The road to retirement can be rocky, but many Americans have a decent start.

The average person has $351,242 saved in their 401(k), a workplace retirement plan that often comes with an employer contribution match, according to a recent study from financial services firm Empower.

Data revealed that balances grow steadily from participants' 20s to their 50s, peak in their 60s, then decline in their 70s and 80s as they make withdrawals.

On average, 401(k)s hit the million-dollar mark when participants reach their 50s.

“Data shows that people are reaching the million-dollar retirement milestone in their 50s, with average balances of $1,073,368,” the study said.

The study analyzed data from more than five million Empower retirement account holders and found that balances one in five people has at least $1 million saved in their 401(k) accounts.

The average 401(k) balance rose 11.2 percent year-on-year, increasing by around $36,000.

Compounding interest plays a key role in 401(k) balances’ growth, as does the account’s greatest feature – many employers match an employee’s contributions up to a certain percentage.

An employer match essentially supercharges an employee's contributions, often doubling them up to a certain amount.

“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,” the study noted.

The Empower study brings optimism to a retirement landscape that’s laden with pessimism amid several looming factors.

The average American believes they need around $1.2 million to retire comfortably, but just over half believe they’ll have $500,000 or less on Day One of retirement, according to a survey from wealth management firm Schroders.

Part of the reason why consumers are skeptical about their retirement funds is that the current high-inflation economy is forcing them to temporarily stop funding retirement accounts to cover daily expenses.

“Rising costs are forcing tough tradeoffs, and saving for retirement is often the first thing that gets deprioritized,” Schroders Head of U.S. Defined Contribution Deb Boyden said in the survey.

The country’s tenuous Social Security situation is also driving retirement fears. Around half of all workers believe that their Social Security payments will be lower when they retire – and rightly so.

The Social Security Board of Trustees projects that key funding for the federal retirement system will end in 2032. That means that Social Security payments could fall as much as 22 percent.

“To protect the promise of Social Security, it is important for lawmakers and the Social Security Administration to work together to ensure the trust funds continue to provide financial stability now and for future generations,” Commissioner of Social Security Frank J. Bisignano said in the board of trustees report.

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