There are vast differences in wealth holdings, even among households in similar age groups. In addition, a large percentage of U.S. households arrive close to retirement with little or no wealth. While many explanations can be found to rationalize these facts, approximately thirty percent of...

In this paper, I estimate the extent of precautionary accumulation using data from a new survey: the US Health and Retirement Study, which samples older households. I account for many determinants of wealth, not only past economic circumstances and expectations about future resources, but also...

A major debate exists on whether expanding tax-favored savings accounts such as Individual Retirement Accounts (IRAs) will increase national savings. Much of the empirical debate on this question has centered on whether IRA contributions before the Tax Reform Act of 1986 represented new savings...