When you hear that you need over $US1 million saved for a comfortable retirement, you can’t help but wonder: Does everyone else have that much?
In short, no.
The Employee Benefit Research Institute (EBRI) analysed 25.8 million individual retirement accounts in the US, commonly known as IRAs. These accounts, which contained a total of $US2.46 trillion in savings as of 2013, belonged to 20.6 million different people.
In a May 2015 report titled “Individual Retirement Account Balances, Contributions, and Rollovers, 2013; With Longitudinal Results 2010 — 2013: The EBRI IRA Database,” by Craig Copeland, Ph.D, EBRI was able to put together the following chart, which shows median IRA balances segmented by age group.
If you were wondering how much everyone else around your age has saved, just scroll down.
Note that “accounts,” the white bar, depicts the balance of single accounts, while “individuals,” the blue bar, depicts the combined balance of an individual’s IRAs, should they have one or more. Also keep in mind that neither bar takes into account every cent of a person’s retirement savings — only those stored in IRAs.