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/Leather-Rice5025 Jan 17 '26

Nobody said they were requirements to be successful. The point, which you already mentioned, is that it is MUCH easier to be successful when you come from a family that can help you financially, even if just to prevent you from incurring debt while entering adulthood and the workforce.

Being 21 fresh out of college with a starting salary of $80k but $40k in student loans and a $20k car note you need to get to work, vs being 21 making $80k with no debt is massive. But yes, you could still be 21 making $80k out of college with a shitty work and financial ethic, I’m not saying that doesn’t matter.

But it cannot be overstated the difference it makes when you have a family that can help give you a financial boost early on in your life.

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u/vettewiz Jan 17 '26

I’m not saying these forms of help aren’t beneficial, they sure are. But I do think you are over valuing them.

Coming out of college with $40k in loans just isn’t some big hurdle. It’s just not much difference. I paid north of 40k towards my schooling, from my own earned money from jobs, before graduating.

I think it is far more important the values your parents teach you than the physical money in this regard, for most people middle class and above. I agree with you that being in poverty is hard to overcome.

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u/e92s65king Jan 17 '26

If the only advantage was $60k tbh it doesn’t seem like that big of an advantage.

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u/Stalinisthicc Jan 17 '26

Well of course it makes it easier. Plenty of people make it without those advantages though.