excess of labor income for those aged 65 and older. Reliance on assets is measured as asset- based reallocations – asset income minus saving – relative to consumption in excess of labor income for those aged 65 and older. The lifecycle deficit – consumption minus labor income – must equal net public transfers plus net private transfers plus asset- based reallocations, that is, the three components of the support systems must add up to
100 percent (Mason and Lee, 2011).