We are grateful to Ro Huang, Ken Lin, and Sam Wolf for exceptional research assistance, to Kate Bundorf, David Cutler, Lee Lockwood, Petra Persson, Jim Poterba, Mark Shepard, and seminar participants at CEPR Ageing and Longevity, Columbia-NYU, Duke, Institute for Fiscal Studies, MIT, NBER Aging, NBER Public Economics, RF Berlin, Singapore Management University, Stanford, Toulouse, and Whistler for helpful comments, and to David Cutler for data access.