The Impact of Individual Investment Behavior for Retirement Welfare: Evidence from the United States and Germany

Figure 10: Welfare Losses, ∆W0 / W0, for German (EVS) Data, Gender = 0
(male), γ = 2, δ = 0.97, age = 30, 50, or 65, Education = Middle, Labor Income =
Median (age-specific) ^*

Q_Q

50,000       100,000      150,000      200,000      250,000

Net worth

^* Age-specific quantiles for Net worth (25%, 50% and 75%) are for age = 30: 4,438; 15,433; 50,487;
for age = 50: 13,713; 56,397; 145,921; for age = 65: 15,580; 65,750; 191,312

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