Key takeaways

• 9.1% of people have an average of more than $1 million in retirement savings

• Retirement millionaires have saved nearly $2.39 million on average

• People are reaching retirement millionaire status in their 50s, with average balances of $1,009,549

More than 1.9 million retirement accounts have balances of $1 million or more as of September 30, 2025, according to Empower Personal Dashboard^TM data.

Who wants to be a 401(k) millionaire?

Empower Personal Dashboard^TM data shows 9.1% of people fall into the category of 401(k) millionaire as of September 30, 2025, having accumulated at least $1 million in retirement savings in employer-sponsored plans and individually controlled IRA savings and investment accounts. And the number is significantly higher among millionaires overall: Dashboard data shows 24.9% of people are millionaires, having an average net worth (the sum total of assets less liabilities) of at least $1 million — and the majority (97.7%) of that group also qualify as retirement millionaires as of September 30, 2025.

The amount of retirement millionaires continues to grow, too: As of September 2025, there were 889,076 401(k) accounts with balances of at least $1 million, and the average 401(k) account balance for this group was $1,251,876 according to Dashboard data.

There were 1,918,618 total retirement accounts (including employer-sponsored plans and individually controlled IRA savings and investment accounts) with balances of at least $1 million as of September 30, 2025. The average account balance for these retirement millionaires was $2,388,409 as of September 30, 2025.

Change in average balances – accounts with at least $1 million

*Anonymized user data from the Empower Personal Dashboard™ as of September 30, 2025.

Average 401(k) balances overall reached $329,915 as of September 30, 2025, up 5.7% year over year. Retirement balances overall increased 1.8% to $513,064 for the same period.

Change in average balances overall

*Anonymized user data from the Empower Personal Dashboard as of September 30, 2025.

Dashboard data shows that people are reaching the million-dollar retirement milestone in their 50s, with average balances of $1,009,549 as of September 30, 2025.

Average balances by age

*Anonymized user data from the Empower Personal Dashboard as of September 2025.

Dashboard data shows an uptick in average 401(k) savings from September 2024 to September 2025 across every decade except for people in their 40s and 60s.

Still, these big savers are both spenders and carry debt, too. Among individuals with an average net worth of over $1 million, average credit card balances are around $7,937 as of September 30, 2025, according to Empower data. The biggest average monthly expenditures for that same group in September 2025 include $4,484 on mortgages, $1,455 on travel, $1,179 on general merchandise, $1,122 on restaurants, $795 on groceries, and $731 on clothing for the same period.

Read more: Top benefits of a 401(k) plan: Start saving early

Getting an early start

So, what does it take to achieve this retirement millionaire milestone? A look at the numbers — and behaviors — could offer some valuable insights.

Hitting the million-dollar threshold takes time and dashboard data shows people are prioritizing saving for retirement by starting early and saving continuously. In fact, the average retirement balance for people in their 20s is $123,935, and more than double ($266,936) for those in their 30s as of September 2025. This could indicate that while younger Americans may have liabilities like student loans, they are still committed to saving for retirement.

Read more: Understanding compound interest and its power

Not surprisingly, average overall retirement balances tend to increase steadily over time as earning potential rises, and up until they hit average retirement age when people start leaving the workforce and earnings years wind down. Dashboard data shows the average 401(k) balance of $627,474 for people in their 50s levels off and starts to dip to $574,773 when they reach their 60s.

While “consistently” and “as much as possible” may be good rules of thumb for saving, keep in mind there are contribution limits for 401(k)s: $23,500 in 2025 — and an additional $7,500 in catch-up contributions for those age 50 or older and $11,250 for people ages 60-63.

Read more: New catch-up contribution: Retirement limit boosted for 401(k) savers in their early 60s

Taking advantage of matching contributions

Employers may offer a 401(k) matching program, where they match a portion of an employee’s contribution. This can have a powerful compounded effect over time — especially considering the opportunity to invest the funds for more potential growth. It’s critical, though, to pay attention to the required contribution amounts to get the full match — otherwise it’s essentially like leaving money on the table.

Read more: What is 401(k) matching and how does it work?

Diversifying across asset classes

Investing behaviors and the ability to grow wealth over time are also important functions of working to attain the retirement millionaire distinction. According to Dashboard data, average retirement savings overall increases by more than 115% from 20s to 30s. . The decade from 40s to 50s represents another significant growth span: Average balances rise more than 75% during this period to surpass the $1 million milestone.

What do these investment portfolios have in common? According to Dashboard data, people with an average overall net worth of more than $1 million tend to invest in a mix across the main asset classes.*

Asset allocation for dashboard users with average net worth balances >$1 million

FOR ILLUSTRATIVE PURPOSES ONLY: *Anonymized user data from the Empower Personal Dashboard as of September 30, 2025. User experiences may vary. This is not investment advice.**

Individuals in their 20s are most heavily weighted in U.S. stocks (53.3%), and individuals in their 40s and 50s have the lowest cash holdings (14.6% and 14.8%, respectively) among generations. Investing in U.S. stocks drops slightly by decade, offset by a small uptick in U.S. bond investing for people age 60 and over, suggesting a slightly more conservative investing approach among older generations.

Read more: What is the average asset allocation by age?

The big picture

Using online tools like the Empower Retirement Planner can help with setting retirement goals and developing strategies that align with these objectives along the way in order to maximize retirement savings.