TY - JOUR T1 - Income trajectories in later life: Longitudinal evidence from the Health and Retirement Study JF - The Journal of the Economics of Ageing Y1 - 2022 A1 - Olivia S. Mitchell A1 - Robert L. Clark A1 - Annamaria Lusardi KW - Aging KW - Financial literacy KW - Financial resilience KW - Vulnerable groups AB - We track low-income respondents in the longitudinal Health and Retirement Study for 23 years, to observe how their financial situations unfolded as they aged. We document that (a) real incomes remained relatively stable as individuals entered retirement and progressed through their later years; and (b) labor force participation declined and thus earnings became less important with age, while Social Security and retirement savings rose as a proportion of annual income. Low-income people near retirement also tended to fare poorly during retirement. VL - 22 ER -