This study estimates the life course incidence and age pattern of affluence among American couples in comparison to nonmarried, never married, and formerly married men and women. Life course probabilities are computed from a series of life tables built upon 25 years of data from the Panel Study of Income Dynamics (N ϭ 8,510 25-yearolds; N ϭ 3,481 45-year-olds). Results confirm the notion that marriage enhances the lifetime probability of affluence, and that this advantage varies sharply by gender and by race. The study suggests that the marital advantage for gaining affluence is textured by a financial landscape of gender and race inequality.It is widely believed that marriage increases the likelihood of becoming affluent, especially when the marriage lasts a long time. This belief is a part of American cultural lore, first articulated by Benjamin Franklin, and continuing to the present

The likelihood of experiencing poverty at some point during the adult life cycle is estimated. These probabilities are derived through a set of life tables built upon 25 waves of data from the Panel Study of Income Dynamics, and represent an alternative approach to studying poverty than prior empirical studies. Life table analyses are divided into early adulthood (ages 20-40), middle adulthood (ages 40-60),and later adulthood (ages 60-80). The findings indicate that individuals within the sample face a significant risk of poverty at some point during their adult lives, particularly during the early and later stages of adulthood. Duration tends to be relatively short (1 or 2 years), but once poverty occurs, it is likely to occur again. Results also reveal the profound life-course effect that race, education, and gender have upon the likelihood of encountering poverty during the adult years. Several policy and research implications are discussed. © 2001 by the Association for Public Policy Analysis and Management.

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Objective. Poverty and affluence represent events central to the American identity of failure and success. Yet in spite of their significance, we know little about the actual likelihood of experiencing these events across the adult life course. In this article we empirically estimate the extent to which Americans will experience poverty and/or affluence during their adulthood. Methods. A series of life tables are constructed based upon data from 25 waves of the Panel Study of Income Dynamics. Our measure of poverty is identical to that used by the U.S. Census Bureau in estimating the overall U.S. poverty rates. Affluence is defined as 10 times the poverty level. Results. Results indicate that between the ages of 25 and 75, 51.1 percent of Americans will experience at least one year below the poverty line, 51.0 percent will encounter a year of affluence, while only 20.1 percent of Americans will avoid either of these economic extremes. The effects of race and education in altering the likelihood of encountering poverty versus affluence are substantial. Conclusions. The opportunities for acute economic failure and success appear to be very real components of the American experience. Based upon this, we discuss an alternative typology to conceptualizing stratification in America.

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