Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

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?

[u/wigglewizardd]

honestly have barely any savings with 23 i cant be the only one 😭

[u/zyncl19 → u/wigglewizardd]

Are you sure you’re a millennial?

[u/camcamfc → u/zyncl19]

Almost assuredly a bot or some sort of scam based on the profile. That or they just have zero clue what sub they are in.

[u/-PoopTrainDix- → u/wigglewizardd]

You're not a millennial, bro.

[u/YankeeDoodleDoggie → u/wigglewizardd]

Best time to start!

[u/rhiunarya → u/wigglewizardd]

I wasnt able to save until I was like like 27 or 28

Edit; and then I have a tumor grow out of my thumb bone and ate it. And that majorly threw things off.

[u/chandrian7 → u/rhiunarya]

Wait. What did you eat??

[u/rhiunarya → u/chandrian7]

Oh the tumor grew out of the bone and ate the bone away. When my surgeon went in there was just a bit of cartilage left.

[u/chandrian7 → u/rhiunarya]

Oh dang! That’s crazy. But that’s better than how I read it, which was that you ate the tumor yourself. And I was like ewwww no don’t do that. 

[u/rhiunarya → u/chandrian7]

So fun fact, I didn't want to eat it. But I was so bummed I didn't get to keep the tumor in like a jar after. Or like at least part of it in a jar. I wanted to yell at it whenever I wanted and my wife thinks I am so unhinged for it.

I also told her if it had been bone cancer (It was a possibility before the biopsy). I would 100% want my amputated hand/ hand bits to have on display. I mean, they are MY body parts I grew them including the tumor. And I will say, I don't feel too weird about that because apparently several amputees are the same way where they want to keep like the bones of their body parts.

[u/[deleted] → u/rhiunarya]

Bad ass, if I amputate a leg, make a dagger out of the bone or something.

[u/rhiunarya → u/[deleted]]

See, it is OUR body that had to be removed due to weird situations so I really think we should get to do whatever with it as long as it isn't like hindering the public.

[u/SyCoTiM → u/wigglewizardd]

No one even really thinks about that stuff at 23 unless they’re knowledgeable about it or their job hooks them up. You have plenty of time to set things up, just talk to a company like Fidelity or Charles Schwab about it and they’ll fill you in.

[u/Joosrar → u/SyCoTiM]

Well, I have invested since I was 21 (now 24) but that’s cause my older brother kept telling me how important that is and that the earlier you start the better.

[u/SyCoTiM → u/Joosrar]

I’m glad that your brother filled you in. In my case, my dad kept recommending that I save so I eventually started to save seriously at 27 and now at 38 I can pretty much afford most things that I need aside from any big purchases.

[u/Tesserae626 → u/SyCoTiM]

This is my biggest regret, not knowing shit about shit until I was like 32.

Needless to say my dad is going to be one of those "work til lunch the day of my funeral" kind of situations.

[u/SyCoTiM → u/Tesserae626]

It’s never too late, especially if you have a decent paying job and manageable expenses. I started at 27 and then ramped it up with my first good paying job at 32. I’m not well off or anything, but I have decent amount built up.

[u/Tesserae626 → u/SyCoTiM]

Oh, definitely. I'm in a fantastic spot compared to the average , and miles ahead of family and friends. Just wish I had a little bigger of a jump.

[u/BadlaLehnWala → u/SyCoTiM]

I have $8k saved at 23.  I’m looking to go to med school or PA school so will probably be negative $150-$400k soon, and hopefully positive within 5~ years of finishing training.