When you hear that you need over $1 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) analyzed 25.8 million individual retirement accounts in the US, commonly known as IRAs. These accounts, which contained a total of $2.46 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.
See the full report at ebri.org.
NOW WATCH: 6 scientifically proven features men find attractive in women
See Also:Humanity has visited Pluto for the 1st time, but we're not out of the woods yet — here's how to watch for final confirmationHow to choose the healthiest foods at the grocery store for the least amount of money15 things you're better off buying used
SEE ALSO: The 10 best places for rich people to retire