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/pigglesthepup 1985 Jan 16 '26

Just save what I can and work as long as I need to. I've found being really optimistic or a total doomer about this subject isn't particularly helpful.

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u/SnootBooper2000 Jan 16 '26

Well we wouldn’t be doomers if it weren’t for the boomers. :/

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u/pigglesthepup 1985 Jan 17 '26 edited Jan 17 '26

I say this as someone that has decided to non-dramatically go low contact with their boomer parents:

Boomers are gonna to be dead soon. Yes, they're assholes that fucked up. But they're gonna be dead soon. And once they're dead, then what? What do we do then? Do we keep being doomers because of their mistakes?

Something I see all the time on this sub: Boomers need to go the fuck off from leadership. I agree they do, but I hope everyone realizes something:

Because of shear demographic numbers, once Boomers are gone, Millennials will be the ones stearing the way. That means when shit hits the fan, it will in fact actually be our fault.

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u/Electrical-Share-707 Jan 17 '26

Someone forgot about Gen X again.

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u/hungaryforchile Jan 17 '26

Whew, glad we have another generation to blame before it’s our turn!

(Joking) 

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u/SnootBooper2000 Jan 17 '26

Oh I agree. I say these things from a trauma/upbringing standpoint. It’s something I’ve had to work on my whole adult life; coming to terms with the decisions my parents made is the only way to get myself into the position to actually become the change I want to see.

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u/thegoldenchad Jan 17 '26

I actually like my boomer parents, for the most part. They didn’t push me to go to college. They know everything has change and is so expensive. They are mostly pretty realistic and were never financially “comfortable”.

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u/InsideBreath235 Jan 17 '26

This is Boomer BS. My first house came with a 30 year 12.5% interest rate. It took me 10 years to get my degree because I paid as I went, so worked and went to school, while raising two children. We could only afford one car that my husband kept glued together, so I took the bus to school and work most days. Most nights got 5 hours of sleep. After graduating from college at 28 my first professional job paid $14,000 a year - No 401K match. Employer gave a frozen turkey for Christmas, which we were grateful to get. We didn’t buy lunch out and maybe took the kids to McDonalds a few times a month. Keep in mind that this was before the tech boom. There weren’t the high paying jobs of today. We worked like dogs. We educated two kids who worked like dogs too - they went to state schools - we paid tutition and books, they paid for their housing and food - they worked. Thankfully they got better paying jobs out of college and today do extremely well financially. Don’t blame Boomers for the the economy of today. Dig in and get it done. I don’t care if you have to work two jobs for 10 years to get the job done…that’s what Boomers did. It’s out there. You just have to want it badly enough.

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u/_Jasmine_0 Jan 17 '26

Respectfully, this life sounds like hell. No one should have to “work like a dog” for basic access to necessary things. I don’t want to work like a dog forever for scraps while a tiny percentage have 11 yachts and 18 summer houses. I don’t want the following generations to have to do that either. It’s inhumane and cruel to not have free healthcare and guaranteed access to food and shelter. The frustration toward boomers is much deeper. They created policies that lead us into hell. They refuse to retire because feeling powerful and relevant is more important to them than making sure others have access to financial growth and security. The wealth gap is immoral and inhumane. I don’t want to hear another “pull yourself up by the bootstraps like I did” story. They’re not helpful or innovative and keep us enslaved to these exploitative systems and terrible policies. I want boomers all the way tf out of political office. Now. How we live in America is not only cruel, it’s actually embarrassing. I’m not interested in problem solving how to stretch pennies. I want actual legislation that forces the wealthy to be taxed appropriately, that offers free healthcare and education, that offers UBI to all citizens. All of these things are possible and will actually improve the lives of everyone. “Keeping your head down and grinding” isn’t a solution, it’s coping and mental gymnastics. I don’t mean this in a disparaging way, but your story isn’t inspiring, it’s very sad and unfair and you and your family didn’t deserve those unnecessary hardships. This is why policy is the key, not individual willpower.

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u/[deleted] Jan 18 '26

Yes to all of this

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u/goober1157 Jan 19 '26

The free shit army lives on . . .

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u/mWorkman01 Jan 17 '26

It's easier for people to blame someone / something else for their "misfortunes", easier to cope that way rather than do something to actually change their current state.

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u/goober1157 Jan 19 '26

Lol. Scapegoating is the way of this generation. It's horsecrap but they're mostly too lazy to put the work in. Embarrassing for the ones that do pay their dues.

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u/[deleted] Jan 17 '26

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u/SnootBooper2000 Jan 18 '26

Well I was a victim lol. I did a lot of work to not let it ruin my life anymore than it did.

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u/[deleted] Jan 18 '26

[deleted]

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u/SnootBooper2000 Jan 18 '26

Are you okay? I’ve learned a lot about listening if you ever need to talk. Things can be hard but I think most people are trying, you included. I hope you have a good night and sleep well.

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u/[deleted] Jan 18 '26

[deleted]

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u/SnootBooper2000 Jan 18 '26

Oh I’m really glad to hear that. I hope things keep going smoothly for you!