The original essays and commentary in this volume--the third in a series reporting the results of the NBER Economics of Aging Program--address issues that are of particular importance to the well-being of individuals as they age and to a society at large that is composed increasingly of older persons. The contributors examine social security reform, including an analysis of the Japanese system, present the startling finding that the vast majority of people choose the wrong accumulation strategies for their pension plans, explore the continuing consequences of the decline in support of parents by children in the postwar period, investigate the relation between nursing home stays and the source of payment for the care, and offer initial findings on the implications of differences between developed and developing countries for understanding aging issues and determining appropriate directions for research.