Lusardi, AnnamariaMitchell, Olivia S2023-05-232023-05-232007-01-012019-12-13https://repository.upenn.edu/handle/20.500.14332/43955This paper compares wealth holdings across two cohorts of the Health and Retirement Study: the early Baby Boomers surveyed in 2004, and individuals in the same age group in 1992. We find that levels and patterns of total net worth have changed relatively little over time, though Boomers will rely more on housing equity than their predecessors. Most importantly, planners in both cohorts approached retirement with much higher wealth levels and display higher financial literacy than non-planners. Instrumental variable estimates show that planning behavior can explain the differences in savings and why some people near retirement with very little or no wealth.Opinions expressed herein are those of the authors alone, and not those of any institution with which the authors are affiliated. ©2007 Lusardi and Mitchell. All Rights Reserved. ©2007 Pension Research Council. All Rights Reserved.D91, E21Wealth holdingshousing wealthlack of planningliteracycohortsEconomicsWorking Paper