Did they jump or were they pushed? The exit of older men from the London labor market, 1929-1931

We examine the income of older men in London around 1930, based on a large sample. The income of nonworking older men was substantially below that of men still working. We find no evidence that retirement rates increased at t he state-pensionable age-unsurprisingly, since pension payments provided le ss than a poverty-line income. Less demanding or part-time work was unavail able. Hence we conclude that the decision of older manual workers to leave the labor market was determined primarily by the absence of appropriate emp loyment opportunities, rather than the presence of substantial assets or no nlabor income.