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This paper tested hypotheses about the influence of physically demanding work and impaired health of older men on the ability to delay retirement. A continuous-time Markov model of retirement, disability, and death was used; the parameters were estimated with panel data covering a period of 17 years from the National Longitudinal Survey (H. Parnes, 1975) of Labor Market Experience of Older Men. Findings show that health-related physical conditions play an important role in determining the ability of male workers to delay retirement and in increasing the potential for some unintended toll in advancing the age of retirement. A second major conclusion is that whatever the toll exacted by policies designed to advance the age of retirement, it is unlikely to fall disproportionately on only some occupational groups. An "Erratum" appears in a subsequent issue which reports an error in the original article. On pages 182 and 203 (of the original article), several equations have been corrected. [APA]