Financial life after the death of a spouse

Camner McKay, Lisa; Fadlon, Itzik; Ramnath, Shanthi; Tong, Patricia K.

Newsletter

Financial life after the death of a spouse

Abstract: The death of a spouse results in a considerable decline in average income for the surviving spouse. The Social Security survivors benefits program compensates the surviving spouse, most often a woman, for almost all of the lost income, allowing them to work less, but many widows who are not yet eligible for the program struggle to meet their financial needs.

JEL Classification: D10; D61; I10; J20;