This article combines an inter- and an intra-cohort perspective to study economic vulnerability in old age. The theoretical background is given through the combination of a social stratification framework and an institutional perspective emphasizing life course policies. At the macro level, the increase in overall education levels and the implementation of a pension system were the driving forces of the strong decrease in old age poverty over the last three decades. At an individual level, the pathway from low education early in life to economic hardship after retirement is most prominent, corresponding to a social stratification and cumulative disadvantage view.