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Financial Life After the Death of a Spouse

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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.

Suggested Citation

  • Itzik Fadlon & Lisa Camner McKay & Shanthi Ramnath & Patricia K. Tong, 2020. "Financial Life After the Death of a Spouse," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 438, April.
    • Handle: RePEc:fip:fedhle:88127
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    Keywords

    life insurance; Widow; Social Security benefits;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • I10 - Health, Education, and Welfare - - Health - - - General
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General

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