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The Poverty of Widows: Future Prospects

In: The Economics of Aging

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  • Michael D. Hurd
Abstract
I estimate the fraction of widows that will be in poverty by projecting the economic status, as measured in 1979, of a cohort of the elderly. The projections are based on an economic model of consumption behavior. I define and estimate a consumption-based measure of poverty status that, I believe, is more appropriate for the elderly than the usual income-based measure. According to the projections, the fraction of widows in poverty should not increase substantially as the 1979 cohort ages. However, the fraction in poverty depends critically on the definition: the differences between the consumption- and income- based measures are large. But even more important is the valuation put on Medicare/Medicaid: for two reasonable valuations, the fractions in poverty are very different.
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Suggested Citation

  • Michael D. Hurd, 1989. "The Poverty of Widows: Future Prospects," NBER Chapters, in: The Economics of Aging, pages 201-230, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberch:11583
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    References listed on IDEAS

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    1. Davies, James B, 1981. "Uncertain Lifetime, Consumption, and Dissaving in Retirement," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 561-577, June.
    2. Michael D. Hurd & David A. Wise, 1989. "The Wealth and Poverty of Widows: Assets Before and After the Husband's Death," NBER Chapters, in: The Economics of Aging, pages 177-200, National Bureau of Economic Research, Inc.
    3. Edward N. Wolff & Marcia Marley, 1989. "Long-Term Trends in U.S. Wealth Inequality: Methodological Issues and Results," NBER Chapters, in: The Measurement of Saving, Investment, and Wealth, pages 765-844, National Bureau of Economic Research, Inc.
    4. Zvi Bodie & John B. Shoven, 1983. "Introduction to "Financial Aspects of the United States Pension System"," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 1-16, National Bureau of Economic Research, Inc.
    5. Zvi Bodie & John B. Shoven, 1983. "Financial Aspects of the United States Pension System," NBER Books, National Bureau of Economic Research, Inc, number bodi83-1.
    6. Laurence J. Kotlikoff & John B. Shoven & Avia Spivak, 1987. "Annuity Markets, Savings, and the Capital Stock," NBER Chapters, in: Issues in Pension Economics, pages 211-236, National Bureau of Economic Research, Inc.
    7. R. Glenn Hubbard, 1987. "Uncertain Lifetimes, Pensions, and Individual Saving," NBER Chapters, in: Issues in Pension Economics, pages 175-210, National Bureau of Economic Research, Inc.
    8. Bodie, Zvi & Shoven, John B. & Wise, David A. (ed.), 1987. "Issues in Pension Economics," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226062846, August.
    9. Michael D. Hurd & John B. Shoven, 1983. "The Economic Status of the Elderly," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 359-398, National Bureau of Economic Research, Inc.
    10. King, M A & Dicks-Mireaux, L-D L, 1982. "Asset Holdings and the Life-Cycle," Economic Journal, Royal Economic Society, vol. 92(366), pages 247-267, June.
    11. Michael D. Hurd, 1986. "Savings and Bequests," NBER Working Papers 1826, National Bureau of Economic Research, Inc.
    12. Hurd, Michael D, 1989. "Mortality Risk and Bequests," Econometrica, Econometric Society, vol. 57(4), pages 779-813, July.
    13. Zvi Bodie & John B. Shoven & David A. Wise, 1987. "Issues in Pension Economics," NBER Books, National Bureau of Economic Research, Inc, number bodi87-1.
    14. Hurd, Michael D, 1987. "Savings of the Elderly and Desired Bequests," American Economic Review, American Economic Association, vol. 77(3), pages 298-312, June.
    15. Laurence J. Kotlikoff & John B. Shoven & Avia Spivak, 1984. "The Impact of Annuity Insurance on Savings and Inequality," NBER Working Papers 1403, National Bureau of Economic Research, Inc.
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    Cited by:

    1. David R. Weir & Robert J. Willis & Purvi A. Sevak, 2002. "The Economic Consequences of Widowhood," Working Papers wp023, University of Michigan, Michigan Retirement Research Center.
    2. Michael D. Hurd & David A. Wise, 1989. "The Wealth and Poverty of Widows: Assets Before and After the Husband's Death," NBER Chapters, in: The Economics of Aging, pages 177-200, National Bureau of Economic Research, Inc.
    3. Jonathan S. Skinner, 1996. "Is Housing Wealth a Sideshow?," NBER Chapters, in: Advances in the Economics of Aging, pages 241-272, National Bureau of Economic Research, Inc.

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