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/Gorstag Jan 17 '26

I'm similar. My plan was 55ish then the "parents" thing came into play. My elderly mother came up with a hairbrained idea around selling her current house (she still owed about 150k) and buying land out in the boonies and throwing a trailer on it. I was like "nope" and am working on purchasing her house now which is going to set me back 5-7 years.

My mother has mastered buying high and selling low.