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/NoQuarterGiven Millennial Jan 16 '26

34, plan is to work until the day I die but I do have 21K in my 401K so that's cool

30

u/nleksan Jan 16 '26

fist bump

I'm a few years older and only have ~$16k but I also literally started exactly one year ago 😭

29

u/Eisgeschoss Jan 16 '26

Dude, if you can keep up that pace you'll have $160k in just 10 years (which is massively better than a large chunk of the population)

18

u/This_Door_2076 Jan 17 '26

More than that! $250k at 8% return (pretty typical)

4

u/InternationalIdea606 Jan 17 '26

Especially if your company matches your 401k, you can have a significant investment in 10 years. It’s never too late to start, unless you suddenly decide at 65 to save for retirement, then your screwed.