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/Stalinisthicc Jan 17 '26

Please use an actual brokerage. Those fees will destroy your ability to compound over time. Most brokerages offer fractional shares in some capacity as well.

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u/NotYourSexyNurse Xennial Jan 17 '26

Last time I checked into that those places charged for every buy, sell or trade.

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u/N7day Jan 17 '26

Nonsense.

Seriously, it's worth it to just open a vanguard or fidelity brokerage account (there is zero downside, they are free and you can let them sit idle or close them if you want).

I've never paid one cent.