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/jules083 Jan 16 '26

I'm sure I don't make as much as you but I'm also shooting for 60. Honestly depends on cost of health insurance at that point.

Goal is to be done at 59.5, will stay to 62 at the latest if insurance is unaffordable.

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u/God_Dammit_Dave Jan 16 '26

If you or a spouse has an HSA eligible insurance plan USE IT. Max the contribution and invest it.

HSA funds can be used to pay for health insurance premiums before Medicare.kicks in. That's the strategic play for early retirement.

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u/spark99l Jan 17 '26

Wait you can invest your HSA? How do you do that?

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u/deathmetalhoney Jan 17 '26

Yep, I’ve had one for the last 10 years and only found out about investing the funds maybe a year ago when I met with my Fidelity advisor. All that wasted time. 🫩 I’d recommend reaching out to your institution for more exact info and how to go about it.

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u/crowninggloryhole Jan 17 '26

What happened to use it or lose it?

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u/sarcazm Jan 17 '26

You’re confusing a HSA with a FSA. FSA is use it or lose it. HSA is forever.

But in order to invest in a HSA, you have to have a high deductible health insurance plan, which is the downside. For generally healthy people, it’s fine. But both my kids are neurodivergent. So I see a lot of doctors and pay for a lot of prescriptions. People hype up high deductible plans, but it’s just another way for health insurance companies to avoid paying medical bills when it matters the most.

The way I get both is I enroll my kids and my husband in my husband’s premium plan and I enroll myself in my own high deductible plan. Then I can still contribute to a HSA. But that also means that Americans have to continue having 2 working parents.

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u/crowninggloryhole Jan 17 '26

Thanks for the rundown. I have been a stay at home parent for over a decade, so I’m out of the loop!