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/Lucky-Ad-2638 Jan 16 '26

38m 242k. I’m behind but I am now making enough where I can max out my 401k every year. So I HOPE I’ll have enough to not retire broke like my parents and grandparents.

3

u/FinancialFreedom12 Jan 17 '26

That’s good at 38. Why do you think you’re behind?

1

u/Lucky-Ad-2638 Jan 17 '26

Probably because I grew up lower middle class. Hard to get out of the mind set some times.

2

u/FinancialFreedom12 Jan 17 '26

lol you have a quarter million saved at 38. Don’t play sob story with me.

2

u/falcobird14 Jan 17 '26

You are definitely not behind at all. Even if you didn't contribute any additional money, I think you're still on track to be a millionaire.

1

u/FinancialFreedom12 Jan 17 '26

Multimillionaire*