A couple watches the sun set from a park, July 10, 2021, in Kansas City, Mo. After a spouse dies, the survivor’s financial situation often changes for the worse. Social Security benefits can drop. Tax rates go up (known as the “widow’s penalty”). Pension income may fall or disappear entirely. The longer the survivor lives, the worse their financial position may become. Some survivor penalties can’t be avoided, but good planning can reduce their impact. (AP Photo/Charlie Riedel, File)
