Our paper is the rst to explicitly link retirement replacement rates to age-wealth pro les. We are unable to conclude that the amount of nancial wealth that households have accumulated around the age of 65, relative to permanent income, is decreasing in the replacement rate. However, the age-wealth pro le of households in the highest quartile of the replacement rate-distribution is very at. Finally, households hardly decumulate wealth after retirement and some groups even keep saving after retirement.
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