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Social Security, Pensions and the Life Cycle Accumulation of Wealth: Some Empirical Tests

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  • Edward N. Wolff

Abstract

The paper presents new empirical findings on the life cycle model (LCM) that are based on the 1962 Survey of Financial Characteristics of Consumers and the 1983 Survey of Consumer Finances. Both datasets contain a rich sampling of the upper wealth classes. The most important finding is that the explanatory power of the LCM is substantially greater (in some cases, by a factor of two) on the bottom 95% of the wealth distribution than for the full sample.

Suggested Citation

  • Edward N. Wolff, 1988. "Social Security, Pensions and the Life Cycle Accumulation of Wealth: Some Empirical Tests," Annals of Economics and Statistics, GENES, issue 9, pages 199-226.
    • Handle: RePEc:adr:anecst:y:1988:i:9:p:199-226
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    File URL: http://www.jstor.org/stable/20075688
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    Cited by:

    1. Edward N. Wolff, "undated". "Racial Wealth Disparities Is the Gap Closing?," Economics Public Policy Brief Archive ppb_66, Levy Economics Institute.
    2. Maury Gittleman & Edward N. Wolff, 2004. "Racial Differences in Patterns of Wealth Accumulation," Journal of Human Resources, University of Wisconsin Press, vol. 39(1).
    3. Bernheim, B. Douglas, 2002. "Taxation and saving," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 18, pages 1173-1249, Elsevier.
    4. Michael D. Hurd, 1992. "Wealth Depletion and Life-Cycle Consumption by the Elderly," NBER Chapters, in: Topics in the Economics of Aging, pages 135-162, National Bureau of Economic Research, Inc.
    5. Michael D. Hurd, 1989. "Issues and Results from Research on the Elderly I: Economic Status (Part I of III Parts)," NBER Working Papers 3018, National Bureau of Economic Research, Inc.
    6. Michael Anderson & Hisashi Yamagata & Shripad Tuljapurkar, 2001. "Stochastic Rates of Return for Social Security Under Various Policy Scenarios," Working Papers wp010, University of Michigan, Michigan Retirement Research Center.

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