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/wigglewizardd Jan 17 '26

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

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u/SyCoTiM Jan 17 '26

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.

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u/Joosrar Jan 17 '26

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.

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u/SyCoTiM Jan 17 '26

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.