Fig. 4.

Estimated trajectories of well-being

Note: The cross-sectional line shows average life satisfaction in the full sample. The three panel lines are restricted to observations with valid reports in two adjacent waves. The non-parametric panel model ties together the segments of the panel transitions in Figure 3 and anchors the trajectory at the average level observed at age 65 in Figure 3. The other two lines are based on first-differences regression models with different sets of controls (columns 3 & 4 of Table 3). The “quadratic age” model only includes age and age-squared. The “more controls” model also includes transitions between marital status, self-assessed health states, ADL and IADL limitations, cognition, pain, and labor market states.