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SOEPpapers on Multidisciplinary Panel Data Research at DIW BerlinThis series presents research findings based either directly on data from the German SocioEconomic Panel Study (SOEP) or using SOEP data as part of an internationally comparable data set (e.g. CNEF, ECHP, LIS, LWS, CHER/PACO). SOEP is a truly multidisciplinary household panel study covering a wide range of social and behavioral sciences: economics, sociology, psychology, survey methodology, econometrics and applied statistics, educational science, political science, public health, behavioral genetics, demography, geography, and sport science.The decision to publish a submission in SOEPpapers is made by a board of editors chosen by the DIW Berlin to represent the wide range of disciplines covered by SOEP. There is no external referee process and papers are either accepted or rejected without revision. Papers appear in this series as works in progress and may also appear elsewhere. They often represent preliminary studies and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be requested from the author directly. Even after major negative life events, most people often quickly adapt and return to their characteristic levels (Brickman & Campbell, 1971), and such 'set-points' are typically positive rather than neutral or negative (see Diener, Lucas, & Scollon, 2006). In this chapter, we review recent and ongoing endeavors that highlight the utility of focusing on a phase of life during which this positive picture of well-being does not necessarily prevail. Drawing from notions of terminal decline, we argue that the changes in well-being that occur late in life provide a venue for the examination of between-person disparities and the factors that contribute to them. In a first step, we review empirical evidence to suggest that such steep end-of-life declines in well-being and psychological health may indee...