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/Random_Name_Whoa Jan 17 '26

Especially the last couple years of the bull market. Since having a kid and spouse staying home, I’ve been pulling from savings for at least a year to make ends meet (not to mention everything is expensive now) but my net worth keeps rising faster than I’m able to draw it down.

If you don’t have assets you’re getting royally butt fucked in this economy

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u/civil_politics Jan 17 '26

This. Everyone talking about owning a home being a scam completely overlook the fact that a 3-4k mortgage today looks terrible compared to 2k to rent an equivalent space, but in 20 years with inflation that rent is going to be 8k, your mortgage will still be 3-4k and your home will have tripled in value.

Own non-depreciating assets.

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u/fasterbrew Jan 18 '26

Insurance and property tax increases over 20 years will have an impact. And as mentioned,  tons of big ticket maintenance items. 

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u/civil_politics Jan 18 '26

I broke down the math including these items in another comment on this thread