scholarly journals Social Security Wealth, Inequality, and Life-cycle Saving: An Update

2020 ◽  
Author(s):  
John Sabelhaus ◽  
Alice Henriques Volz
Keyword(s):  
Life Cycle ◽  
Social Security ◽  
Wealth Inequality ◽  
Social Security Wealth ◽  
Life Cycle Saving

Recent trends in wealth inequality among older Americans in two surveys

2021 ◽  
pp. 1-22
Author(s):  
Gabor Kezdi ◽  
Margaret Lay ◽  
David Weir
Keyword(s):  
Social Security ◽  
Wealth Inequality ◽  
Health And Retirement Study ◽  
Survey Of Consumer Finances ◽  
Older Americans ◽  
Consumer Finances ◽  
Recent Trends ◽  
Social Security Wealth ◽  
Retirement Study

We document changes in wealth inequality across American households with a member aged 55 or older, comparing data in the Health and Retirement Study (HRS) with that in the Survey of Consumer Finances (SCF) between 1998 and 2016. We examine net wealth including housing, financial and nonfinancial assets and debt, without the cash value of insurances, DB pensions or Social Security wealth. We find very similar distributions of net wealth in the two surveys between the 25th and 90th percentiles, but substantially higher wealth in the SCF at the top of the distribution. Both surveys show an increase in wealth inequality between 1998 and 2016, first mostly due to increased wealth at the top, and, after 2012, due to an increase in the share of households with very little wealth as well. Both surveys agree that wealth inequality by education and race, already substantial in 1998, increased further by 2016.

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