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 the state-pensionable age-unsurprisingly, since pension payments provided less than a poverty-line income. Less demanding or part-time work was unavailable. Hence we conclude that the decision of older manual workers to leave the labor market was determined primarily by the absence of appropriate employment opportunities, rather than the presence of substantial assets or nonlabor income.