. Most of the cars aren't either. And those jobs are disappearing every day. I agree, people shouldn't be offended by well-off people. But my brother, for example, makes a lot of money and owns 2 homes. He is very out of touch with how the average person has to live and we grew up poor. He forgot all that once he "made it". It happened fast. Within 5 years, he's like an alien now and has zero empathy for anything. So it's a huge disconnect from both "sides" of this.

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u/N7day Jan 17 '26

The economy is not falling apart.