Millennials' average 401(k) balance is approximately $67,300, with median savings around $65,000, indicating many are still building retirement funds. While contribution rates have increased to 13%, with nearly 40% boosting savings in 2024, factors like student debt and economic disruptions have slowed growth. Younger millennials hold significantly less than older ones, highlighting a generational savings gap. Strategies like Roth 401(k) use and employer matches are crucial for improving retirement readiness.