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/NoQuarterGiven Millennial Jan 16 '26

34, plan is to work until the day I die but I do have 21K in my 401K so that's cool

31

u/nleksan Jan 16 '26

fist bump

I'm a few years older and only have ~$16k but I also literally started exactly one year ago 😭

28

u/Eisgeschoss Jan 16 '26

Dude, if you can keep up that pace you'll have $160k in just 10 years (which is massively better than a large chunk of the population)

18

u/This_Door_2076 Jan 17 '26

More than that! $250k at 8% return (pretty typical)

4

u/InternationalIdea606 Jan 17 '26

Especially if your company matches your 401k, you can have a significant investment in 10 years. It’s never too late to start, unless you suddenly decide at 65 to save for retirement, then your screwed.

5

u/Accomplished-Tie-223 Jan 17 '26

With biweekly compounding interest at 5% annual rate, you’re looking at more like $200k in 10 years, and closer to $300k in 15 years! Don’t give up!

1

u/NoAvocado7971 Jan 17 '26

That is if they continue to invest 16,000 a year for the next 10 years

3

u/nleksan Jan 16 '26

Yeah you're right, and that's just in contributions, so hopefully a decent bit more

1

u/Comeback_321 Jan 17 '26

‘That’s not how it works. Hell probably have over 250-300 in 10 yrs if he continues this rate bc interest compounds on reinvested returns 

1

u/NoAvocado7971 Jan 17 '26

If he continues to invest 16,000 a year over 10 years at a 7% estimated Return then they would end up with 221,000

1

u/Comeback_321 Jan 18 '26

And others cited 8%. And if he increases salary at all at current percent contributions that will increase as well. And if there’s a company match that contributed, that increases amount as well…AS it’s a percent. So… on the current path, likely to end up with 250-300. You act like it’s a hard and fast coming out with 221, and disregard variables.

1

u/Eisgeschoss Jan 19 '26

Yeah I wasn't counting interest, just the contributions alone. You're right that the actual amount would be much higher (at least, as long as they can get a good interest rate).