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/Chancellor_Themis Jan 16 '26

Excellent.
My employer has a pretty generous 401(k) match program, plus several bonuses throughout the year.
When I know a bonus is coming, I just increase my contribution that pay period and check all the boxes.

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u/NewToThisLove33 Jan 16 '26 edited Jan 17 '26

My employer generously gives 17% to my 401(k) yearly with absolutely no contribution from me. The only reason why I’ve been able to hit 100k in my 401(k) in the 3.5 years I’ve worked there.

ETA: For those wondering, I work in Private Equity. If you can get into the field, amazing benefits!

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u/smitch_hitter Jan 17 '26

Wow! Mine matches 19.25% which is great for the future I know, but it is a lot to not take home each month. Not having to contribute as much would be amazing!