In this paper, we present updated measures of racial disparities in wealth using the most recent data from the Survey … of Consumer Finances (SCF), augmented by household-level estimates of defined benefit (DB) pension wealth developed by … Sabelhaus and Volz (2020). Including this important asset, we find that racial wealth disparities are smaller than the numbers …

among low lifetime earnings households, while inheritance heterogeneity helps to generate the heterogeneity in wealth at … very well the empirical observation that households with similar lifetime earnings hold very different amounts of wealth at … retirement. Earnings heterogeneity and borrowing constraints are essential in generating the variation in wealth at retirement …