Using a longitudinal database and fixed-effects econometric models, this paper assesses the effect of widowhood or widowerhood, and divorce after age 55 on income replacement rates during the retirement years. Among women, separation or divorce has a larger negative effect than does widowhood....

The worldwide problem with pay-as-you-go, defined-benefits social security systems isn't just financial. Through a dynamic, overlapping-generations model where forming a family and bearing and educating children are choice variables, we show that social security taxes and benefits generate...