savings? Is it primarily accumulation for retirement as claimed by Albert Ando, Richard Brumberg, and Franco Modigliani in … their celebrated Life Cycle Model of Savings? Is it primarily intentional accumulation for intergenerational transfers? Or … is it primarily precautionary savings, much of which may be bequeathed because of imperfections in annuity markets? This …

This paper argues that precautionary savings against uncertain income comprise a large fraction of aggregate savings. A … precautionary savings comprises up to 56 percent of aggregate life cycle savings. The derived expression for n-period optimal … comparisons of savings patterns among occupational groups using the Consumer Expenditure Survey contradict the predictions of the …