“May you live to a hundred and twenty.” This traditional Jewish blessing was inspired by the last chapter of the Torah, which describes the death of Moses at that age with “his eyes undimmed and his vigor unabated” (Deut. 34:7). Unlike Moses, many people experience a more troubled old age. In addition to the loss of family and friends and a diminution of status, nearly all older persons face two potentially serious economic problems: declining earning power and increased utilization of health care. The decline in earning power is attributable to physiological changes and to obsolescence of skills and knowledge, and is exacerbated by public and private policies that reduce the incentives of older persons to continue working and increase the cost to employers of employing older workers. Increased utilization of health care is undertaken to reduce or offset the effects of declining health…