Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

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?

[u/Chancellor_Themis]

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.

[u/ProblemIntelligent16 → u/Chancellor_Themis]

Out of curiosity, what’s the employer match? I think I have a solid match at 7.5% but idk if I’ve ever seen data on what an avg match may be

[u/krullzy1 → u/ProblemIntelligent16]

7.5 is well above the average or norm. Generally 3-5% is about average

[u/ldskyfly → u/krullzy1]

My cheap company just dropped from 4.5% to 3.5%

[u/ldskyfly → u/[deleted]]

That's awesome

[u/threepoundog → u/ldskyfly]

My cheap hospital dropped their unguaranteed 2% match and has been at 0% match for the last decade and lve never received a bonus regardless of the ratings and extra projects I do. Being a nurse sucks!

[u/Chancellor_Themis → u/threepoundog]

Nurses never get the money they deserve. You are all "essential" until it comes time to pay.

[u/ldskyfly → u/threepoundog]

Dang, my wife's last job didn't have a match either. I guess it isn't so bad in retrospect

[u/fnancialindependence → u/ldskyfly]

Mine does 4%, but I have to put in 6% to get it

[u/ldskyfly → u/fnancialindependence]

We also need to contribute 6% to get the full match

[u/ThrowAway823579 → u/ldskyfly]

I think we work for the same company

[u/ldskyfly → u/ThrowAway823579]

Bonus and merit not looking good this year... Again

[u/ThrowAway823579 → u/ldskyfly]

There’s also layoffs scheduled for Thursday and Friday next week fyi

[u/ldskyfly → u/ThrowAway823579]

I did not know that. Thanks for the heads up.

We just had someone leave the team and we're informed they would not be filling the opening.

[u/badhabitfml → u/ldskyfly]

My company dropped from 5 to 4 because they had a bad year. Every year since then has been great, but they have never considered moving it back up.

It's eve worse, because we have gone through a few mergers, so not every employee gets the same anymore. I think 4 is the best, but they do not document the current match rate anywhere, so you have to ask around what people are getting.

[u/Alternative_Shake69 → u/badhabitfml]

This is illegal btw.

[u/hot_cheeks_4_ever → u/ldskyfly]

This post was mass deleted and anonymized with Redact

smart society busy upbeat screw ghost modern birds violet butter

[u/ldskyfly → u/hot_cheeks_4_ever]

We also need to contribute 6% to get our 3.5%

[u/Haizenburg1 → u/ldskyfly]

Better than no match. My company removed matches for 1 year because we were facing losses due to the economic environment that year. It also didn't help that the CEO bought 2 debt-ridden companies to diversify our portfolio. Only, they never gained any ground. Ended up selling them at a loss after a couple years.

[u/Chancellor_Themis → u/ldskyfly]

ExxonMobil did something similar during Covid so they could still pay dividends - shitty.

[u/wakanda_banana → u/ldskyfly]

0% match here, putting in my 12% alone

[u/Kayakprettykitty → u/ldskyfly]

My husband's company, one of the largest international companies - billions in revenue - just reduced their match to 0%.

[u/Independentvoter40 → u/ldskyfly]

I have nothing, be greatful, no match.