This paper examines the wealth of successive birth cohorts using data from the 1989-2001 Surveys of Consumer Finances …, with two central results. First, older households (aged 55-64, 65-74 or 75-84) in 2001 had more wealth than similarly aged … nature of saving and wealth accumulation during that decade …

wealth. We find that investors with very reasonable amounts of risk aversion may prefer the lifecycle approach, despite the … tendency for aggressive fixed allocation strategies to produce larger expected wealth …