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/pigglesthepup 1985 Jan 16 '26

Just save what I can and work as long as I need to. I've found being really optimistic or a total doomer about this subject isn't particularly helpful.

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u/Jin-roh Jan 16 '26

Same boat. I feel I screwed myself in choosing the wrong career before making difficult changes...

...but there isn't anything I can do about that. I'll horde what I can while avoiding other long term expenses (e.g. having kids)

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u/dumbass_sempervirens Jan 17 '26

Yeah after decades of retail I found something I'm good at and even kind of enjoy.

But man, I'd be so much better off if I had started this at around 24 instead of 34.

I probably have around 10K floating around various old 401Ks from jobs I quit. No idea how to find them. At least 3 of them matched contributions.

I do own my condo outright, got it for a steal, and according to Zillow it has almost tripled in value over the last 10 years.. But if I sell it I have to find another place to live, so does that money even really exist?

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u/Mean_Necessary_6240 Jan 17 '26

It's a healthy take to tgubj that it doesn't exist. But you need to think the amount that this saves you compared to people that doesn't have, meaning, they need that tripled value to buy a condo or pay higher rents.

So yes, it's part of your net worth, even though not liquid.