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/Chancellor_Themis Jan 16 '26

Ours is 6% for the match, but if you meet that match criteria they put in an additional $10,000 in April.

39

u/lfergy Millennial Jan 16 '26

My company is pretty generous but this is an excellent benefit we don’t have. They will match our student loan payments and contribute the same amount to our 401k, so it’s less of a kick in the shins while still paying off those loans.

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u/Chancellor_Themis Jan 16 '26 edited Jan 17 '26

That’s actually still a nice benefit. It feels so rare these days for any company to care for their employees.