Health Care, Health Insurance, and the Relative Income of the Elderly and Nonelderly

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This project will develop new and comprehensive measures of economic well-being for purposes of determining the average change in living standards that occurs after earned income ceases. It will also assess the change in well-being over the course of retirement. The result will be a hybrid measure of well-being that combines estimates of cash and nearcash income flows as well as defensible imputations of consumption flows that are unmeasured or poorly measured in standard income surveys. New empirical estimates of well-being at successive ages will offer a more comprehensive picture of the replacement rate provided by the combination of pensions, Social Security benefits, and publicly provided health insurance.