This report uses longitudinal data to provide a dynamic picture of the family income experiences of children and the elderly. In contrast to the image of fairly stable incomes during most life-cycle stages, findings show substantial income volatility at all points in the life span, placing substantial numbers of the population at risk of suffering significant losses and, in the extreme, of falling into poverty. These risks were exceedingly high for black children, quite high for elderly women and lowest for men in their prime earning years. An examination of the events associated with this income volatility showed that divorce and unemployment of the household head were most significant for children, while retirement and widowhood were most important for the elderly. In contrast to the effects of divorce and widowhood, the adverse economic consequences of unemployment appeared to be short-lived in most cases. What emerges from the analysis is a picture of the economically vulnerable population distinguished not so much by age as by sex. Policy implications are discussed and a list of references is included as well as an appendix of definitions of events. (PS)