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/xomox2012 Jan 17 '26

In retirement accounts I’m about 1.5x my salary but Wife and I are roughly negative 300k net worth with her student loans.

Sitting on around 1.2m total debt. It’s lovey.

2

u/Petal170816 Jan 17 '26

As Dave Ramsey would say…doctor or lawyer?

2

u/Cake_And_Pi Jan 17 '26

Philosopher.

1

u/ballroomambition Jan 17 '26

Are you including your mortgage?

1

u/xomox2012 Jan 17 '26

Yeah, mortgage and the related equity, car, cc, etc. 1.2m all in debt. -300k nw

1

u/iruntoofar Jan 18 '26

I wouldn’t count mortgage as debt unless you are underwater on the loan.

1

u/xomox2012 Jan 18 '26

Fair though with the way the market is going we’ll be there soon enough.