"Planning is shaped by the experience of other individuals: individuals learn to plan for retirement from older siblings [and] old parents. [U]npleasant events, such as financial difficulties and health shocks at the end of life, provide incentives toward planning. In addition, planning affects wealth levels as well as portfolio choice. Individuals who plan are more likely to hold large amounts of wealth and to invest their wealth holdings in high return assets, such as stocks."  MORE >>