Education and its effects on income and mortality of men aged sixty-five and over in Great Britain

• Income of men aged sixty-five, and through this education, influences mortality.
• A degree gives 3.3 extra life years compared to minimal education.
• Post-65 benefits of a degree are worth around £30,000 discounted to age 21.
• This should be added to estimates of returns to education.

We explore the effects of income and, additionally education on the income, self-reported health and survival of men aged sixty-five and over in Great Britain . By so doing, we identify benefits of education which are omitted in the conventional analysis with its focus on labour income excluding employers' pension contributions. We find that income at age 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.