We explore the effects of income and, additionally education on the income, selfreported health and survival of people aged sixty-five and over in Great Britain 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, for men, that income at the age of sixty-five is significantly influenced by educational attainment and has a significant effect on survival. Even after controlling for circumstances at age sixty-five or when first observed, we identify benefits discounted to age sixty-five of £115,000 for men with higher education qualifications as compared to those with minimal qualifications
