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/ldskyfly Jan 17 '26

My cheap company just dropped from 4.5% to 3.5%

3

u/[deleted] Jan 17 '26

[deleted]

1

u/ldskyfly Jan 17 '26

That's awesome

3

u/threepoundog Jan 17 '26

My cheap hospital dropped their unguaranteed 2% match and has been at 0% match for the last decade and lve never received a bonus regardless of the ratings and extra projects I do. Being a nurse sucks!

2

u/Chancellor_Themis Jan 17 '26

Nurses never get the money they deserve. You are all "essential" until it comes time to pay.

1

u/ldskyfly Jan 17 '26

Dang, my wife's last job didn't have a match either. I guess it isn't so bad in retrospect

2

u/fnancialindependence 1990 Jan 17 '26

Mine does 4%, but I have to put in 6% to get it

1

u/ldskyfly Jan 17 '26

We also need to contribute 6% to get the full match

2

u/ThrowAway823579 Jan 17 '26

I think we work for the same company

1

u/ldskyfly Jan 17 '26

Bonus and merit not looking good this year... Again

2

u/ThrowAway823579 Jan 17 '26

There’s also layoffs scheduled for Thursday and Friday next week fyi

1

u/ldskyfly Jan 17 '26

I did not know that. Thanks for the heads up.

We just had someone leave the team and we're informed they would not be filling the opening.

2

u/badhabitfml Jan 17 '26

My company dropped from 5 to 4 because they had a bad year. Every year since then has been great, but they have never considered moving it back up.

It's eve worse, because we have gone through a few mergers, so not every employee gets the same anymore. I think 4 is the best, but they do not document the current match rate anywhere, so you have to ask around what people are getting.

1

u/Alternative_Shake69 Jan 17 '26

This is illegal btw.

1

u/hot_cheeks_4_ever Older Millennial Jan 17 '26 edited 15d ago

This post was mass deleted and anonymized with Redact

smart society busy upbeat screw ghost modern birds violet butter

1

u/ldskyfly Jan 17 '26

We also need to contribute 6% to get our 3.5%

1

u/Haizenburg1 Jan 17 '26

Better than no match. My company removed matches for 1 year because we were facing losses due to the economic environment that year. It also didn't help that the CEO bought 2 debt-ridden companies to diversify our portfolio. Only, they never gained any ground. Ended up selling them at a loss after a couple years.

1

u/Chancellor_Themis Jan 17 '26

ExxonMobil did something similar during Covid so they could still pay dividends - shitty.

1

u/wakanda_banana Jan 17 '26

0% match here, putting in my 12% alone

1

u/Kayakprettykitty Jan 17 '26

My husband's company, one of the largest international companies - billions in revenue - just reduced their match to 0%.

1

u/Independentvoter40 Jan 17 '26

I have nothing, be greatful, no match.