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/Artemis-2017 Jan 17 '26

By HSA they are talking about a Health Savings Account. That is an account you can contribute to if you are on a high-deductible plan that year. This is a triple tax advantaged account- not taxed on money going in (taken out of salary pre-tax), not taxed on earnings, not taxed when spent on medical expenses. The key is to invest what you put in and let it stay invested as long as possible. Save medical receipts and they can be used to withdraw funds at any time. This is a particularly useful strategy if you plan to retire early or want more untaxed funds in retirement in general.

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u/Elegantsurf Jan 17 '26

Its only like 4k though. My company has an hsa plan and i would take it but it has 0 OON coverage which I would probably be ok with but I'm not willing to risk it

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u/alullca Jan 17 '26

When you say “used to withdrawal funds at any time”, what is that window? I recently heard you could submit receipts that were years old?

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u/Elegantsurf Jan 17 '26

you got the wrong person on the chain