Education and its Effects on the Income, Health and Survival of those aged Sixty-five and Over

Note: This paper has been revised and is replaced by DP 393. We explore the effects of income and, additionally education on the income, self-reported health and survival of people aged sixty-five and over in order to identify benefits resulting from education which are omitted in the conventional analysis with its focus on labour income excluding employer contributions. We find that well educated people enjoy substantially higher incomes and longer healthy lives.