Which of the following is not true according to the life cycle theory?
A) Borrowing generally takes place early in the household's life,when income is low.
B) As income rises,people increase their debt rather than save for retirement.
C) Upon retirement savings are liquidated steadily to maintain their cost of living.
D) The goal is to "die broke."
E) All of the above are true according to the life cycle theory.
Correct Answer:
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