Foreword<br > A central policy concern for U.S. society is the care<br >and support of the retired elderly. The cost of public programs that<br >provide income to the elderly is already high and will increase greatly in<br >the next century when the baby boom generation retires. The cost of<br >medical care is now rising because of technological advances and， to a<br >lesser extent， because the number of the very elderly--people 75 and<br >older--is increasing.<br > Policymakers and social scientists are concerned not only with the<br >cost of programs for the elderly but also with their effects. Social security<br >and private pensions affect the timing of retirement and the amount of<br >work done by people who have retired from full-time jobs. Medicare<br >greatly affects the amount of medical care received by the aged. But<br >public policies aimed specifically at the retired also affect the behavior<br >of the working and nonelderly populations. For example， many econo-<br >mists have concluded that social security has reduced the amount of<br >private savings set aside for retiremenL<br > Public concern about policies toward retirees bas inspired a large and<br >rapidly growing economic literature on retirement. In recent years<br >analysts have investigated the economic and other determinants of<br >retirement， the income status， consumption patterns， and living arrange-<br >ments of the elderly， and the economic effects of policies affecting the<br >aged. This research carries implications for policymaking， though only<br >a few of the most important analyses have received much public<br >attention.<br > The papers in this volume treat many of the issues. They are based<br >on research supported by agrant to Brookings from the U.S. Department<br >of Health and Human Services. Each paper represents an original<br >:ontribution to knowledge rather than a summary of prior contributions.<br >Fhe papers were presented at a conference held at Brookings on October<br > vii<br >