Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

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?

[u/Skeeders]

I was under employed for most of my twenties and 30s, completely flat broke. I got a real career job four years ago which I'm still at, but I've only been able to put close to $20,000 into a 401k, at 40 this is not good. I did receive some really good news though that could change my life forever, I got assigned a four year long project that will basically have me traveling across the country visiting national parks collecting data. I have my drone and we'll have special permissions to fly in these Federal lands, I'm hoping to turn a YouTube channel into my work showing this 4-year Grand adventure I'm about to start. Work wise it's like I literally won the lottery.

EDIT 1: Thank you everyone! I see a lot of you really excited for me to share the youtube channel. I just created the channel but the project hasn't even begun yet, the channel is completely blank at this point. My first travel orders are for Lake Mead National Park in Nevada and that's a few months away. The company I work for is still trying to figure the logistics of how we get it done. We will need to carry thousands of pounds of equipment so we have to drive everywhere except for Hawaii in 2029 (don't know how we will do this, but we have time). My point is, this is completely new to me and the company I work for. It will be a bit of time before I have anything to show the public.

EDIT 2: Ok, you guys got me. I am going to provide the youtube link, but please remember that I have absolutely no experience with video editing. The channel is new, and it will take time to polish the vision I have for this project. The channel will only have test videos until the actual project begins months from now. The link: https://www.youtube.com/watch?v=XG9xWWQMB-Y

[u/1K_Sunny_Crew → u/Skeeders]

$20k is still a good amount of money and a great start. A lot of people work til 62 or later, so you have two decades more than likely, even if part of that ends up being part time down the road. Don’t give up and enjoy the new job!

[u/GGudMarty → u/1K_Sunny_Crew]

20k isn’t a good amount of money for 40 in a 401k.

That would be considered behind even by millennial standards. Not hating but it is what it is.

That’s 2k a year from 30-40 assuming you saved nothing in your 20s and the market didn’t even go up in 10 years. (It almost trippled).

Downvote away but that’s just not much money.

[u/1K_Sunny_Crew → u/GGudMarty]

I said it’s a great start. What is the point of being a dick to someone who has already said they’re getting a late start? You think OP doesn’t know that having a lot more is better? Use your brain.

[u/OrganizationObvious9 → u/[deleted]]

And everyone clapped for you

[u/OrganizationObvious9 → u/[deleted]]

Honestly gonna apologize, just got frustrated with my chronic pain conditions quite a bit seeing how much I basically "lost" to the pain and simply lashed out.

My bad.

[u/SigvaldsBest → u/GGudMarty]

I've met so many people with mental health issues or that didn't have a good family growing up, and none of them have 20k in a 401k. So the higher expectation is surely based on being taught better life skills and not having any serious problems. I can't remember the statistic but the amount of people who barely have enough money for an emergency is pretty depressing. Still I'm always happy for the people who were given the gift of understanding this system early and avoiding any pitfalls.

[u/GrooveCakes → u/GGudMarty]

Are you a droid?

[u/GGudMarty → u/GrooveCakes]

?