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Key takeaways

• 21.9% of people have an average of more than $1 million in retirement savings
• Retirement millionaires have saved more than $2.43 million on average
• People are reaching retirement millionaire status in their 50s, with average balances of $1,050,481

Who wants to be a 401(k) millionaire?

Empower Personal Dashboard^TM data shows more than one in five people (21.9%) fall into the category of 401(k) millionaire as of March 31, 2026, having accumulated at least $1 million in retirement savings in employer-sponsored plans and individually controlled IRA savings and investment accounts.

As of March 31, 2026, there were 1,035,757 401(k) accounts with balances of at least $1 million, and the average 401(k) account balance for this group was $1,249,484 according to Dashboard data.

There were 2,289,953 total retirement accounts (including employer-sponsored plans and individually controlled IRA savings and investment accounts) with balances of at least $1 million as of March 31, 2026. The average account balance for these retirement millionaires was $2,436,891 as of March 31, 2026.

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

*Anonymized user data from the Empower Personal Dashboard™ as of March 31, 2026.

Average 401(k) balances overall reached $343,739as of March 31, 2026, up 8.9% year over year. Retirement balances overall also increased 8.9% to $547,840 for the same period.

Change in average balances overall

*Anonymized user data from the Empower Personal Dashboard as of March 31, 2026.

Dashboard data shows that people are reaching the million-dollar retirement milestone in their 50s, with average balances of $1,050,481 as of March 31, 2026.

Average balances by age

*Anonymized user data from the Empower Personal Dashboard as of March 31, 2026.

Dashboard data shows an uptick in average 401(k) and overall retirement savings across every decade from March 2025 to March 2026.

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 $7,405 as of March 31, 2026, according to Empower data. Some of the biggest average monthly expenditures for that same group for March 2026 include $4,546 on mortgages, $1,588 on travel, $1,336 on toys and equipment for children, $1,047 on general merchandise, $1,046 on restaurants, $713 on groceries, and $678 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 $144,261, and almost double that ($286,205) for those in their 30s as of March 31, 2026. 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 $633,119 for people in their 50s levels off and starts to dip to $580,672 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: $24,500 in 2026 — and an additional $8,000 in catch-up contributions for those age 50 or older and $11,250 for people ages 60-63.

Read more: What are catch-up contributions?

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 98% from 20s to 30s, and over 107% from 30s to 40s. The decade from 40s to 50s represents another significant growth span: Average balances rise more than 77% 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 March 31, 2026. User experiences may vary. This is not investment advice.**

Investors are most heavily weighted in U.S. stocks across decades, with those in their 20s having the highest U.S. stock holdings (51.3%). Individuals in their 40s and 50s have the lowest cash holdings (16.2%) among generations. Investing in U.S. stocks generally 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.