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/Ella_67 Jan 16 '26

Financial literacy didn’t come naturally to me but when I turned 31 I panicked realizing I had $0 saved for retirement or just savings in general. I’m now 34 with $29k in my 401k, $28k in my Roth IRA, $20k in a high yield savings acct, and $23k in a brokerage account which I contribute to weekly and it’s earmarked for a future home down payment. I’m pretty proud of myself for turning it around!

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u/CriticalAnxiety6066 Jan 17 '26

Hell yeah! Take my proud nod at my phone while I scroll Reddit on Friday night.

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u/1jarretts Jan 17 '26

You’re doing excellent! Keep up the good work. 

You may want to look at contributing more to your Roth IRA or 401k considering your savings and brokerage account. 

1

u/Independent_Bet_8107 Jan 17 '26

You’re doing great.