This study examined the asset allocation of the aged and analyzed the impact variables on the portfolio ratio of different kind of finanical assets. The aged was divided three groups, 55-65, 65-75 and 75 over. The results showed that the aged are not likely to invest on risky asset and their assets composed of mostly real estates and bank account. The study include four different assets, such as liquid asset, risky assets, horne equity and other real estates, which reflects the liquidity problems of households asset allocation for the aged in Korea. The aged who do not participate on stock market are likely to have more liquid assets. Households lived in Daegu, Kwangju, ChungCheong and CheonRa tend to have more liquid assets compared to those in Seoul. Total income is appeared having positive relationship with illiquid assets including stock, bonds, and private pension. Age group with 75yrs over tend to have greater mean of illiquid assets and it may caused by the polarization of assets, which gives intuition for the future study.