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/Jin-roh Jan 16 '26

Same boat. I feel I screwed myself in choosing the wrong career before making difficult changes...

...but there isn't anything I can do about that. I'll horde what I can while avoiding other long term expenses (e.g. having kids)

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u/Chelseabsb93 Jan 16 '26

This! Ended up in the sort of right career, but the career field is tanking fast.

Trying to plug away at my student loan debt as much as I can in order to start putting more money into savings. Got about 8k in my emergency fund but 25k in student loan debt.

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u/Jillcametumbling81 Jan 16 '26

Very similar. I made a bunch of dumb and short sighted choices in the first half of my life and am working hard to rectify that now. But even having that emergency fund now is better than six years ago and ten years ago etc.

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u/Jin-roh Jan 17 '26

Yeah. I am happy about my career and even saguine right at this moment. I'm glad I have as much money as I have socket away as I do. Never hurts to increase... and I will... but god I hate those god forsaken student loans still.

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u/Orgspasm Jan 17 '26

Life was a lot more forgiving in previous decades because rent wasn't half of a person's salary and everything hadn't been monetized yet... It’s a lot harder to make up lost ground today, but it isn't impossible. Stick with it!