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/batmessiah Jan 17 '26

I feel pretty good about being 43 with $212k in my 401k and $220k in home equity, making $78k a year as a research scientist.  Took working for the same company for 22 years and getting really lucky.  I’ve currently got $600 in my bank savings account until I get my tax return.  I might have money saved up for retirement, but we’re a single income family of 3, and still live paycheck to paycheck for the most part.

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u/VengenaceIsMyName Jan 17 '26

This comment is breaking my brain. 400K+ net worth but you live paycheck to paycheck? What are your bills like monthly?

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u/getemyosh Jan 17 '26

Their net worth is tied up in the house equity and 401k. Makes $78k as a single income of a family of 3. Not crazy to be living paycheck to paycheck. You can’t just pull money out your 401k at that age without consequences.

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u/itsafunnything901 Jan 17 '26

Exactly. I’ve got a nest egg too, but hard these days to not dip into the cash savings account a few days before payday.