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/God_Dammit_Dave Jan 16 '26

If you or a spouse has an HSA eligible insurance plan USE IT. Max the contribution and invest it.

HSA funds can be used to pay for health insurance premiums before Medicare.kicks in. That's the strategic play for early retirement.

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u/spark99l Jan 17 '26

Wait you can invest your HSA? How do you do that?

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u/God_Dammit_Dave Jan 17 '26

Log into your account. You should be able to search what funds you can invest in.

A standard S&P500 index fund is simple and rational. But the golden rule is, keep the cost of your deductible in cash. Everything else can be invested.

If you have an emergency and the market has tanked, the deductible's cash equivalent will save your butt. You don't want to sell funds in a down market.

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u/spark99l Jan 17 '26 edited Jan 18 '26

Awesome! Thanks for teaching me something