Cash and any asset that can be converted to cash with little or no penalty or holding period is a liquid asset. These include cash in checking, savings, and money market accounts, and certificates of deposit. Stocks, bonds, and mutual funds that are held in taxable accounts are also considered liquid. Assets in retirement accounts could be considered liquid for adults age 59 or older but are otherwise generally not included as liquid assets. Annuities and cash value in life insurance may also be considered liquid, depending on how long investors have held the policies. Examples of illiquid assets include real estate, motor vehicles, collectibles and antiques. While these markets may be active at times, they have little price stability, and the assets may be difficult to convert to cash quickly as owners face delays due to appraisals or legal documents.