Our understanding of the economic lifecycle and the ability to measure resource reallocations across ages have been vastly improved due to the recent development of national transfer accounts (NTA), which measure on the aggregate how people at each age in the lifecycle acquire and use economic resources (Lee, 1994; Mason et al., 2009; R. Lee and Mason,2011).3 The NTA represent a signif cant advance because they provide a comprehensive set of measures of production, consumption, saving, and transfers in a manner consistent with national income and product accounts.4 The NTA also consider the public and private sectors, both of which mediate economic flows across ages, so they can be used to study the implications of population aging for both.