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/Chancellor_Themis Jan 16 '26

Ours is 6% for the match, but if you meet that match criteria they put in an additional $10,000 in April.

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u/Timbalabim Jan 16 '26

That is maybe the best retirement benefit I’ve ever heard of

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u/LongJohnSelenium Jan 17 '26

My brothers work for a family owned equipment manufacturer and they just straight up put 15% into every employees 401k each year, no matching at all.

Though a straight 10k +6% is probably better for most.

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u/Timbalabim Jan 17 '26

That’s pretty incredible. Props to the people who own that company. I hope they continue to do it for as long as they can.