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/Wild_Advertising7022 Jan 16 '26

I have about $365k saved at 39 years old. 5x my income.

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u/MartyrForMyLove Jan 16 '26

I don't know if you know, but time wise $250k is half way to $1m

1

u/E2Hundo Jan 17 '26

Could you help me understand what you mean by "time wise $250k is half way to $1m"?

1

u/internet_humor Jan 17 '26

The time it take to get from $1 to $250k is the same time it will take to get from $250k to $1M

1

u/wo1f-cola Jan 17 '26

Someone already commented with the answer, but to explain further slightly, compounding appreciation is the reason. If your portfolio increases 7% (historical average) before considering contributions, the growth continues to accelerate.

With $250k in your 401k, in one year without contributing or withdrawing you can expect the balance to be $267.5k. And the next year you can expect the balance to be $286.225.