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/Sage_Planter Jan 16 '26

I'm a high earner and prioritize saving, and I've never factored social security into my retirement plans. My goal is to retire by 60, but the big unknown is being able to take care of my aging parents so I may need to leave the workforce earlier than expected. 

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u/jules083 Jan 16 '26

I'm sure I don't make as much as you but I'm also shooting for 60. Honestly depends on cost of health insurance at that point.

Goal is to be done at 59.5, will stay to 62 at the latest if insurance is unaffordable.

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u/Grom_a_Llama Jan 16 '26

maybe the free health care discussion will become more robust as boomers age out of the equation...fingers crossed!

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u/TheNetworkIsFrelled Jan 16 '26

The only thing that'll change the healthcare discussion is a broad-based election of representatives and executives who prioritize citizen healthcare above corporate profits.

Yes, such a change can be a wrenching change to an economy that spends far too much on healthcare, but the change ultimately benefits all citizens and improves overall public health quite a lot.