Updated 2026-03-20

Empower vs Lincoln Financial 401(k) Comparison

Compare Empower Retirement (#4, 8.7/10) and Lincoln Financial (#17, 6.9/10) side by side across fees, ratings, features, and investment options.

Overall Comparison

FeatureEmpowerLincoln Financial
Overall Score8.7/106.9/10
Rank#4#17
AUM$1.4 trillion$350 billion
Participants18 million8 million
Plan Sponsors71,000+10,000+
Founded20141905

Ratings Comparison

CategoryEmpowerLincoln Financial
Fees & Costs4.3/53.3/5
Investment Options4.2/53.8/5
Customer Service4.3/53.9/5
Mobile App3.8/53.4/5

Fee Comparison

Fee TypeEmpowerLincoln Financial
Admin FeesVaries by plan sizeVaries by plan size
Expense Ratios0.03% - 1.0%0.10% - 1.5%
Trading FeesPlan dependentPlan dependent
Advisory Fees0.25% - 0.89%0.40% - 1.0%

Empower Strengths

Lincoln Financial Strengths

Rollover, Loans & Withdrawals

FeatureEmpowerLincoln Financial
Rollover PlatformEmpower.comLincoln Financial Portal
Loans AvailableYesYes
Withdrawal MethodsOnline via Empower.com, Phone (800-338-4015)Online via Lincoln Financial portal, Phone (800-454-6265), Through plan administrator
Distribution OptionsLump sum, Partial withdrawal, Installment payments, Annuity purchase, Rollover to IRALump sum, Partial withdrawal, Annuity conversion, Installment payments, Rollover to IRA, Required Minimum Distributions

Which Should You Choose?

Choose Empower if you want:

  • Mid to large employers
  • Those valuing education
  • Managed account seekers
  • Income-focused retirees

Choose Lincoln Financial if you want:

  • Companies wanting guaranteed income options
  • Insurance-focused employers
  • Mid-size to large plans
  • Annuity seekers

Our Verdict: Empower vs Lincoln Financial

Empower Retirement wins this comparison with a score of 8.7/10 vs 6.9/10. Empower excels with strong participant education programs, making it the stronger choice for most investors in this matchup. However, the best choice ultimately depends on your specific needs, employer plan availability, and investment preferences.

Full Empower Review Full Lincoln Financial Review

Other Popular Comparisons

Fidelity vs Lincoln Financial

Compare these 401(k) providers head-to-head

 Vanguard vs Lincoln Financial

Compare these 401(k) providers head-to-head

 Schwab vs Lincoln Financial

Compare these 401(k) providers head-to-head

 Empower vs T. Rowe Price

Compare these 401(k) providers head-to-head

 Empower vs Principal

Compare these 401(k) providers head-to-head

 Empower vs ADP

Compare these 401(k) providers head-to-head

Empower vs Lincoln Financial: Complete 401(k) Comparison for 2026

Choosing between Empower Retirement and Lincoln Financial for your 401(k) is an important decision that affects your retirement savings. Empower offers 2nd largest while Lincoln Financial is known for top 10 recordkeeper. In terms of fees, Empower charges 0.03% - 1.0% expense ratios compared to Lincoln Financial's 0.10% - 1.5%. Empower manages $1.4 trillion in assets and serves 18 million participants, while Lincoln Financial has $350 billion AUM and 8 million participants.

Key Differences: Empower vs Lincoln Financial

When comparing Empower and Lincoln Financial, consider their core strengths: Empower excels with strong participant education programs, while Lincoln Financial stands out for strong guaranteed income and annuity options. Both providers offer a wide range of investment options including target-date funds, index funds, and managed accounts. Empower's customer service rating is 4.3/5 compared to Lincoln Financial's 3.9/5. For mobile experience, Empower scores 3.8/5 while Lincoln Financial scores 3.4/5.

Which Provider is Right for You?

Choose Empower if you prioritize mid to large employers. Choose Lincoln Financial if you're looking for companies wanting guaranteed income options. Your decision should also consider your employer's plan availability, fee sensitivity, desired investment options, and customer service expectations. For detailed reviews, visit our individual Empower and Lincoln Financial provider pages.

Frequently Asked Questions

Empower Retirement scores higher in our 2026 rankings with 8.7/10. Empower is best for mid to large employers, while Lincoln Financial is best for companies wanting guaranteed income options. The right choice depends on your employer's plan and your priorities.

Empower charges expense ratios of 0.03% - 1.0% with admin fees of Varies by plan size. Lincoln Financial charges 0.10% - 1.5% expense ratios with admin fees of Varies by plan size. Empower's fees rating is 4.3/5 compared to Lincoln Financial's 3.3/5.

Yes, you can roll over between Empower and Lincoln Financial. Empower uses Empower.com for rollovers, while Lincoln Financial uses Lincoln Financial Portal. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.

Empower offers 401(k) loans. Lincoln Financial offers 401(k) loans. Both providers typically allow loans up to 50% of your vested balance or $50,000, whichever is less.

Empower scores 4.2/5 for investment options, while Lincoln Financial scores 3.8/5. Both offer target-date funds, index funds, and managed accounts. Empower's investment options include Index Funds, Target Date Funds, Mutual Funds. Lincoln Financial offers Mutual Funds, Target Date Funds, Fixed Annuities.

For small businesses, consider plan minimums and per-participant costs. Empower is best for mid to large employers, those valuing education, managed account seekers, income-focused retirees. Lincoln Financial is best for companies wanting guaranteed income options, insurance-focused employers, mid-size to large plans, annuity seekers. Compare admin fees: Empower charges Varies by plan size vs Lincoln Financial's Varies by plan size.

Pavlo Pyskunov

Pavlo Pyskunov

Managing Director & Investment Fund Director

Pavlo Pyskunov analyzes employer-sponsored retirement plans using IRS publications and DOL Form 5500 filings, helping workers maximize their 401(k) savings through data-driven guidance.

Last updated: 2026-03-20