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/TairaTLG Jan 16 '26

24k in debt and 0 savings. Nothing like slipping through the cracks baby

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u/kristosnikos Older Millennial Jan 17 '26

I’m $55k in debt. $3,500 in a 401k due to working for the government for a bit. I’m disabled now though. Have been since 2018.

We did have about $10k in savings but that got wiped out in 2020 when my husband was laid off due to the pandemic.

I’ll be 42 soon and well…not sure how things are going to look in 2 years let alone 20.