50We 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 20, 40, 60, and 80 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).