that these broadly held resources substitute for savings, measures of wealth inequality that do not account for DB pensions … States. However, these illiquid, non-market forms of wealth are typically excluded from measures of net worth. To the extent … and Social Security may be overstated. This paper develops an alternative, expanded wealth concept, augmenting precise net …

English couple households born in the 1940s. Here, 'optimal' wealth holdings are those that allow households to enjoy the same … calculate this level of wealth, and compare that with how much wealth households are observed to hold. We find that the majority … of households hold more wealth than our model suggests is optimal and that this would still be true even if housing …

on wealth and lifetime earnings we evaluate measures of retirement preparedness. We estimate heterogeneous discount … to evaluate the adequacy of retirement savings. We find first that the specification of the model's asset structure … have access only to a risk‐free asset compared to when we account for the fact that much of their wealth is stored in …