Farm Value and Retirement of Farm Owners in Early-Twentieth-Century America
This paper estimates the proportion of savings that represents accumulation for retirement in the United States over the last century. For this purpose, I compute a counterfactual life cycle savings-income ratio for 1900-1990 that would have resulted if the savings for retirement were the only motive for wealth accumulation. the proportion of private savings that represents life-cycle wealth accumulation increased over time, particularly after 1940. I argue that about half of the wealth stock in the U.S. resulted from life cycle savings.
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