Key takeaways

• 7.5% have an average of more than $1 million in retirement savings

• Retirement millionaires have saved nearly $2.35 million on average

• People in their 50s are on the cusp of retirement millionaire status with average balances of $970,570

Nearly 1.8 million retirement accounts in total have balances of $1 million or more as of June 30, 2025, according to Empower Personal Dashboard^TM data.

Who wants to be a 401(k) millionaire?

Dashboard data shows 7.5% of people fall into that category as of June 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 21.6% have an average net worth of at least $1 million — and of that group, 34.9% qualify as retirement millionaires.

The amount of retirement millionaires continues to grow, too: As of June 2025, there were 826,573 401(k) accounts with balances of at least $1 million, and the average 401(k) account balance for this group was $1,225,406.

There were 1,793,676 total retirement accounts (including employer-sponsored plans and individually controlled IRA savings and investment accounts) with balances of at least $1 million as of June 30, 2025. The average account balance for retirement millionaires was $2,348,662, and 144,900 investors had average retirement balances of at least $1 million as of June 30, 2025.

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

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

Average 401(k) balances overall reached $315,820 as of June 30, 2025, up 3.8% year over year. Retirement balances overall increased 2.1% to $491,022 for the same period.

Change in average balances overall

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

There’s a considerable chunk of people with savings hovering close to the million-dollar milestone too: Empower Personal Dashboard data shows average retirement balances for people in their 50s reaches $970,570 as of June 2025.
 

Average balances by age

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

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 $8,728 for the 12-month period ending June 2025, according to Empower data. The biggest average monthly expenditures for that same group include $3,100 on mortgages, $1,559 on travel, $1,132 on general merchandise, $1,015 on restaurants, $725 on groceries, and $770 on clothing for the same period.

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

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

Getting an early start

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 $115,162 — about 1.3% higher than  their overall average net worth of $113,645 as of June 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 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 $607,055 for people in their 50s levels off and starts to dip to $568,040 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.

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. The average 401(k) employer match is 4.5%, which can have a powerful compounded effect over time — especially considering the opportunity to invest the funds for more potential growth.¹

It’s critical, though, to pay attention to the required contribution amounts to get the full match. Empower research shows that while 37% of Americans are putting more money into their employer-sponsored retirement plans to improve their finances, 25% of workplace savers aren't contributing enough to maximize their employer match, essentially 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 Empower Personal Dashboard data, average retirement savings overall increased by more than 116% in the decade from 20s to 30s, but balances are also at their lowest in those earliest years of earning and saving. The decade from 40s to 50s represents another significant growth span: Average balances rise nearly 78% during this period, almost reaching 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. This broad diversification approach can be key to understanding the value of not keeping all your eggs in one basket.²

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 June 30, 2025. User experiences may vary. This is not investment advice.

According to dashboard data, individuals in their 20s in this segment are most heavily weighted in U.S. stocks (50.7%), and individuals in their 40s and 50s have the lowest cash holdings (15.7%) among generations. As people enter their 60s, investing in U.S. stocks drops slightly, offset by a small uptick in U.S. bond investing, suggesting a slightly more conservative investing approach among older generations. There are some similarities in portfolio mix for individuals in their 40s and 50s.

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

The big picture

The road to becoming a retirement millionaire can be a long one. 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.