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Bequests and heterogeneity in retirement wealth

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Table 2 lists the parameters we use to calibrate the model. We choose the parameters β ; ϕ 1 ; ϕ 2 to match the ratio of wealth to after-tax earnings (Hendricks, 2007a), the bequest –wealth ratio ( Gale and Scholz, 1994), and the 90th percentile of bequest
Fig. 2. Cumulative distribution of wealth (normalized by average household after-tax earnings): (a) 2nd and 5th lifetime earnings deciles and (b) 9th lifetime earnings decile.
Table 7 shows the fraction of lifetime inheritance received by households in each lifetime earnings decile
Fig. 3. Average consumption and wealth over the life cycle, data and model.
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