^{50}We define liquid financial and retirement assets as the sum of transaction accounts (deposits), CDs,
bonds, stocks, mutual funds, and retirement assets. We take the same approach as before: we match the
fraction of liquid financial and retirement assets held by the top , , , and percent of the
population (in the SCF 2004), while at the same time matching the aggregate liquid financial and retirement
assets-to-income ratio (which is 6.6 in the SCF 2004).