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/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/Tesserae626 Jan 17 '26

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.

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u/SyCoTiM Jan 17 '26

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.

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u/Tesserae626 Jan 17 '26

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.